<SEC-DOCUMENT>0001104659-26-002082.txt : 20260108
<SEC-HEADER>0001104659-26-002082.hdr.sgml : 20260108
<ACCEPTANCE-DATETIME>20260108151921
ACCESSION NUMBER:		0001104659-26-002082
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20251031
FILED AS OF DATE:		20260108
DATE AS OF CHANGE:		20260108
EFFECTIVENESS DATE:		20260108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN AUSTRALIA EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000779336
		ORGANIZATION NAME:           	
		EIN:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		26519358

	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 AUSTRALIA EQUITY FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>tm2528073d11_ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</p>


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


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


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES</b></p>


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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
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    <td style="width: 45%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Company Act file number:</font></td>
    <td style="width: 55%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">811-04438</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exact name of registrant as specified in charter:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Australia Equity Fund,&#xa0;Inc.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address of principal executive offices:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1900 Market Street, Suite&#xa0;200</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</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>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name and address of agent for service:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharon Ferrari</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Inc.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1900 Market Street Suite&#xa0;200</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</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>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#x2019;s telephone number, including area code:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1-800-522-5465</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of fiscal year end:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#xa0;31</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of reporting period:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#xa0;31, 2025</font></td></tr>
  </table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1. Reports to Stockholders.</b></p>


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<td style="width: 0.25in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify"> </td></tr></table>


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<div style="overflow:hidden; width:100%">
<div style="margin-top:0pt; position:relative; text-align:Left; width:632pt">
<img src="tm2528073d1128073d11arpfi001.gif" alt=" ">
<div style="left:44pt; position:absolute; top:44pt"><img src="tm2528073d1128073d11arpfi002.gif" alt=" ">
</div><div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; left:44pt; line-height:10pt; position:absolute; text-decoration:none; text-transform:none; top:44pt">&#x2009;</div></div>


</div>
<div style="margin-top:27pt; width:93.96%">
<div style="color:#000000; font-family:Arial; font-size:20pt; font-style:Normal; font-weight:bold; line-height:23pt; text-align:left; text-decoration:none; text-transform:none">abrdn Australia Equity Fund, Inc. (IAF)</div>
<div style="color:#000000; font-family:Arial; font-size:14pt; font-style:Normal; font-weight:bold; line-height:17pt; margin-top:14pt; text-align:left; text-decoration:none; text-transform:none">Annual Report</div>
<div style="color:#000000; font-family:Arial; font-size:14pt; font-style:Normal; font-weight:Normal; line-height:17pt; margin-top:2pt; text-align:left; text-decoration:none; text-transform:none">October 31, 2025</div>
</div>
<div style="margin-top:67pt; width:93.96%">
<div style="color:#000000; font-family:Arial; font-size:21.5pt; font-style:Normal; font-weight:bold; line-height:24.5pt; margin-top:2pt; text-align:right; text-decoration:none; text-transform:none">aberdeeninvestments.com</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Managed Distribution Policy
 &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)<br>
</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:22.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">The Board of Directors (the "Board") of the
abrdn Australia Equity Fund, Inc. (the &#x201c;Fund&#x201d;) has authorized a managed distribution policy (&#x201c;MDP&#x201d;) of paying quarterly distributions at an annual rate, set once a year, that is a percentage of
the rolling average of the Fund&#x2019;s net asset values over the preceding three month period ending on the last day of the month immediately preceding the distribution&#x2019;s declaration date. With each
distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the estimated amount and</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">composition of the distribution and other
information required by the Fund&#x2019;s MDP exemptive order. The Board may amend or terminate the MDP at any time without prior notice to shareholders;&#xa0;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.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:34.5pt; width:92.99%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Distribution Disclosure
Classification &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)<br>
</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
</div>
<div style="padding-top:22.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund&#x2019;s policy is to provide
investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:9pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is subject to U.S.
corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year
between the U.S. Dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:9pt; text-align:justify; text-decoration:none; text-transform:none">Therefore, the exact amount
of distributable income for each fiscal year can only be determined as of the end of the Fund&#x2019;s fiscal year, October 31. Under Section 19 of the Investment Company Act of</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">1940, as amended (the &#x201c;1940
Act&#x201d;), the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially 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.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:9pt; text-align:justify; text-decoration:none; text-transform:none">The distributions for the
fiscal year ended October 31, 2025 consisted of 76% net realized long-term capital gains and 24% return of capital.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:9pt; text-align:justify; text-decoration:none; text-transform:none">In January 2026, a Form
1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2025 calendar year.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:248.5pt; width:100%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">abrdn Australia Equity Fund, Inc.</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Letter to Shareholders &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:20.5pt">
<div style="float:left; overflow:hidden; position:relative; width:47.96%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">Dear Shareholder,</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">We present the Annual Report,
which covers the activities of abrdn Australia Equity Fund, Inc.&#xa0;(the &#x201c;Fund&#x201d;), for the fiscal year ended October 31, 2025. The Fund&#x2019;s principal investment objective is long-term capital
appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited. Its secondary objective is current income, which is expected to be derived
primarily from dividends and interest on Australian corporate and governmental securities.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Total Investment Return<sup style="font-size:85%; font-style:Normal; text-transform:none">1</sup></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">For the fiscal year ended
October 31, 2025, the total return to shareholders of the Fund based on the net asset value (&#x201c;NAV&#x201d;) and market price of the Fund, respectively, compared to the Fund&#x2019;s benchmark, &#xa0;is as
follows:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; border-top:0.5pt solid #000000; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:4pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:82.54%; background-color: #F0F0F0;">NAV<sup style="font-size:85%; font-style:Normal; text-transform:none">2</sup><sup style="font-size:85%; font-style:Normal; text-transform:none">,</sup><sup style="font-size:85%; font-style:Normal; text-transform:none">3</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:7.25pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:20.95%; background-color: #F0F0F0;">11.14%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:4pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:82.54%; background-color: #F0F0F0;">Market Price<sup style="font-size:85%; font-style:Normal; text-transform:none">2</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:4pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:20.95%; background-color: #F0F0F0;">15.04%
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:4pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:82.54%; background-color: #F0F0F0;">S&amp;P/ASX 200 (Net Total Return)<sup style="font-size:85%; font-style:Normal; text-transform:none">4</sup>
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:7.11pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:20.95%; background-color: #F0F0F0;">12.17%
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">For more information about
Fund performance, please visit the Fund on the web at www.aberdeeniaf.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other
Fund literature.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">NAV, Market Price and
Premium(+)/Discount(-)<sup style="font-size:85%; font-style:Normal; text-transform:none">5</sup></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The below table represents a
comparison between the current fiscal year end and the prior fiscal year end of the&#xa0;Fund's market price to&#xa0;NAV and associated Premium(+) and Discount(-).</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:97.67%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="padding-bottom:1.75pt; padding-right:4pt; padding-top:3pt; text-align:left; vertical-align:bottom; width:42.90%; background-color: #D9D9D9;">&#xa0;
</td><td style="padding-bottom:1.75pt; padding-right:6pt; padding-top:3pt; text-align:center; vertical-align:bottom; width:14.41%; background-color: #D9D9D9;">&#xa0;
</td><td style="padding-bottom:1.75pt; padding-right:6pt; padding-top:3pt; text-align:right; vertical-align:bottom; width:16.02%; background-color: #D9D9D9;">&#xa0;
</td><td style="padding-bottom:1.75pt; padding-right:12pt; padding-top:3pt; text-align:right; vertical-align:bottom; width:24.28%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:2.5pt; padding-right:4pt; padding-top:1.75pt; text-align:left; vertical-align:bottom; width:42.90%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2.5pt; padding-left:4pt; padding-right:6pt; padding-top:1.75pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.41%; background-color: #D9D9D9;">NAV
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:16.02%; background-color: #D9D9D9;">Closing<br>
Market<br>
Price
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:24.28%; background-color: #D9D9D9;">Premium(+)/<br>
Discount(-)
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:4pt; padding-top:3.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:42.90%; background-color: #F0F0F0;">10/31/2025
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:4pt; padding-right:6pt; padding-top:3.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:14.41%; background-color: #F0F0F0;">$14.98
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:3.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:16.02%; background-color: #F0F0F0;">$13.56
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:8.88pt; padding-right:12pt; padding-top:3.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:24.28%; background-color: #F0F0F0;">-9.48%
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:4pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:42.90%; background-color: #F0F0F0;">10/31/2024
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:4pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; width:14.41%; background-color: #F0F0F0;">$<font style="padding-left:0.30pt"></font>15.06
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; width:16.02%; background-color: #F0F0F0;">$<font style="padding-left:2.53pt"></font>13.17
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2.5pt; padding-left:6pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:24.28%; background-color: #F0F0F0;">-12.55%
</td></tr></table>
</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:47.96%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">During the fiscal year ended October 31,
2025, the Fund&#x2019;s NAV was within a range of $11.70 to $15.72 and the Fund&#x2019;s market price traded within a range of $10.20 to $14.13. During the fiscal year ended October 31, 2025, the Fund&#x2019;s shares
traded within a range of a premium(+)/discount(-) of -8.14% to -13.92%.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">On October 23, 2025, the Fund
effected a 1-for-3 reverse stock split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund, while maintaining the Fund's and each stockholder's aggregate net asset value.
All historical per share&#xa0;information has been retroactively adjusted to reflect this reverse stock split.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Aberdeen Name Change</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">On March 4, 2025, abrdn plc,
the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc
completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and
descriptors).</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Managed Distribution Policy</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Fund has a managed
distribution policy of paying quarterly distributions at an annual rate, set once a year, as a percentage of the rolling average of the Fund&#x2019;s NAV over the preceding three month period ending on the last day of
the month immediately preceding the distribution&#x2019;s declaration date. In March 2025, the Board determined the rolling distribution rate to be 10% for the 12-month period commencing with the distribution payable
in June 2025. This policy will be subject to regular review by the Board. The distributions will be made from current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which
is a nontaxable return of capital.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:53.5pt; width:94%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:2.22%"><sup style="font-size:85%; font-style:Normal; text-transform:none">1</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:97.78%">Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be
lower or higher than the performance quoted. Net asset value return data include investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment of
all distributions.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:57pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:2.22%"><sup style="font-size:85%; font-style:Normal; text-transform:none">2</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.78%">Assuming the reinvestment of dividends and distributions.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:69pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:2.22%"><sup style="font-size:85%; font-style:Normal; text-transform:none">3</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.78%">The Fund&#x2019;s total return is based on the reported net asset value (&#x201c;NAV&#x201d;) for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial
statement rounding or adjustments.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:92pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:2.22%"><sup style="font-size:85%; font-style:Normal; text-transform:none">4</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:97.78%">The S&amp;P/ASX 200 is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities Exchange from S&amp;P Global Ratings. The index is
calculated net of withholding taxes to which the Fund is generally subject. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in
an index.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:126pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:2.22%"><sup style="font-size:85%; font-style:Normal; text-transform:none">5</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.78%">All historical per share information has been retroactively adjusted to reflect the 1-3 reverse stock split which was implemented on October 23, 2025.
</td></tr></table>
</div>
</div>
</div>
<div style="padding-top:9.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">1
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Letter to Shareholders &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:20.5pt">
<div style="float:left; overflow:hidden; position:relative; width:47.96%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">On November 11, 2025, the Fund announced
that it will pay on January 12, 2026, a stock distribution of US $0.38 per share to all shareholders of record as of November 21, 2025. This stock distribution will automatically be paid in newly issued shares of the
Fund unless otherwise instructed by the shareholder. Shares of common stock will be issued at the lower of the NAV per share or the market price per share with a floor for the NAV of not less than 95% of the market
price. Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who will have whole and fractional shares added to their
account.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Shareholders may request to
be paid their quarterly distributions in cash instead of shares of common stock by providing advance notice to the bank, brokerage or nominee who holds their shares if the shares are in &#x201c;street name&#x201d; or by
filling out in advance an election card received from Computershare Investor Services if the shares are in registered form.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is covered under
exemptive relief received by the Fund&#x2019;s investment manager from the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;) that allows the Fund to distribute long-term capital gains as frequently as monthly
in any one taxable year.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Revolving Credit Facility</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is permitted to
borrow for investment purposes as may be permitted by the 1940 Act or any rule, order or interpretation thereunder. This allows the Fund to borrow for investment purposes in the amount up to 33 1/3% of the
Fund&#x2019;s total assets.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund has entered into a
revolving credit facility with a committed facility of AUD $20 million with State Street Global Advisors, with a termination date of October 9, 2026. The Fund&#x2019;s outstanding balance as of&#xa0;October 31, 2025
was AUD $15 million on the revolving credit facility. Under the terms of the loan facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding
borrowings. A more detailed description of the Fund&#x2019;s revolving credit facility can be found in the Notes to Financial Statements.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Unclaimed Share Accounts</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">Please be advised that
abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed
property, and Fund shares could be considered &#x201c;unclaimed property&#x201d; due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to
a&#xa0;shareholder&#xa0; is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will
follow the applicable state&#x2019;s statutory requirements to contact you, but if unsuccessful, laws may require</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:47.96%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">that the shares be escheated to the
appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account,
please contact your financial adviser or the Fund's transfer agent.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Open Market Repurchase Program</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Board has approved an
open market repurchase and discount management policy (the &#x201c;Program&#x201d;). The Program allows the Fund to purchase, in the open market, its outstanding shares of common stock, 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. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the fiscal year ended October 31, 2025, the Fund did not repurchase
any shares through the Program.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">On a quarterly basis, the
Board will receive information on any transactions made pursuant to this policy during the prior quarter. Under the terms of the Program, the Fund is permitted to repurchase during each 12-month period ended October
31 up to 10% of its outstanding shares of common stock outstanding as of October 31 of the prior year.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Portfolio Holdings Disclosure</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Fund&#x2019;s complete
schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund&#x2019;s semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC&#x2019;s website at http://www.sec.gov. The Fund makes the
information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Proxy Voting</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">A description of the policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC&#x2019;s website
at&#xa0;www.sec.gov.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Investor Relations Information</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">As part of Aberdeen's
commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeeniaf.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other
Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:18.5pt; width:100%">
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">addition, you will receive monthly factsheets
based on your preferences. Sign up today at www.aberdeeniaf.com.</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">/s/ Alan Goodson<br>
<font style="font-weight:bold">Alan Goodson<br>
</font>President&#xa0;</div>
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<div style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:17pt; text-align:center; text-decoration:none; text-transform:none">All amounts are U.S. Dollars
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</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">3
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Report of the Investment Manager &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;</font></div>
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<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">Market review</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">Australian equities rose over
the 12-month period ended October 31, 2025, supported by domestic policy easing, resilient macro data, and improved global risk sentiment. The financials and materials sectors led market gains, whereas the healthcare
sector lagged.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">A key catalyst was the
Reserve Bank of Australia&#x2019;s (RBA) monetary policy<sup style="font-size:85%; font-style:Normal; text-transform:none">1</sup> trajectory. The RBA cut its cash rate by 75 basis points (bps) over the period under review, taking the main interest rate to 3.60%. While the
RBA&#x2019;s stance turned more hawkish<sup style="font-size:85%; font-style:Normal; text-transform:none">2</sup> by the end of the period, the cuts to its cash rate led to a re-rating of interest rate-sensitive segments and underpinned broader risk appetite.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In key global developments,
Donald Trump's U.S. presidential re-election in November 2024, sparked a rally in equities, although his announcement to implement tariffs across the world threatened to derail markets. Subsequently, President Trump
watered down the initial tariffs, with investors responding well to the combination of delays and negotiation, which eased fears of an imminent escalation of global trade frictions. This left inflation and the labor
market as the main concerns for the RBA by the end of the period.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">For most of the year under
review, domestic inflation and labor market data stayed stable, suggesting that policy was working through the economy without causing major strain. By October, however, they had started to rise noticeably.
Unemployment remained low at 4.37% for October 2025. However, the RBA seemed more concerned with the higher-than-expected quarterly inflation, with headline inflation accelerating to 1.3% quarter on quarter and 3.2%
year on year, which was the largest increase since early 2023. In addition, house prices rose at their fastest pace in more than two years, up 2.6% over the period and 1.1% in October 2025 alone. Demand is now
shifting from the lower quartile to the middle of the market, as interest rate cuts have increased borrowing capacity. These signs of a strong economy led to the RBA holding its policy rate at 3.60% by the end of the
review period.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Fund performance review</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The abrdn Australia Equity
Fund, Inc. (the &#x201c;Fund&#x201d;) returned 11.14% on a net-asset value<sup style="font-size:85%; font-style:Normal; text-transform:none">3</sup> basis for the fiscal year ended October 31, 2025, versus the 12.17% return of its benchmark, the S&amp;P/ASX 200 Index (Net Total Return). The
Fund's unlevered NAV return was 10.74% for the fiscal year ended October 31, 2025, demonstrating that the decision to leverage had a positive impact on the Fund, adding 0.40% to performance over that timeframe.</div>
</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund underperformed its benchmark due to
weak stock selection in the materials, information technology (IT), and real estate sectors, along with the relative underweight<sup style="font-size:85%; font-style:Normal; text-transform:none">4</sup> to materials. The losses were mitigated partially by positive stock selection in industrials and financials. The Fund&#x2019;s exposure to healthcare
also benefited performance, as strong stock selection outweighed the drag from the underweight position.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Drilling deeper, our real
estate holding in Goodman Group detracted after it announced a capital raise to expand its data center business, amid concerns over slower technology demand and decreasing artificial intelligence (AI) capital
expenditure. The broader sector was weak on the back of more hawkish interest rate expectations. Across other sectors, in IT, Xero's share price weakness reflected the soft sentiment towards the software sector, owing
to concerns about AI disruption and pricing power, while subdued U.K. subscriber additions added to near-term uncertainty despite revenue staying on track. As for the consumer discretionary sector, Aristocrat Leisure
faced pressure from cautious investor sentiment, despite strong fundamentals<sup style="font-size:85%; font-style:Normal; text-transform:none">5</sup> in gaming and margin upside potential.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">On the positive side, ALS
stood out among our industrials holdings. The company, which offers lab testing for mining, oil and gas, environmental, food, and pharmaceuticals, continued to benefit from structural growth trends in testing
services. Regulatory momentum around per- and polyfluoroalkyl substances (PFAS) testing and a recovery in mineral exploration spending boosted demand across its diversified portfolio.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Elsewhere in materials,
Northern Star Resources was the top stock contributor to performance after gold prices rose on the back of geopolitical uncertainty and central bank buying. Its disciplined capital allocation and strong balance sheet
reinforced investor confidence, while its position as a laggard in the gold space attracted incremental flows. Capstone Copper Corporation, a recent initiation, was another positive contributor, as the company
reported strong operational results across key assets, reinforcing our thesis around the execution of its growth plan, amid further positive sentiment around copper.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In financials, Hub24
performed well, as it captured more market share in wealth management through its scalable, in-house technology platform. Strong execution drove margin expansion and operating leverage, supported by rising fund flows
and adviser adoption.</div>
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</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">Decisions made by a government, usually through its central bank, regarding the amount of money in circulation in the economy. This includes setting official interest rates.
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">2
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">When a central bank signals a preference for tightening monetary policy to restrain economic activity and/or address high inflation.
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">3
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">A key measure of the value of a company, fund or trust &#x2013; the total value of assets less liabilities, divided by the number of shares.
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<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">4
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">A portfolio holding less of a particular security, sector or region than the security, sector or region&#x2019;s weight in the benchmark portfolio.
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">5
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">Reviewing a company&#x2019;s financial statements, business model and relevant economic factors to assess its underlying financial condition and long-term prospects.
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</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Report of the Investment Manager &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;&#xa0;(continued)</font></div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Finally, Pro Medicus, a leading medical
imaging software provider, rebounded after earlier weakness as the company continued to expand its addressable market. We added to the position during the initial sell-off in April, which supported returns. In July,
the company announced a AUD&#xa0;$170 million, 10-year contract with UCHealth, marking its expansion into cardiology, an adjacent market with attractive potential.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In key portfolio activity, we
invested in Capstone Copper Corporation, a copper miner that has assets across Chile, the U.S., and Mexico. Copper is a critical mineral used in the energy transition, especially in electrification and grid upgrades.
Another new holding was the industrial conglomerate Seven Group, given its good execution and capital allocation. Its key exposure is to low-cost mining production in Australia, while it also has interests in
infrastructure and construction, where longer-term demand is supported by a growing population.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Elsewhere, Amcor is a global
diversified packaging leader that is repositioning its portfolio towards higher-growth segments like healthcare and beauty, while integrating its recent acquisition, Berry Global, to unlock significant cost benefits
by financial year 2028. Its planned sales of non-core assets should also help lift margins, while its defensive cash flows support a dividend yield of more than 6%. Finally, management&#x2019;s track record in
integration and cost discipline underpins our confidence in Amcor's longer-term outlook.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">We also invested in Metcash,
a supplier of groceries, liquor, and hardware to independent retailers, which offers cyclical upside from a housing recovery. Strong free cash flow, an attractive dividend yield<sup style="font-size:85%; font-style:Normal; text-transform:none">6</sup>, and a reasonable valuation underpin its growth prospects.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Another new holding was
Medibank, the leading private health insurer in the country. It is outperforming its domestic peers in a defensive<sup style="font-size:85%; font-style:Normal; text-transform:none">7</sup> industry, delivering industry-leading margins as its rivals struggle to survive. While policyholder growth has moderated from pandemic highs, its
operational and retention improvements suggest that it can continue to stay ahead of the curve. At the same time, its deferred liability balance offers a cushion against claims catch-up, reinforcing margin
stability.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Finally, Infratil is a
differentiated infrastructure play with a proven ability to crystallize value and redeploy capital into high-growth areas. Its portfolio&#x2019;s tilt towards digital infrastructure, renewables, and healthcare aligns
with long-term structural growth themes. CDC, its Australian data center asset, stands out given that it is priced below its listed peer, NextDC, yet arguably better positioned.</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Conversely, we exited James Hardie, AUB
Group, Pilbara Minerals, Car Group, and Viva Energy to redirect capital towards better opportunities such as those mentioned above.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund pays out a quarterly
distribution<sup style="font-size:85%; font-style:Normal; text-transform:none">8</sup>. Funding from the distribution is a combination of capital gains from trading, income received in the form of dividends from underlying securities
and retained earnings (capital). While our primary objective is capital returns for shareholders, we also manage Fund cash flows to adequately meet the quarterly distribution.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The distribution reflects the
Fund&#x2019;s current policy to provide shareholders with a relatively stable cash flow per share. This policy did not have a significant impact on the Fund&#x2019;s investment strategy over the reporting period. During
the 12-month period ended October 31, 2025, the distributions were comprised of net realized gains and return of capital. The Fund issued distributions totaling $1.47 per share for the 12-month period ended October
31, 2025.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Outlook</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The RBA remains guided by
data as it has been for some time now. The central bank's rhetoric has turned noticeably more hawkish, and its latest forecasts mostly reflected the data surprises in the third quarter, with inflation, GDP, and
unemployment all revised higher. Rising inflation appears to be the central bank's biggest concern for the moment.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Market valuations, meanwhile,
have risen substantially, making it somewhat more challenging to find obvious value. In this context, the Fund is prudently taking profit where we assess there to be limited further upside catalysts and valuation
support to manage risks. We will continue to take advantage of market dislocations to invest in high-quality companies, especially those we view as poised to benefit as the tailwinds<sup style="font-size:85%; font-style:Normal; text-transform:none">9</sup> mentioned above begin to show tangible impact, while keeping a mindful eye on valuations. We remain partial to businesses with strong pricing power
and defensive business moats, and we favor those with clear growth prospects that are aligned with long-term structural trends.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Risk Considerations</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:left; text-decoration:none; text-transform:none">Past performance is not an
indication of future results.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Foreign securities in which
the Fund may invest may be more volatile, harder to price and less liquid than U.S. securities. They are subject to risks associated with less stringent accounting and regulatory standards, the impact of currency
exchange rate fluctuation political and economic instability, reduced information about issuers, higher transaction costs and delayed settlement. There are also risks associated with investing in Australia, including
the risk of investing in</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; width:94%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">6
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">The income an investor receives from a security, such as interest from bonds or dividends from shares.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:23pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">7
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">When a sector or security delivers relatively stable returns despite shifts in the economic environment.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:34pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">8
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">The payment of any income generated by a fund
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; text-align:left; text-decoration:none; text-transform:none">{foots1}</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:46pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.20%">9
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.80%">A condition that could support growth, revenue or profits.
</td></tr></table>
</div>
</div>
</div>
<div style="padding-top:21.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">5
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Report of the Investment Manager &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;&#xa0;(concluded)</font></div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:19.5pt; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">a single-country Fund. The Fund focuses its
investments in the Australia region, which subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Equity stocks of small and mid-cap companies carry greater risk, and more
volatility than equity stocks of larger, more established companies.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:italic; font-weight:bold; line-height:14pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">abrdn Asia Limited<font style="font-style:Normal; font-weight:Normal">&#xa0;</font></div>
</div>
<div style="margin-top:581pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">6
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Total Investment Return &#xa0;<font style="font-size:11pt; line-height:14pt">(unaudited)&#xa0;</font></div>
</div>
<div style="margin-top:6pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:33.5pt; width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The following table summarizes
the average annual Fund performance compared to the Fund&#x2019;s primary benchmark&#xa0;for the 1-year, 3-year, 5-year and 10-year periods ended October 31, 2025.</div>
<div style="text-align:left">
<table style="border-bottom:0.5pt solid #000000; border-collapse:collapse; empty-cells:show; margin-top:10pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3.5pt; padding-right:12pt; padding-top:5pt; text-align:left; vertical-align:bottom; width:60.00%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3.5pt; padding-left:12pt; padding-right:12pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:9.82%; background-color: #D9D9D9;">1 Year
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3.5pt; padding-left:12pt; padding-right:12pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:9.78%; background-color: #D9D9D9;">3 Years
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3.5pt; padding-left:12pt; padding-right:12pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:9.82%; background-color: #D9D9D9;">5 Years
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3.5pt; padding-left:12pt; padding-right:6pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:10.58%; background-color: #D9D9D9;">10 Years
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:6pt; padding-right:12pt; padding-top:2.12pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:60.00%; background-color: #F0F0F0;">Net Asset Value (NAV)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12.91pt; padding-right:12pt; padding-top:2.12pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">11.14%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12pt; padding-right:12pt; padding-top:2.12pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.78%; background-color: #F0F0F0;">14.29%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12pt; padding-right:12pt; padding-top:2.12pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">10.87%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12.19pt; padding-right:6pt; padding-top:2.12pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.58%; background-color: #F0F0F0;">9.23%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:6pt; padding-right:12pt; padding-top:1pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:60.00%; background-color: #F0F0F0;">Market Price
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">15.04%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12.12pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.78%; background-color: #F0F0F0;">16.12%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:13.35pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">11.85%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1pt; padding-left:12.19pt; padding-right:6pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.58%; background-color: #F0F0F0;">9.33%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:12pt; padding-top:1pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:60.00%; background-color: #F0F0F0;">S&amp;P/ASX 200 (Net Total Return)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:12.02pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">12.17%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:12.20pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.78%; background-color: #F0F0F0;">13.73%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:12pt; padding-right:12pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.82%; background-color: #F0F0F0;">10.82%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:12pt; padding-right:6pt; padding-top:1pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.58%; background-color: #F0F0F0;">8.47%
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:13pt; text-align:left; text-decoration:none; text-transform:none">Performance of a $10,000
Investment<font style="font-weight:Normal"> (as of October 31, 2025)</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:7pt; text-align:left; text-decoration:none; text-transform:none">This graph shows the change in
value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated&#xa0;index.</div>
<div style="margin-left:26.48%; margin-top:5pt; text-align:Center; width:47.22%">
<img src="tm2528073d1128073d11arpfi003.jpg" alt=" ">
</div>


<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:justify; text-decoration:none; text-transform:none">abrdn Inc. has entered into
an agreement with the Fund to limit investor relations services fees, without which performance would be lower. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end
of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Returns represent past
performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program
sponsored by the Fund&#x2019;s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund&#x2019;s Statement of Operations under &#x201c;Expenses.&#x201d; Total investment
return at market value is based on changes in the market price at which the Fund&#x2019;s shares traded on the NYSE American during the period and assumes reinvestment of dividends and distributions, if any, at market
prices pursuant to the dividend reinvestment program sponsored by the Fund&#x2019;s transfer agent. The Fund&#x2019;s total investment return is based on the reported NAV as of the financial reporting period end date of
October 31, 2025. Because the Fund&#x2019;s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market
price and NAV. <font style="font-weight:bold">Past performance is no guarantee of future results</font>. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received
from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund&#x2019;s yield, return, market price and NAV will fluctuate. Performance information
current to the most recent month-end is available at www.aberdeeniaf.com&#xa0;or by calling 800-522-5465.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The gross operating expense
ratio based on the fiscal year ended October 31, 2025 was 1.99%.The net operating expense ratio, net of fee waivers and excluding interest expense based on the fiscal year ended October 31, 2025, was 1.64%.&#xa0;</div>
</div>
<div style="margin-top:105pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">7
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Portfolio Summary &#xa0;<font style="font-size:11pt; line-height:14pt"> (as a percentage of net assets) (unaudited)&#xa0;</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025</div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:20.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">The following table summarizes
the sector composition of the Fund&#x2019;s portfolio, in S&amp;P Global Inc.&#x2019;s Global Industry Classification Standard (&#x201c;GICS&#x201d;) Sectors. Industry allocation is shown below for any sector representing
more than 25% of net assets.</div>
<div style="text-align:left">
<table style="border-bottom:0.5pt solid #000000; border-collapse:collapse; empty-cells:show; margin-top:6pt; width:99.81%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #D9D9D9;">Sectors
</td><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:9pt; padding-top:5pt; text-align:right; vertical-align:bottom; width:7.40%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Financials
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:11.10pt; padding-right:9pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">36.5%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.5pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Banks
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:4pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">27.6%<sup style="font-size:85%; font-style:italic; text-transform:none">(1)</sup>
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.5pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Capital Markets
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:16.28pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">5.7%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.5pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Insurance
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:17.13pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">2.1%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:15.5pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Financial Services
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:18.14pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">1.1%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Materials
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:14.16pt; padding-right:9pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">19.1%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Health Care
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:12.09pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">12.4%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Consumer Discretionary
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.28pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">11.1%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Real Estate
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:16.17pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">9.2%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Industrials
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:16.15pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">5.9%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Information Technology
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:16.53pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">3.7%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Communication Services
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.98pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">3.3%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Energy
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:16.39pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">2.2%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Consumer Staples
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:17.01pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">1.6%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:90.75%; background-color: #F0F0F0;">Utilities
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:17.01pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">1.6%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Short-Term Investment
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:15.94pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">0.2%
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">Liabilities in Excess of Other Assets
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:9.75pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">(6.8%)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; line-height:0pt; padding-bottom:3.5pt; padding-right:4pt; padding-top:1.25pt; text-align:left; vertical-align:bottom; width:90.75%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6.35pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.40%; background-color: #F0F0F0;">100.0%
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:6pt; padding-left:0pt; padding-right:1.5pt; padding-top:10pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.10%">(1)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:6pt; padding-left:1.5pt; padding-top:10pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.18%">The Fund's investment policies permit it to invest up to 35% of its total assets in the securities of a single industry group, provided that, at the time of
investment, that group represents 20% or more of the S&amp;P/ASX 200. On a gross asset basis, the Banks sector investment would be less than 25%.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">The following were the
Fund&#x2019;s top ten holdings as of October 31, 2025:</div>
<div style="text-align:left">
<table style="border-bottom:0.5pt solid #000000; border-collapse:collapse; empty-cells:show; margin-top:6pt; width:99.81%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #D9D9D9;">Top Ten Holdings
</td><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:9pt; padding-top:5pt; text-align:right; vertical-align:bottom; width:5.59%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">Commonwealth Bank of Australia
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:4pt; padding-right:9pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">11.7%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">BHP Group Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.01pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">8.9%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">National Australia Bank Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.16pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">6.3%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">ANZ Group Holdings Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.22pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">5.8%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">Goodman Group, REIT
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.23pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">5.4%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">Aristocrat Leisure Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.43pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">5.3%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">Northern Star Resources Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.64pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">5.2%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">ResMed, Inc., CDI
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.22pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">3.9%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">CSL Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.25pt; padding-left:6.22pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">3.9%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:4pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:92.55%; background-color: #F0F0F0;">Wesfarmers Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6.03pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:5.59%; background-color: #F0F0F0;">3.8%
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;</div>
</div>
<div style="margin-top:205pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">8
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Portfolio of Investments&#xa0;<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:13.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100.00%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:6pt; padding-right:9pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #D9D9D9;">Shares
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:3pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #D9D9D9;">Description
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:3pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #D9D9D9;">Industry and Percentage<br>
of Net Assets
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:6pt; padding-top:3pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #D9D9D9;">Value
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:6pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:99.46%; background-color: #F0F0F0;" colspan="4">COMMON STOCKS&#x2014;106.6%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:87.58%; background-color: #F0F0F0;" colspan="3">AUSTRALIA&#x2014;99.2%
</td><td style="line-height:8pt; padding-bottom:1.25pt; padding-right:6pt; padding-top:1.25pt; text-align:right; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">261,308
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">ALS Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Professional Services&#x2014;2.6%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">$<font style="padding-left:2.21pt"></font>&#x2007;&#x2007;3,708,668
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:12.16pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">337,818
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">ANZ Group Holdings Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Banks&#x2014;5.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.19pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;8,091,316
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11.53pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">181,063
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Aristocrat Leisure Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Hotels, Restaurants &amp; Leisure&#x2014;5.3%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.77pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;7,491,505
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9.68pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">438,969
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">BHP Group Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Metals &amp; Mining&#x2014;8.9%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:18.50pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;12,514,214
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.09pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">13,833
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Cochlear Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Health Care Equipment &amp; Supplies&#x2014;1.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.13pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;2,597,005
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:10.80pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">146,928
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Commonwealth Bank of Australia
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Banks&#x2014;11.7%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.98pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;16,486,055
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.22pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">47,153
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">CSL Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Biotechnology&#x2014;3.9%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.45pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;5,495,036
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:10.23pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">353,092
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Goodman Group, REIT
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Industrial REITs&#x2014;5.4%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:18.27pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;7,615,550
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:14.84pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">46,491
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">HUB24 Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Capital Markets&#x2014;2.5%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.47pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;3,464,326
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:10.57pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">283,739
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Insurance Australia Group Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Insurance&#x2014;1.0%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:16.36pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;1,458,656
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:16.27pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">40,118
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">JB Hi-Fi Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Specialty Retail&#x2014;2.0%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.00pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;2,744,325
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.35pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">31,560
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Macquarie Group Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Capital Markets&#x2014;3.2%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:16.75pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;4,501,547
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11.24pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">487,585
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Medibank Pvt Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Insurance&#x2014;1.1%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:18.69pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;1,556,122
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9.22pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">888,340
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Metcash Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Consumer Staples Distribution &amp; Retail&#x2014;1.6%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:17.99pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;2,212,787
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:0pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">3,557,763
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Mirvac Group, REIT
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Diversified REITs&#x2014;3.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:16.21pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;5,355,953
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11.70pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">313,224
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">National Australia Bank Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Banks&#x2014;6.3%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:14.98pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#x2007;&#x2007;8,930,033
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:13.18pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">451,611
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Northern Star Resources Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Metals &amp; Mining&#x2014;5.2%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:27.05pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">7,282,152
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:10.57pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">273,885
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Origin Energy Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Electric Utilities&#x2014;1.6%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:25.12pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">2,194,865
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:15.26pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">22,766
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Pro Medicus Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Health Care Technology&#x2014;2.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:23.03pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">3,909,034
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11.80pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">213,627
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">ResMed, Inc., CDI
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Health Care Equipment &amp; Supplies&#x2014;3.9%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:25.06pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">5,535,031
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:16.43pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">36,137
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Rio Tinto PLC
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Metals &amp; Mining&#x2014;1.9%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:26.37pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">2,605,115
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:14.93pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">65,252
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">SGH Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Trading Companies &amp; Distributors&#x2014;1.5%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:24.98pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">2,067,536
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:0pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">1,453,725
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Telstra Group Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Diversified Telecommunication Services&#x2014;3.3%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:24.02pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">4,644,412
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:11.55pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">274,223
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Transurban Group
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Transportation Infrastructure&#x2014;1.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:24.89pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">2,594,613
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:13.91pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">98,309
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Wesfarmers Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Broadline Retail&#x2014;3.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:24.44pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">5,395,783
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9.72pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">208,548
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Westpac Banking Corp.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Banks&#x2014;3.8%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:27.49pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">5,277,195
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:14.74pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">16,680
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">WiseTech Global Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Software&#x2014;0.5%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:31.11pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">752,301
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:11.80pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">192,997
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Woodside Energy Group Ltd.
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Oil, Gas &amp; Consumable Fuels&#x2014;2.2%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:26.45pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">3,127,603
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:1.38pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Total Australia
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:13.56pt; padding-right:6pt; padding-top:1.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">139,608,738
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:87.58%; background-color: #F0F0F0;" colspan="3">CANADA&#x2014;2.6%
</td><td style="line-height:8pt; padding-bottom:1.25pt; padding-right:6pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:10.98pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">402,745
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Capstone Copper Corp., CDI<sup style="font-size:85%; font-style:Normal; text-transform:none">(a)</sup>
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Metals &amp; Mining&#x2014;2.6%
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:23.49pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">3,607,732
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.58%; background-color: #F0F0F0;" colspan="3">NEW ZEALAND&#x2014;4.3%
</td><td style="line-height:8pt; padding-bottom:1.25pt; padding-right:6pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:12.30pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">211,593
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Infratil Ltd.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Financial Services&#x2014;1.1%
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.25pt; padding-left:25.76pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">1,498,158
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:15.21pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">48,144
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Xero Ltd.<sup style="font-size:85%; font-style:Normal; text-transform:none">(a)</sup>
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:40.16%; background-color: #F0F0F0;">Software&#x2014;3.2%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:24.03pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">4,554,673
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:1.38pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Total New Zealand
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:22.75pt; padding-right:6pt; padding-top:1.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">6,052,831
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.58%; background-color: #F0F0F0;" colspan="3">UNITED STATES&#x2014;0.5%
</td><td style="line-height:8pt; padding-bottom:1.25pt; padding-right:6pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:14.48pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">95,423
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Amcor PLC, CDI
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Containers &amp; Packaging&#x2014;0.5%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:30.83pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">758,275
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:1.38pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Total Common Stocks
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:15.84pt; padding-right:6pt; padding-top:1.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">150,027,576
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:6pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:99.46%; background-color: #F0F0F0;" colspan="4">SHORT-TERM INVESTMENT&#x2014;0.2%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:1.25pt; padding-left:6pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.58%; background-color: #F0F0F0;" colspan="3">UNITED STATES&#x2014;0.2%
</td><td style="line-height:8pt; padding-bottom:1.25pt; padding-right:6pt; padding-top:1.25pt; text-align:right; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:11.10pt; padding-right:9pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:7.26%; background-color: #F0F0F0;">292,578
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup style="font-size:85%; font-style:Normal; text-transform:none">(b)</sup>
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:30.56pt; padding-right:6pt; padding-top:1.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">292,578
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Total Short-Term Investment
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:28.97pt; padding-right:6pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">292,578
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:4pt; padding-right:9pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Total Investments&#x2014;106.8% (cost $111,815,282)<sup style="font-size:85%; font-style:Normal; text-transform:none">(c)</sup>
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:15.39pt; padding-right:6pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">150,320,154
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; line-height:8pt; padding-bottom:1.38pt; padding-right:9pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:9pt; padding-right:9pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:80.32%; background-color: #F0F0F0;" colspan="2">Liabilities in Excess of Other Assets&#x2014;(6.8%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:1.38pt; padding-left:22.78pt; padding-right:6pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:11.88%; background-color: #F0F0F0;">(9,621,759)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:1.38pt; text-align:right; vertical-align:bottom; width:7.26%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:9pt; padding-top:1.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">Net Assets&#x2014;100.0%
</td><td style="border-bottom:1pt solid #000000; line-height:8pt; padding-bottom:4pt; padding-right:9pt; padding-top:1.38pt; text-align:left; vertical-align:bottom; width:40.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4pt; padding-left:9pt; padding-right:6pt; padding-top:1.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.88%; background-color: #F0F0F0;">$<font style="font-weight:bold">140,698,395</font>
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:1.5pt; padding-top:10pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:1.90%">(a)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:1.5pt; padding-top:10pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.37%">Non-income producing security.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:1.90%">(b)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.37%">Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of&#xa0;October 31, 2025.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:6pt; padding-left:0pt; padding-right:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:1.90%">(c)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:6pt; padding-left:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.37%">See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
</div>
<div style="margin-top:56pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">9
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Portfolio of Investments&#xa0;<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(concluded)</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:13.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:1.5pt; padding-top:6pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.81%">CDI
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:1.5pt; padding-top:6pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.46%">Clearing House Electronic Sub-register System (CHESS) Depository Interest
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.81%">PLC
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.46%">Public Limited Company
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:6pt; padding-left:0pt; padding-right:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.81%">REIT
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:6pt; padding-left:1.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.46%">Real Estate Investment Trust
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; margin-top:9pt; text-align:left; text-decoration:none; text-transform:none">See accompanying Notes to Financial
Statements.</div>
</div>
<div style="margin-top:601pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">10
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Statement of Assets and Liabilities<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025</div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:14.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:85.81%">Assets
</td><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:12pt; padding-top:5pt; text-align:right; vertical-align:bottom; width:13.38%">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Investments, at value (cost $111,522,704)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">$<font style="padding-left:0.73pt"></font>&#x2003;150,027,576
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Short-term investment, at value (cost $292,578)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:27.87pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">&#x2003;292,578
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Foreign currency, at value (cost $561,226)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:34.41pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">562,349
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Interest and dividends receivable
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:52.00pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">872
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Prepaid expenses
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:39.77pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">41,984
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Total assets
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:16.07pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">150,925,359
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:85.81%">Liabilities
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Revolving Credit Facility payable (Note 7)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:29.16pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">9,819,749
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Investment management fees payable (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:36.45pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">131,005
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Director fees payable
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:39.64pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">60,728
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Investor relations fees payable (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:39.29pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">35,433
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Administration fees payable (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:41.02pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">11,684
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Interest payable on credit facility
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:43.88pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">4,493
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Other accrued expenses
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:35.99pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">163,872
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Total liabilities
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:20.32pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.38%; background-color: #F0F0F0;">10,226,964
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:12pt; padding-top:2.5pt; text-align:left; vertical-align:bottom; white-space:nowrap; width:99.18%" colspan="2">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Net Assets
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">$<font style="padding-left:2.15pt"></font>140,698,395
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Composition of Net Assets
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Common stock (par value $0.010 per share) (Note 5)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:7.5pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">$<font style="padding-left:20.28pt"></font>&#x2003;93,919
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Paid-in capital in excess of par
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:12.68pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">&#x2003;101,558,770
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Distributable earnings
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:14.64pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">&#x2003;39,045,706
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Net Assets
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">$<font style="padding-left:2.15pt"></font>140,698,395
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:85.81%">Net asset value per share based on 9,391,851 shares issued and outstanding
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.38%; background-color: #F0F0F0;">$<font style="padding-left:32.50pt"></font>14.98
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:right; text-decoration:none; text-transform:none">&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:19pt; text-align:left; text-decoration:none; text-transform:none">See accompanying Notes to
Financial Statements.</div>
</div>
<div style="margin-top:301pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">11
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Statement of Operations<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">For the Year Ended October 31, 2025</div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:14.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net Investment Income
</td><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:12pt; padding-top:5pt; text-align:right; vertical-align:bottom; width:12.01%">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Investment Income:
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Dividends (net of foreign withholding taxes of $42,172)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:7.5pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">$<font style="padding-left:2.97pt"></font>&#x2003;4,215,411
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Interest and other income
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:25.15pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;36,501
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Total investment income
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.48pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">4,251,912
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:87.17%">Expenses:
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.38pt; text-align:right; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Investment management fee (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:15.33pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;1,313,753
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Directors' fees and expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:19.22pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;240,945
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Administration fee (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:21.35pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;115,858
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Reports to shareholders and proxy solicitation
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:20.22pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;109,832
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Reverse stock split fees and expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:19.49pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;105,000
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Independent auditors&#x2019; fees and tax expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:26.53pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;79,971
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Transfer agent&#x2019;s fees and expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:24.75pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;72,469
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Investor relations fees and expenses (Note 3)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:26.82pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;57,707
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Legal fees and expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:26.03pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;29,134
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Custodian&#x2019;s fees and expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:24.76pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;25,335
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Revolving credit facility fees and expenses (Note 7)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:24.86pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;14,584
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Insurance expense
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:28.11pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;12,176
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">NYSE listing fee
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:30.43pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;5,210
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:87.17%">Miscellaneous
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:25.65pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;29,577
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Total operating expenses, excluding interest expense
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:23.99pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">2,211,551
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Interest expense  (Note 7)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:18.15pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#x2003;484,838
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Total expenses
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:19.55pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">2,696,389
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:12pt; padding-top:2.5pt; text-align:left; vertical-align:bottom; white-space:nowrap; width:99.18%" colspan="2">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net Investment Income
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.80pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">1,555,523
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net Realized/Unrealized Gain/(Loss):
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net realized gain/(loss) from:
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:1.5pt; text-align:right; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Investments (Note 2f)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:20.39pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">6,328,758
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Foreign currency transactions
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:31.89pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">62,829
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; vertical-align:bottom; width:87.17%">&#xa0;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.27pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">6,391,587
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net change in unrealized appreciation/depreciation on:
</td><td style="line-height:9.5pt; padding-bottom:1.5pt; padding-right:12pt; padding-top:2.38pt; text-align:right; vertical-align:bottom; width:12.01%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Investments (Note 2f)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.5pt; padding-left:19.01pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">3,404,336
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Foreign currency translation
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:20.33pt; padding-right:12pt; padding-top:1.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">1,990,854
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; vertical-align:bottom; width:87.17%">&#xa0;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.69pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">5,395,190
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Net realized and unrealized gain from investments and foreign currencies
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:19.09pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">11,786,777
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.17%">Change in Net Assets Resulting from Operations
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.01%; background-color: #F0F0F0;">$13,342,300
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; text-align:right; text-decoration:none; text-transform:none">&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:19pt; text-align:left; text-decoration:none; text-transform:none">See accompanying Notes to
Financial Statements.</div>
</div>
<div style="margin-top:128pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">12
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Statements of Changes in Net Assets<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:14.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:7.5pt; padding-top:5pt; text-align:left; vertical-align:bottom; width:68.39%">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:7.5pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:15.37%">For the<br>
Year Ended<br>
October 31, 2025
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:15.43%">For the<br>
Year Ended<br>
October 31, 2024
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Increase/(Decrease) in Net Assets:
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:7.5pt; padding-top:2.75pt; text-align:right; vertical-align:bottom; width:15.37%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:12pt; padding-top:2.75pt; text-align:right; vertical-align:bottom; width:15.43%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:68.39%">Operations:
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; vertical-align:bottom; width:15.37%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:12pt; padding-top:1.75pt; text-align:right; vertical-align:bottom; width:15.43%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net investment income
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:7.5pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:15.37%; background-color: #F0F0F0;">$<font style="padding-left:14.71pt"></font>1,555,523
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:7.5pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:15.43%; background-color: #D9D9D9;">$<font style="padding-left:15.37pt"></font>1,977,655
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net realized gain from investments and foreign currency transactions
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:26.64pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">6,391,587
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:26.60pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">1,318,422
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net change in unrealized appreciation on investments and foreign currency translations
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:27.06pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">5,395,190
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.72pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">30,711,201
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net increase in net assets resulting from operations
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:20.73pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">13,342,300
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:20.81pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">34,007,278
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Distributions to Shareholders From:
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:15.37%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:12pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:15.43%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Distributable earnings
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:18.61pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">(10,230,081)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:23.31pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">(3,957,667)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Return of capital
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.50pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">(3,261,748)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.93pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">(8,491,070)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net decrease in net assets from distributions
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:19.11pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">(13,491,829)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:18.12pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">(12,448,737)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Issuance of 347,628 and 352,660 shares of common stock, respectively due to stock distribution<sup style="font-size:85%; font-style:Normal; text-transform:none">(a)</sup>
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:26.16pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">4,542,572
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:26.05pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">4,587,476
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Change in net assets
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.44pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">4,393,043
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.27pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">26,146,017
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:0pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Net Assets:
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:15.37%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:12pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:15.43%; background-color: #D9D9D9;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:9.5pt; padding-right:7.5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">Beginning of year
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.49pt; padding-right:7.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">136,305,352
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:18.33pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">110,159,335
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:9.5pt; padding-right:7.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:68.39%">End of year
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:7.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.37%; background-color: #F0F0F0;">$140,698,395
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:7.5pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.43%; background-color: #D9D9D9;">$136,305,352
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; text-align:right; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:center">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-right:auto; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:0pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.12%">(a)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.43%">On October 23, 2025, the Fund implemented a 1 for 3 reverse stock split. Share issuance amounts have been updated to reflect the transaction.&#xa0;See&#xa0;Note 5.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:19pt; text-align:left; text-decoration:none; text-transform:none">See accompanying Notes to
Financial Statements.</div>
</div>
<div style="margin-top:340pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">13
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Financial Highlights<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:14.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.07%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="line-height:9.5pt; padding-bottom:3pt; padding-right:6.5pt; padding-top:5pt; text-align:left; vertical-align:bottom; width:52.83%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:12pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:45.96%; background-color: #D9D9D9;" colspan="5">For the Fiscal Years Ended October 31,
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:6.5pt; padding-top:1.75pt; text-align:left; vertical-align:bottom; width:52.83%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #D9D9D9;">2025<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #D9D9D9;">2024<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #D9D9D9;">2023<br>
<sup style="font-size:85%; font-style:Normal; text-transform:none">(a)</sup>
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #D9D9D9;">2022<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #D9D9D9;">2021<br>


</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">PER SHARE OPERATING PERFORMANCE<sup style="font-size:85%; font-style:Normal; text-transform:none">(b)</sup>:
</td><td style="line-height:9.5pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:2.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net asset value, beginning of year
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.11pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$15.06
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.68pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$12.66
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.28pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$14.01
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.55pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$19.32
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.02pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$15.48
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net investment income<sup style="font-size:85%; font-style:Normal; text-transform:none">(c)</sup>
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:28.49pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">0.17
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:26.55pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">0.21
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:25.24pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">0.33
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:24.70pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">0.63
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:25.86pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">0.33
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-indent:-10pt; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net realized and unrealized gains/(losses) on<br>
investments and foreign currency transactions
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:27.20pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.28
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:25.33pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">3.66
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.56pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.12)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.48pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(4.17)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:27.64pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">5.31
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Total from investment operations
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:27.19pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.45
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:25.82pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">3.87
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:26.55pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">0.21
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.03pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(3.54)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:26.01pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">5.64
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Distributions from:
</td><td style="line-height:9.5pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net investment income
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:38.86pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">&#x2013;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:22.57pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.24)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:22.24pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.39)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:21.65pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(0.66)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:24.32pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(0.51)
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net realized gains
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:27.42pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(1.11)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:23.57pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.21)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:21.94pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.06)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:26.34pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(1.11)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:24.36pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(1.26)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Return of capital
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.81pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(0.36)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.17pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.96)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:23.55pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(1.05)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:37.78pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">&#x2013;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:38.86pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">&#x2013;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Total distributions
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.58pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(1.47)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.51pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(1.41)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:23.55pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(1.50)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:24.25pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(1.77)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:25.33pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(1.77)
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Capital Share Transactions:
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Impact of Stock Distribution
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.56pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(0.06)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.94pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.06)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:21.94pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">(0.06)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:37.78pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">&#x2013;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:22.64pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">(0.03)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net asset value, end of year
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.81pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$14.98
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.49pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$15.06
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.68pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$12.66
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.82pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$14.01
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.63pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$19.32
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Market price, end of year
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.36pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$13.56
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:19.26pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$13.17
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.17pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$10.83
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16.10pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$12.09
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:17.34pt; padding-right:12pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$18.24
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Total Investment Return Based on<sup style="font-size:85%; font-style:Normal; text-transform:none">(d)</sup>:
</td><td style="line-height:9.5pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Market price
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:14.09pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">15.04%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:12.82pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">35.33%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.12pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">0.57%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:10.46pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(25.72%)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:12.97pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">50.49%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net asset value
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:17.34pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">11.14%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:12.83pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">32.38%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.72pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.45%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:11.16pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">(18.74%)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:12.78pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">38.09%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Ratio to Average Net Assets/Supplementary Data:
</td><td style="line-height:9.5pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net&#xa0;assets,&#xa0;end&#xa0;of year (000 omitted)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$140,698
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$136,305
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:9.52pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$110,159
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.55pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$116,404
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.5pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$154,000
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Average net assets applicable to common shareholders (000 omitted)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:9.85pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$135,173
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:9.26pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$129,178
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$123,690
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$133,947
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:8.00pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$143,765
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Gross operating expenses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.31pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.99%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.51pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.94%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:17.59pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">2.03%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.74pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">1.67%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.72pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.55%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net operating expenses, net of fee waivers
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.31pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.99%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.51pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.94%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:17.80pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">2.02%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.74pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">1.67%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.72pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.55%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:16pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-indent:-10pt; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net operating expenses, net of fee waivers and<br>
excluding interest expense
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.07pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.64%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.92pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.53%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.84pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.65%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.64pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">1.55%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:19.13pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.49%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Net Investment income
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:21.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.15%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:18.92pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">1.53%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:20.47pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">2.17%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:16.88pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">3.86%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:20.11pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">1.76%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Portfolio turnover
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:26.38pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">19%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:26.32pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">17%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:26.88pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">11%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:24.42pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">23%
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.62pt; padding-left:25.5pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">23%
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.62pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Senior securities:
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.07%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.62pt; padding-right:12pt; padding-top:1.62pt; text-align:right; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:6.5pt; padding-top:1.62pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Revolving Credit Facility outstanding (000 omitted)
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:15.87pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$9,820
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:15.69pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$9,825
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:16.02pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$9,497
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:15.41pt; padding-right:6.5pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$9,592
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:4.5pt; padding-left:20.26pt; padding-right:12pt; padding-top:1.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:9.28%; background-color: #F0F0F0;">$7,511<br>
<div style="margin-top:19pt"></div><div style="text-align:Left">See accompanying Notes to Financial Statements.</div>
</td></tr></table>
</div>
</div>
<div style="margin-top:188pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">14
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Financial Highlights<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(concluded)</font></div>
</div>
<div style="width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:25.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.07%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="line-height:9.5pt; padding-bottom:3pt; padding-right:6.5pt; padding-top:5pt; text-align:left; vertical-align:bottom; width:52.83%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:12pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:45.96%; background-color: #D9D9D9;" colspan="5">For the Fiscal Years Ended October 31,
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:0pt; padding-bottom:3pt; padding-right:6.5pt; padding-top:1.75pt; text-align:left; vertical-align:bottom; width:52.83%; background-color: #D9D9D9;">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #D9D9D9;">2025<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #D9D9D9;">2024<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #D9D9D9;">2023<br>
<sup style="font-size:85%; font-style:Normal; text-transform:none">(a)</sup>
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:6.5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #D9D9D9;">2022<br>


</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6.5pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #D9D9D9;">2021<br>


</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:16pt; padding-right:6.5pt; padding-top:2.62pt; text-align:left; text-decoration:none; text-indent:-10pt; text-transform:none; vertical-align:bottom; width:52.83%; background-color: #F0F0F0;">Asset coverage per $1,000 of Revolving Credit Facility outstanding
at year end<sup style="font-size:85%; font-style:Normal; text-transform:none">(e)</sup>
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:12.63pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$15,328
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:11.77pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$14,873
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:11.99pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.16%; background-color: #F0F0F0;">$12,599
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:12.95pt; padding-right:6.5pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.07%; background-color: #F0F0F0;">$13,136
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:12.40pt; padding-right:12pt; padding-top:2.62pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:9.28%; background-color: #F0F0F0;">$21,503
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:right; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:center">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-right:auto; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.23%">(a)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.32%">Prior to March 17, 2023, abrdn Asia Limited, the Fund's investment manager, had engaged abrdn Australia Limited as an investment adviser to the Fund. abrdn Asia&#xa0;Limited, and not the Fund, paid
abrdn Australia Limited for its services. Effective March 17, 2023, abrdn Australia Limited was no longer an investment adviser for the&#xa0;Fund; however, abrdn Asia Limited continued to serve as the investment
manager.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.23%">(b)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.32%">On October 23, 2025, the Fund implemented a 1 for 3 reverse stock split. Net asset value and per share amounts have been updated for all periods presented to reflect the transaction. See Note 5.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.23%">(c)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.32%">Based on average shares outstanding.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.23%">(d)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.32%">Total investment return based on market value is calculated assuming that shares of the Fund&#x2019;s common stock were purchased at the closing market price as of the beginning of the period, dividends,
capital gains and other distributions were reinvested as provided for in the Fund&#x2019;s dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation
does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund&#x2019;s net
asset value is substituted for the closing market value.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.23%">(e)
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.32%">Asset coverage per $1,000 is calculated by dividing total assets (less all liabilities and indebtedness not represented by senior securities) by the amount of the Revolving Credit
Facility and then multiplying by $1,000.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Amounts listed as
 &#x201c;&#x2013;&#x201d; are $0 or round to $0.&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:9pt; text-align:left; text-decoration:none; text-transform:none">See accompanying Notes to
Financial Statements.</div>
</div>
<div style="margin-top:419pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">15
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:17.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">1.&#xa0;&#xa0;Organization</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">abrdn Australia Equity
Fund, Inc. (the &#x201c;Fund&#x201d;) is a non-diversified closed-end management investment company incorporated in Maryland on September 30, 1985. The Fund&#x2019;s principal investment objective is long-term capital
appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited (&#x201c;ASX&#x201d;). Its secondary objective is current income, which is expected
to be derived primarily from dividends and interest on Australian corporate and governmental securities. The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment
purposes, in equity securities, consisting of common stock, preferred stock and convertible stock, of companies tied economically to Australia (each an &#x201c;Australian Company&#x201d;). This 80% investment policy is
a non-fundamental policy of the Fund and may be changed by the Board of Directors of the Fund ("the Board") upon 60 days&#x2019; prior written notice to shareholders. As a fundamental policy, at least 65% of the Fund's
total assets must be invested in companies listed on the ASX. abrdn Asia Limited ("abrdn Asia"), the Fund&#x2019;s investment manager (the &#x201c;Investment Manager&#x201d;), uses the following criteria in determining
if a company is &#x201c;tied economically&#x201d; to Australia: whether the company (i) is a constituent of the ASX; (ii) has its headquarters located in Australia, (iii) pays dividends on its stock in Australian Dollars;
 (iv) has its accounts audited by Australian auditors; (v) is subject to Australian taxes levied by the Australian Taxation Office; (vi) holds its annual general meeting in Australia; (vii) has common stock/ordinary
shares and/or other principal class of securities registered with Australian regulatory authorities for sale in Australia; (viii) is incorporated in Australia; or (ix) has a majority of its assets located in Australia
or a majority of its revenues are derived from Australian sources. There can be no assurance that the Fund will achieve its investment objective.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">2.&#xa0;&#xa0;Summary of Significant
Accounting Policies</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is an investment
company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment
Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the
United States of America ("U.S.&#xa0;GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of
the Fund are maintained in U.S. Dollars and the U.S. Dollar is</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">used as both the functional and reporting
currency. However, the Australian Dollar is the functional currency for U.S. federal tax purposes.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">a.&#xa0;&#xa0;Security Valuation:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund values its
securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a
liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the Investment Company
Act of 1940, as amended (the "1940 Act"), the Board designated abrdn Asia as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which
market quotations are not readily available or deemed&#xa0;unreliable.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">In accordance with the
authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques
used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to
valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable
inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk
inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entity&#x2019;s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in
the circumstances.&#xa0;A financial instrument&#x2019;s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Open-end mutual funds are
valued at the respective net asset value (&#x201c;NAV&#x201d;) as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the
circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at
the Valuation Time (defined below).</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:34.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">16
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">A security using any of these pricing
methodologies is generally determined to be a Level 1 investment.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Equity securities that are
traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the &#x201c;Valuation Time&#x201d; subject to application, when
appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m.
Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are
valued at the NASDAQ official closing price.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Foreign equity securities
that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an
independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such
foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When
prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that
applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">service provider is unable to provide a
valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Short-term investments are
comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund &#xa0;sweeps available cash into the State Street Institutional U.S. Government Money Market Fund,
which has elected to qualify as a &#x201c;government money market fund&#x201d; pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these
investment types are categorized as Level 1 investments.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">In the event that a
security&#x2019;s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued
at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been
fair valued by the Valuation Designee&#xa0;may be classified as Level 2 or Level 3 depending on the nature of the inputs.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The three-level hierarchy of
inputs is summarized below:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Level 1 - quoted prices
(unadjusted) in active markets for identical investments;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Level 2 - other significant observable
inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">Level 3 - significant unobservable inputs
(including the Fund&#x2019;s own assumptions in determining the fair value of investments).</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:8.5pt; width:100%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">A summary of standard
inputs is listed below:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.44%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:4.5pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:33.05%">Security Type
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3.5pt; padding-left:4.5pt; padding-right:6pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:66.11%">Standard Inputs
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:4.5pt; padding-top:2.88pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:33.05%; background-color: #F0F0F0;">Foreign equities utilizing a fair value factor
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:4.5pt; padding-right:6pt; padding-top:2.88pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:66.11%; background-color: #F0F0F0;">Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local
exchange opening and closing prices of each security.
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The following is a
summary of the inputs used as of October 31, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:98.89%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:35.73%">Investments, at Value
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.01%">Level 1 &#x2013; Quoted<br>
Prices
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:20.87%">Level 2 &#x2013; Other Significant<br>
Observable Inputs
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.03%">Level 3 &#x2013; Significant<br>
Unobservable Inputs
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.37%">Total
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:2.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:70.60%; background-color: #F0F0F0;" colspan="3">Assets
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:2.75pt; text-align:right; vertical-align:bottom; width:17.03%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:2.75pt; text-align:right; vertical-align:bottom; width:12.37%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:49.73%; background-color: #F0F0F0;" colspan="2">Investments in Securities
</td><td style="line-height:9.5pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:1.75pt; text-align:right; vertical-align:bottom; width:20.87%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:1.75pt; text-align:right; vertical-align:bottom; width:17.03%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:1.75pt; text-align:right; vertical-align:bottom; width:12.37%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:35.73%; background-color: #F0F0F0;">Common Stocks
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.01%; background-color: #F0F0F0;">$<font style="padding-left:28.69pt"></font>&#x2013;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:20.87%; background-color: #F0F0F0;">$<font style="padding-left:3.02pt"></font>150,027,576
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.03%; background-color: #F0F0F0;">$<font style="padding-left:0.21pt"></font>&#x2013;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:12.37%; background-color: #F0F0F0;">$<font style="padding-left:3.55pt"></font>150,027,576
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:35.73%; background-color: #F0F0F0;">Short-Term Investment
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:13.07pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.01%; background-color: #F0F0F0;">292,578
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:55.25pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:20.87%; background-color: #F0F0F0;">&#x2013;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:11.18pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.03%; background-color: #F0F0F0;">&#x2013;
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:29.19pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.37%; background-color: #F0F0F0;">292,578
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:35.73%; background-color: #F0F0F0;">Total Investments
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.01%; background-color: #F0F0F0;">$292,578
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:20.87%; background-color: #F0F0F0;">$150,027,576
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.03%; background-color: #F0F0F0;">$&#x2013;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-left:6pt; padding-right:6pt; padding-top:2.25pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.37%; background-color: #F0F0F0;">$150,320,154
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:35.73%; background-color: #F0F0F0;">Total Investment Assets
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.01%; background-color: #F0F0F0;">$292,578
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:20.87%; background-color: #F0F0F0;">$150,027,576
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.03%; background-color: #F0F0F0;">$&#x2013;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.37%; background-color: #F0F0F0;">$150,320,154
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:16pt; text-align:left; text-decoration:none; text-transform:none">Amounts listed as
 &#x201c;&#x2013;&#x201d; are $0 or round to $0.</div>
</div>
</div>
<div style="padding-top:28.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">17
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">For the fiscal year ended
October 31, 2025, there were no significant changes to the fair valuation methodologies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">b.&#xa0;&#xa0;Foreign Currency
Translation:</div>
</div>
<div style="margin-top:8.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Foreign securities, currencies, and other
assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent
pricing service approved by the Board.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Foreign currency amounts are
translated into U.S. Dollars on the following basis:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">(i) fair value of investment
securities, other assets and liabilities &#x2013; at the current daily rates of exchange at the Valuation Time; and</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">(ii) purchases and sales of
investment securities, income and expenses &#x2013; at the relevant rates of exchange prevailing on the respective dates of such transactions.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund isolates that
portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period. Similarly, the Fund
isolates the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the reporting period.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Net realized foreign exchange
gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date
on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund&#x2019;s books and the U.S. Dollar equivalent of the amounts actually received.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Foreign security and currency
transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the
opposite effect occurs if the U.S. Dollar falls in relative value.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">c.&#xa0;&#xa0;Security Transactions,
Investment Income and Expenses:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Security transactions are
recorded on the trade date. Realized gains/(losses) from security and currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date,
except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions. Interest income and expenses are
recorded on an accrual basis.&#xa0;</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">d.&#xa0;&#xa0;Distributions:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund has a managed
distribution policy to pay distributions from net investment income supplemented by net realized foreign exchange gains, net realized capital gains and return of capital distributions, if necessary, on a quarterly
basis. The managed distribution policy is subject to regular review by the Board. The Fund will also declare and pay distributions at least annually from net realized gains on investment transactions and net realized
foreign exchange gains, if any. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends and distributions to shareholders are determined in accordance with federal income tax
regulations, which may differ from U.S.&#xa0;GAAP.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">These differences are
primarily due to differing treatments for foreign currencies, loss deferrals and recognition of market discount and premium.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">e.&#xa0;&#xa0;Federal Income Taxes:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund, for U.S. federal
income purposes, is comprised of a separately identifiable unit called a Qualified Business Unit (&#x201c;QBUs&#x201d;) (see section 987 of the Internal Revenue Code of 1986, as amended (the "Code")). The Fund has
operated with a QBU for U.S. federal income purposes since 1989. The home office of the Fund is designated as the United States and of the QBU is Australia with a functional currency of the Australian dollar. The
securities held within the Fund reside within either the home office of the QBU or the home office depending on certain factors including geographic region of the security. As an example, the majority of the
Fund&#x2019;s Australian securities reside within the Australian QBU. When sold, the Australian dollar denominated securities within the Australian QBU generate capital gain/loss but not currency gain/loss, because the
QBU&#x2019;s functional currency is Australian dollar.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Code section 987 states
that currency gain/loss is generated when money is repatriated from a QBU to the home office. The currency gain/loss would result from the difference between the current exchange rate and the average exchange rate for
the year during which money was originally contributed to the QBU from the home office. Based on the QBU structure, there may be sizable differences in the currency gain/loss recognized for U.S. federal income tax
purposes and what is reported within the financial statements under U.S. GAAP. Additionally, the Fund&#x2019;s composition of the distributions to shareholders is calculated based on U.S. federal income tax
requirements whereby currency gain/loss is characterized as income and distributed as such. As of the Fund&#x2019;s fiscal year-end, the calculation of the composition of distributions to shareholders is finalized
and</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:24.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">18
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">reported in the Fund&#x2019;s annual report to
shareholders. As&#xa0;of October 31, 2025, the Fund has terminated its QBU structure.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund intends to continue
to qualify as a &#x201c;regulated investment company&#x201d; ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Code, and to make distributions of net
investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund recognizes the tax
benefits of uncertain tax positions only where the position is &#x201c;more likely than not&#x201d; to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no
significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for all
open tax years are subject to such review.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">f.&#xa0;&#xa0;Foreign Withholding
Tax:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Dividend and interest
income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above
taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In addition, when the Fund
sells securities within certain countries in which it invests, the capital gains realized may be subject to tax. The amount of capital gains tax, if any, is reported on the Statement of Operations. Based on these
market requirements and as required under U.S. GAAP, the Fund accrues deferred capital gains tax, if any, on securities currently held that have unrealized appreciation within these countries. The amount of deferred
capital gains tax accrued and the change in deferred capital gains tax, if any, is reported on the Statement of Assets and Liabilities and the Statement of Operations, respectively.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">3.&#xa0;&#xa0;Agreements and Transactions
with Affiliates</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">a.&#xa0;&#xa0;Investment Manager:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">abrdn Asia Limited ("abrdn
Asia" or the "Investment Manager") serves as the investment manager to the Fund, pursuant to a management agreement (the "Management Agreement"). The Investment Manager is an indirect wholly-owned subsidiary of
Aberdeen Group plc.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In rendering management
services, the Investment Manager may use the resources of advisory subsidiaries of Aberdeen Group plc. These affiliates have entered into a memorandum of understanding/personnel sharing procedures pursuant to which
investment professionals from each affiliate, may render portfolio</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">management and research services to U.S.
clients of the abrdn plc affiliates, including the Fund, as associated persons of the Investment Manager. No remuneration is paid by the Fund with regards to the memorandum of understanding/personnel sharing
procedures.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Pursuant to the Management
Agreement, the Fund pays the Investment Manager a fee, payable monthly by the Fund, at the following annual rates: 1.10% of the Fund's average weekly Managed Assets up to $50 million, 0.90% of the Fund's average
weekly Managed Assets between $50 million and $100 million and 0.70% of the Fund's average weekly Managed Assets in excess of $100 million. Managed Assets is defined in the Management Agreement as net assets plus the
amount of any borrowings for investment purposes.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">For the fiscal year ended
October 31, 2025, abrdn Asia earned $1,313,753 from the Fund for investment management fees.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">b.&#xa0;&#xa0;Fund Administration:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">abrdn Inc., an affiliate of
the Investment Manager, is the Fund&#x2019;s Administrator, pursuant to an agreement under which abrdn Inc. receives a fee, payable monthly by the Fund, at an annual fee rate of 0.08% of the Fund&#x2019;s average weekly
Managed Assets up to $500 million, 0.07% of the Fund&#x2019;s average weekly Managed Assets between $500 million and $1.5 billion, and 0.06% of the Fund&#x2019;s average weekly Managed Assets in excess of $1.5 billion.
For the fiscal year ended October 31, 2025, abrdn Inc. earned $115,858 from the Fund for administration services.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">c.&#xa0;&#xa0;Investor Relations:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Under the terms of the
Investor Relations Services Agreement, abrdn Inc. provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by abrdn Asia or its affiliates as part of an
Investor Relations Program.&#xa0; Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion").&#xa0; 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's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's
average weekly net assets and the Fund's Portion is paid for by abrdn Inc.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">During the fiscal year ended
October 31, 2025, the Fund incurred investor relations fees of approximately $57,707. For the fiscal year ended October 31, 2025, abrdn Inc. did not contribute to the investor relations fees for the Fund because the
Fund&#x2019;s contribution was below 0.05% of the Fund&#x2019;s average weekly net assets on an annual basis.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">4.&#xa0;&#xa0;Investment Transactions</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Purchases and sales of
investment securities (excluding short-term securities) for the fiscal year&#xa0;ended October 31, 2025, were $27,190,179 and $33,054,059, respectively.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:18.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">19
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:17.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">5.&#xa0;&#xa0;Capital</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The authorized capital of
the Fund is 30 million shares of $0.01 par value per share of common stock. As of October 31, 2025, there were 9,391,851 shares of common stock issued and outstanding. The Fund effected a 1-for-3 reverse stock split
which was implemented on October 23, 2025. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted
retroactively to give effect to the reverse share split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund, while maintaining the Fund's and each stockholder's aggregate
net asset value.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The following table shows the
shares issued by the Fund as a part of a quarterly distribution to shareholders during the fiscal year ended October 31, 2025.&#xa0; The shares issued amounts have been adjusted retroactively to give effect to the
reverse share split.</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100.00%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:73.35%">Payment Date
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:3pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:24.35%">Shares Issued
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:2.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:73.35%; background-color: #F0F0F0;">January 10, 2025
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:24.35%; background-color: #F0F0F0;">93,959
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:73.35%; background-color: #F0F0F0;">March 31, 2025
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:24.35%; background-color: #F0F0F0;">91,196
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:73.35%; background-color: #F0F0F0;">June 30, 2025
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:24.35%; background-color: #F0F0F0;">82,455
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:73.35%; background-color: #F0F0F0;">September 30, 2025
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:24.35%; background-color: #F0F0F0;">80,018
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">6.&#xa0;&#xa0;Open Market Repurchase
Program</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Board has approved an
open market repurchase and discount management policy (the &#x201c;Program&#x201d;). The Program allows the Fund to purchase, in the open market, its outstanding shares of common stock, with the amount and timing of any
repurchase determined at the discretion of the Fund's investment manager. 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. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the fiscal year ended October 31, 2025, the Fund did not repurchase
any shares through the Program.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">On a quarterly basis, the
Board will receive information on any transactions made pursuant to this policy during the prior quarter. Under the terms of the Program, the Fund is permitted to repurchase during each 12-month period ended October
31 up to 10% of its outstanding shares of common stock outstanding as of October 31 of the prior year.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">7.&#xa0;&#xa0;Revolving Credit
Facility</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund may borrow for
leverage purposes to the maximum extent permitted by the 1940 Act, which permits borrowing up to 33 1/3% of the Fund&#x2019;s total assets (including the amount obtained through borrowing).</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund has entered into a revolving credit
facility with a committed facility of AUD $20 million with State Street Global Advisors ("State Street"), with a termination date of October 9, 2026.&#xa0;The interest on the revolving credit facility&#xa0; for the
Fund on amounts borrowed are charged at a variable rate, which is based on the Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;) plus a spread. As of October 31, 2025, the balance of the loan outstanding was AUD
$15 million and for the fiscal year ended October 31, 2025, the average interest rate on the loan facility was 4.97% The average balance for the fiscal year was AUD $15,000,000. The interest expense is accrued on a
daily basis and is payable to State Street on a monthly basis. Interest expense related to the line of credit for the fiscal year ended October 31, 2025, was $484,838.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund&#x2019;s leveraged
capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the loan facility may constitute a substantial lien and
burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default
under the loan facility. In the event of a default under the loan facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if
any such default is not cured, the lenders may be able to control the liquidation as well. A liquidation of the Fund&#x2019;s collateral assets in an event of default, or a voluntary paydown of the loan facility in
order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve selling off of portions of the Fund&#x2019;s assets at
inopportune times which can result in losses when markets are unfavorable. The loan facility has a term of one-year and is not a perpetual form of leverage; there can be no assurance that the loan facility will be
available for renewal on acceptable terms, if at all. Bank loan fees and expenses included in the Statement of Operations include fees for the loan facility as well as commitment fees for any portion of the loan
facility not drawn upon at any time during the period. During the fiscal year ended October 31, 2025, the Fund incurred fees of approximately $14,584.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The credit agreement
governing the loan facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain
investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Investment Manager from fully managing the Fund&#x2019;s
portfolio in accordance with the Fund&#x2019;s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan
facility.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:36.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">20
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:17.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">8.&#xa0;&#xa0;Portfolio Investment Risks</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">a.&#xa0;&#xa0;Equity Securities
Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The stock or other security
of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which
the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged
periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because the right to repayment of common shareholders' claims is
subordinated to that of preferred stock and debt securities upon the bankruptcy of the issuer.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">b.&#xa0;&#xa0;Focus Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund may have elements
of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. The Fund focuses its
investments in Australia, which subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Such focused investments may subject the Fund to additional risks resulting from
political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws&#xa0;or currency exchange restrictions could cause the securities and their markets to be less
liquid and their prices to be more volatile than those of comparable U.S. securities.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">c.&#xa0;&#xa0;Foreign Currency
Exposure Risk &#x2013; Australia:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Currency exchange rates can
fluctuate significantly over short periods and can be subject to unpredictable changes based on a variety of factors, including political developments and currency controls by governments. The Fund will normally hold
almost all its assets in Australian dollar denominated securities, although some assets may be denominated in other foreign currencies. Accordingly, a change in the value of a currency in which a security is
denominated against the U.S. dollar will generally result in a change in the U.S. dollar value of the Fund&#x2019;s assets. Such a change may thus decrease the Fund&#x2019;s NAV.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">d.&#xa0;&#xa0;Foreign Securities Risk
 &#x2013; &#xa0;Australia:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Investments in foreign
securities that are traded on foreign markets, including Australian and New Zealand securities, are subject to risks of loss that are different from the risks of investing in U.S. securities. These include the
possibility of losses due to currency fluctuations, or to adverse political, economic or diplomatic developments in Australia and New Zealand, including possible increases in taxes. Additionally, accounting, auditing,
financial reporting standards and other regulatory practices and requirements for securities in which the Fund may invest vary from those applicable to entities subject to regulation</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">in the United States. The Australian
securities market for both listed and unlisted securities may be more volatile and less liquid than the major U.S. markets. In addition, the cost to the Fund of buying, selling and holding securities in
the&#xa0;Australian market may be higher than in the United States.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">e.&#xa0;&#xa0;Issuer Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The value of a security may
decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the
adverse changes in the financial conditions of one issuer may negatively affect other issuers.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">f.&#xa0;&#xa0;Leverage Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund may use leverage
to purchase securities. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. Certain investments or trading strategies that involve leverage can result in losses
that greatly exceed the amount originally invested.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">g.&#xa0;&#xa0;Management Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is subject to the
risk that the Investment Manager may make poor security selections. The Investment Manager and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund
and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Investment Manager may select securities that underperform the relevant market or other funds with
similar investment objectives and strategies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">h.&#xa0;&#xa0;Market Events Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Markets are affected by
numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other
global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, trading and tariff arrangements, defaults and shutdowns, political changes or
diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Policy and legislative
changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious
economic disruptions with a variety of significant fiscal and monetary policy changes.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The impact of these changes
on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the</div>
</div>
</div>
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<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">21
</td></tr></table>
</div>
</div>
</div>
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</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">world are becoming increasingly
interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and
liquidity of the Fund&#x2019;s investments may be negatively affected by such events.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">i.&#xa0;&#xa0;Mid-Cap Securities
Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:left; text-decoration:none; text-transform:none">Securities of medium-sized
companies tend to be more volatile and less liquid than securities of larger companies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">j.&#xa0;&#xa0;Non-U.S. Taxation
Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Income, proceeds and gains
received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain
countries and the United States may reduce or eliminate such taxes.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">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 shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes.
A shareholder&#x2019;s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder&#x2019;s
not receiving a full credit or deduction (if any) for the amount of such taxes. 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, 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 shareholders foreign tax credits or deductions, tax-exempt
shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">k.&#xa0;&#xa0;Passive Foreign
Investment Company Tax Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Equity investments by the
Fund in certain &#x201c;passive foreign investment companies&#x201d; (&#x201c;PFICs&#x201d;) could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on
proceeds received from the disposition of shares in the PFIC. The Fund may be able to elect to treat a PFIC as a &#x201c;qualified electing fund&#x201d; (i.e., make a &#x201c;QEF election&#x201d;), in which case the Fund
will be required to include its share of the company&#x2019;s income and net capital gains annually. The Fund may make an election to mark the gains (and to a limited extent losses) in such holdings &#x201c;to the
market&#x201d; as though it had sold and repurchased its holdings in those PFICs on the last day of the</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Fund&#x2019;s taxable year. Such gains and
losses are treated as ordinary income and loss. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges &#xa0;described above in some
instances.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">l.&#xa0;&#xa0;REIT and Real Estate
Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Investment in real estate
investment trusts ("REITs") and real estate involves the risks that are associated with direct ownership of real estate and with the real estate industry in general. These risks include: declines in the value of real
estate; risks related to local economic conditions, overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; casualty or condemnation losses; variations in
rental income, neighborhood values or the appeal of properties to tenants; changes in interest rates and changes in general economic and market conditions; reduced demand for commercial and office space; increased
maintenance or tenant improvement costs to convert properties for other uses; default risk of tenants and borrowers; the financial condition of tenants, buyers and sellers; and the inability to re-lease space on
attractive terms or to obtain&#xa0;mortgage financing on a timely basis or at all. REITs&#x2019; share prices may decline because of adverse developments affecting the real estate industry including changes in interest
rates. The returns from REITs may trail returns from the overall market. Additionally, there is always a risk that a given REIT will fail to qualify for favorable tax treatment. REITs may be leveraged, which increases
risk.&#xa0;Certain REITs, like mutual funds, have expenses, including management and administration fees, that are paid by their shareholders. As a result, shareholders will directly bear the expenses of their
investment in the Fund and indirectly bear the expenses of the Fund&#x2019;s investments when the Fund invests in REITs.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">m.&#xa0;&#xa0;Sector Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">To the extent that the Fund
has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable
developments in that economic sector than funds that invest more broadly.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Financials Sector Risk.<font style="font-style:Normal"> To the extent that the financials sector represents a significant portion of the Fund's investments, the Fund will be sensitive to changes in, and its performance may depend to a greater
extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit
rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or
future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber</font></div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:28.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">22
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(continued)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">attacks and technology malfunctions and
failures have become increasingly frequent in this sector and have caused significant losses.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Materials Sector Risk.<font style="font-style:Normal"> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, changes in&#xa0;exchange rates, social and political unrest, depletion of resources,
decreases in demand, overproduction, litigation and changes in&#xa0;government regulations, among other factors.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">n.&#xa0;&#xa0;Small-Cap Securities
Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Securities of smaller
companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">o.&#xa0;&#xa0;Valuation Risk:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">The price that the Fund
could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">markets or that are valued using a fair
valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a
greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or
other third-party service providers.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">9.&#xa0;&#xa0;Contingencies</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">In the normal course of
business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made
against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:9.5pt; width:100%">
<div style="clear:both; color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">10.&#xa0;&#xa0;Tax
Information</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:left; text-decoration:none; text-transform:none">The U.S. federal
income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized appreciation as of October 31, 2025, were as follows:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:10.5pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:19.29%">Tax Cost of<br>
Securities
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:10.5pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:29.08%">Unrealized<br>
Appreciation
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:10.5pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:29.14%">Unrealized<br>
Depreciation
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:30.30%">Net<br>
Unrealized<br>
Appreciation/<br>
(Depreciation)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:0pt; padding-right:10.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:19.29%; background-color: #F0F0F0;">$105,847,571
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:10.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:29.08%; background-color: #F0F0F0;">$47,365,952
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:10.5pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:29.14%; background-color: #F0F0F0;">$(2,893,369)
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:10.5pt; padding-right:6pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:30.30%; background-color: #F0F0F0;">$44,472,583
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The tax character of
distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.63%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9pt; padding-bottom:2pt; padding-right:5pt; padding-top:3pt; text-align:left; vertical-align:bottom; width:70.70%">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:5pt; padding-right:5pt; padding-top:3pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.16%">October 31, 2025
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:5pt; padding-right:6pt; padding-top:3pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.21%">October 31, 2024
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:70.70%; background-color: #F0F0F0;">Distributions paid from:
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:5pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:14.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-bottom:1.75pt; padding-right:6pt; padding-top:2.5pt; text-align:right; vertical-align:bottom; width:14.21%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:70.70%; background-color: #F0F0F0;">Ordinary Income
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:5pt; padding-right:5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.16%; background-color: #F0F0F0;">$<font style="padding-left:41.84pt"></font>-
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:5pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:14.21%; background-color: #F0F0F0;">$<font style="padding-left:7.60pt"></font>2,106,803
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:70.70%; background-color: #F0F0F0;">Net Long-Term Capital Gains
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:12.59pt; padding-right:5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.16%; background-color: #F0F0F0;">10,230,081
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:16.62pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.21%; background-color: #F0F0F0;">1,850,864
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:6pt; padding-right:5pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:70.70%; background-color: #F0F0F0;">Return of Capital
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:18.47pt; padding-right:5pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.16%; background-color: #F0F0F0;">3,261,748
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:17.03pt; padding-right:6pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.21%; background-color: #F0F0F0;">8,491,070
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:5pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:70.70%; background-color: #F0F0F0;">Total tax character of distributions
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:2pt; padding-left:5pt; padding-right:5pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.16%; background-color: #F0F0F0;">$13,491,829
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:2pt; padding-left:5pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.21%; background-color: #F0F0F0;">$12,448,737
</td></tr></table>
</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:16pt; text-align:left; text-decoration:none; text-transform:none">Amounts listed as
 &#x201c;&#x2013;&#x201d; are $0 or round to $0.</div>
</div>
</div>
<div style="padding-top:190.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">23
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Notes to Financial Statements<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;(concluded)<br>
</font><font style="font-size:11pt; font-weight:Normal; line-height:14pt">October 31, 2025</font></div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:16.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025, the
components of accumulated earnings on a tax basis were as follows:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:98.89%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Undistributed Ordinary Income
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:3pt; padding-right:12pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:10.82%; background-color: #F0F0F0;">$<font style="padding-left:43.42pt"></font>-
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:3pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Undistributed Long-Term Capital Gains
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:51.38pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.82%; background-color: #F0F0F0;">-
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:3pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Total undistributed earnings
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:3pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:10.82%; background-color: #F0F0F0;">$<font style="padding-left:43.42pt"></font>-
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:3pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Accumulated Capital and Other Losses
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:3pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:10.82%; background-color: #F0F0F0;">$<font style="padding-left:43.42pt"></font>-
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:3pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Capital loss carryforward
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:3pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:10.82%; background-color: #F0F0F0;">$<font style="padding-left:43.42pt"></font>-*
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:3pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Other currency gains
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:51.38pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.82%; background-color: #F0F0F0;">-
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:6pt; padding-right:3pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Other Temporary Differences
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:1.75pt; padding-left:51.38pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.82%; background-color: #F0F0F0;">-
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:3pt; padding-top:1.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Unrealized Appreciation/(Depreciation)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:10.68pt; padding-right:12pt; padding-top:1.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.82%; background-color: #F0F0F0;">39,045,706**
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:3pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:87.50%; background-color: #F0F0F0;">Total accumulated earnings/(losses) &#x2013; net
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:2pt; padding-left:3pt; padding-right:12pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:10.82%; background-color: #F0F0F0;">$39,045,706
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:16pt; text-align:left; text-decoration:none; text-transform:none">Amounts listed as
 &#x201c;&#x2013;&#x201d; are $0 or round to $0.</div>
<div style="text-align:center">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-right:auto; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.22%">*
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.33%">During the fiscal year ended October 31, 2025, the Fund did not utilize a capital loss carryforward.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.22%">**
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.33%">The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to&#xa0;corporate actions.
</td></tr></table>
</div>
</div>
<div style="margin-top:11.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">U.S.&#xa0;GAAP requires that certain
components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent
differences primarily attributable to net operating loss and other currency gains (cumulative QBU). These reclassifications have no effect on NAV's or net asset values per share.</div>
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:13.5pt; padding-top:5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:45.90%">Paid-in<br>
Capital
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; padding-bottom:2pt; padding-left:13.5pt; padding-right:6pt; padding-top:5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:78.45%">Distributable<br>
Earnings/<br>
(Accumulated<br>
Loss)
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:13.5pt; padding-top:2.5pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:45.90%; background-color: #F0F0F0;">$(8,235,197)
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:13.5pt; padding-right:6pt; padding-top:2.5pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:78.45%; background-color: #F0F0F0;">$8,235,197
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">11.&#xa0;&#xa0;Segment Reporting</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">In this reporting period,
the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did
not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur
expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity&#x2019;s chief operating decision maker (&#x201c;CODM&#x201d;) when assessing segment
performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset
allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48.45%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">portfolio composition, total returns,
expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment
assets are reflected on the Fund's Statement of Assets and Liabilities as &#x201c;Total Assets&#x201d; and significant segment expenses are listed on the Statement of Operations.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">12.&#xa0;&#xa0;Recent Accounting
Pronouncements</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">In December 2023, the FASB
issued Accounting Standards Update 2023-09 (&#x201c;ASU 2023-09&#x201d;), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in
order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15,
2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">13.&#xa0;&#xa0;Subsequent Events</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1.5pt; text-align:justify; text-decoration:none; text-transform:none">Management has evaluated
the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the
financial statements as of October 31, 2025, other than as noted below.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">On November 11, 2025, the
Fund announced that it will pay on January 12, 2026, a stock distribution of US $0.38 per share to all shareholders of record as of November 21, 2025.&#xa0;</div>
</div>
</div>
<div style="clear:both">&#xa0;
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">24
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
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</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
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<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Report of Independent Registered Public Accounting
Firm<font style="font-size:11pt; line-height:14pt">&#xa0;&#xa0;</font></div>
</div>
<div style="margin-top:13pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:24.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">To&#xa0;the&#xa0;
Shareholders&#xa0;and&#xa0;Board&#xa0;of&#xa0;Directors<br>
abrdn Australia Equity Fund, Inc.:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Opinion on the Financial
Statements</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:justify; text-decoration:none; text-transform:none">We have audited the
accompanying statement of assets and liabilities of abrdn Australia Equity Fund, Inc. (the Fund), including the portfolio of investments, as of October 31, 2025, the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years
in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of
its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Basis for Opinion</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:justify; text-decoration:none; text-transform:none">These financial statements
and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:justify; text-decoration:none; text-transform:none">We conducted our audits in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of
material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial
highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.</div>
<div style="margin-left:40.19%; margin-top:9pt; text-align:Center; width:19.63%">
<img src="tm2528073d1128073d11arpfi004.jpg" alt=" ">
</div>


<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">We have served as the auditor
of one or more abrdn investment companies since 2009.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Columbus, Ohio<br>
December 26, 2025&#xa0;</div>
</div>
<div style="margin-top:240pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">25
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Federal Tax Information: Dividends and
Distributions&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:6.5pt; text-align:left; text-decoration:none; text-transform:none">Designation Requirements</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">Of the distributions paid by the
Fund from ordinary income for the year ended October 31, 2025, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income,
respectively.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">Dividends Received Deduction
0.00%</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">Qualified Dividend Income
100.00%</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">$10,230,081 from long-term
capital gains, subject to a long-term capital gains tax rate of not greater than 20%.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">The above amounts are based on
the best available information at this time. In early 2026, the Fund will notify applicable shareholders of final amounts for use in preparing 2025 U.S. federal income tax forms.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">For the fiscal year ended
October 31, 2025, the Fund intends to pass through to its shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid of $42,172 and $42,172,
respectively.&#xa0;</div>
</div>
<div style="margin-top:499pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">26
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Supplemental Information&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited)&#xa0;</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:6.5pt; text-align:left; text-decoration:none; text-transform:none">Results of Annual Meeting of
Shareholders</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">The Annual Meeting of
Shareholders was held on May 28, 2025. The description of the proposal and number of shares voted at the meeting are as follows:</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">To elect one Class I Director to
the Board of Directors:</div>
</div>
<div style="margin-top:2.5pt; width:80.26%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:15pt; padding-top:3pt; text-align:left; vertical-align:bottom; width:44.84%">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:15pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:15.32%">Votes For
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:15pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:19.56%">Votes Against/<br>
Withheld
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:20.94%">Votes Abstained
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:15pt; padding-top:2.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:44.84%; background-color: #F0F0F0;">Moritz&#xa0;Sell
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:15pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:15.32%; background-color: #F0F0F0;">17,091,979
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:15pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:19.56%; background-color: #F0F0F0;">4,661,934
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:6pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:20.94%; background-color: #F0F0F0;">0
</td></tr></table>
</div>
</div>
<div style="margin-top:11.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:left; text-decoration:none; text-transform:none">To consider the continuation of
the term for one Director under the Corporate Governance Policies:</div>
</div>
<div style="margin-top:2.5pt; width:80.26%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:1pt solid #000000; line-height:9.5pt; padding-bottom:3pt; padding-right:15pt; padding-top:3pt; text-align:left; vertical-align:bottom; width:43.97%">&#xa0;
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:15pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:16.19%">Votes For
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:15pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:19.56%">Votes Against/<br>
Withheld
</td><td style="border-bottom:1pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; padding-bottom:3pt; padding-left:15pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:20.94%">Votes Abstained
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:6pt; padding-right:15pt; padding-top:2.75pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:43.97%; background-color: #F0F0F0;">P. Gerald Malone
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:15pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:16.19%; background-color: #F0F0F0;">19,866,490
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:15pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:19.56%; background-color: #F0F0F0;">1,333,163
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:3.5pt; padding-left:15pt; padding-right:6pt; padding-top:2.75pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:20.94%; background-color: #F0F0F0;">544,261
</td></tr></table>
</div>
</div>
<div style="margin-top:12.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:6.5pt; text-align:left; text-decoration:none; text-transform:none">Summary of Board Considerations in
Approving the Investment Advisory Agreement</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">At a regularly scheduled
meeting (the &#x201c;Meeting&#x201d;) of the Board of Directors (the &#x201c;Board&#x201d;) of abrdn Australia Equity Fund, Inc. (&#x201c;IAF&#x201d; or the &#x201c;Fund&#x201d;) held on June 11, 2025, the Board, including
those Directors (the &#x201c;Independent Directors&#x201d;) who are not &#x201c;interested persons&#x201d; (as that term is defined in the Investment Company Act of 1940 (the &#x201c;1940 Act&#x201d;)) of the Fund, approved
the continuation of the investment advisory agreement (the &#x201c;Advisory Agreement&#x201d;) between abrdn Investments Limited (the &#x201c;Adviser&#x201d;) and the Fund. In connection with their consideration of
whether to approve the continuation of the Advisory Agreement, the Board members received and reviewed a variety of information provided by the Adviser relating to the Fund, the Advisory Agreement and the Adviser. The
information provided to the Board members included (but was not limited to) comparative performance, fee and expense information (as well as information on the limitations of such comparable data) of a peer group of
funds based on the Fund&#x2019;s Morningstar Category (the &#x201c;Peer Funds&#x201d;), as selected by Institutional Shareholder Services Inc. (&#x201c;ISS&#x201d;), an independent third-party provider of investment
company data and other performance information. The Peer Funds presented for fee and expense data comparison consisted of a sub-set of the Morningstar Category and other industry peer funds as determined independently
by ISS, and the Peer Funds presented for the performance data comparison consisted of the Fund&#x2019;s Morningstar category, as determined by ISS. The Board also received information regarding relevant benchmark
indices and information regarding the nature, extent and quality of services provided by the Adviser under the Advisory Agreement.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">The materials provided to the
Board generally included, among other items: (i) information on the investment performance of the Fund, the performance of the Peer Funds, comparable funds, if any, and the Fund&#x2019;s performance benchmark; (ii)
reports prepared by the Adviser in response to requests submitted by the Independent Directors&#x2019; independent legal counsel on behalf of such Directors; (iii) information on the Fund&#x2019;s management fee
structure and other expenses, including information comparing the Fund&#x2019;s expenses to the Peer Funds, comparable funds, if any, and information about applicable fee &#x201c;breakpoints&#x201d; in the Fund&#x2019;s
fee structure and expense limitations, if any; (iv) information regarding the Adviser&#x2019;s revenues and costs of providing services to the funds and any compensation paid to affiliates of the Adviser; and (v) a
memorandum from the Independent Directors&#x2019; independent legal counsel on the responsibilities of the Board in considering the approval of the investment advisory arrangement under the 1940 Act and Maryland
law.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">The Independent Directors met
with representatives of the Adviser and separately in executive session with independent legal counsel on June 11, 2025 to discuss the continuation of the Advisory Agreement. The Independent Directors also met with
representatives of the Adviser and separately in executive session with independent legal counsel on June 2, 2025 to discuss the materials provided to the Board by the Adviser in response to a request for information
sent to them by the Independent Directors&#x2019; independent legal counsel.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">In evaluating whether to
renew the Advisory Agreement for the Fund, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Fund by the Adviser under the Advisory Agreement; (ii) the
costs of the services provided to the Fund and the profits realized by the Adviser (and its affiliates) from the relationship with the Fund; (iii) the Fund&#x2019;s total expense ratio as well as the management fees
paid by the Fund pursuant to the Advisory Agreement relative to the total expense ratios of and the management fees charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of the
Fund relative to that of its benchmark index as well as the performance of the Peer Funds and comparable funds, if any; (v) any additional benefits (such as soft dollars, if any) received by the Adviser or its
affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Fund&#x2019;s assets increase; (vii) the Adviser&#x2019;s compliance program; and (viii) any other
considerations deemed relevant by the Board. The Independent Directors also discussed the Advisory Agreement in an executive session with independent legal counsel at which no representatives of the Adviser were
present. No single</div>
</div>
<div style="margin-top:29.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">27
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Supplemental Information&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited)&#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:20.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">factor reviewed by the Board was identified as
the principal factor in determining whether to renew the Advisory Agreement, and individual Directors may have given different weight to various factors.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">The discussion immediately
below outlines in greater detail certain of the materials and information presented to the Board by the Adviser in connection with the Board&#x2019;s consideration and approval of the continuation of the Advisory
Agreement, and the conclusions made by the Board at the Meeting when determining to renew the Advisory Agreement.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">The Nature, Extent and Quality of
Services Provided to the Fund under the Advisory Agreement</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Directors considered the
nature, extent and quality of services provided by the Adviser to the Fund.&#xa0; They reviewed information about the resources dedicated to the Fund by the Adviser and its affiliates. Among other things, the Board
reviewed and discussed the background and experience of the Adviser&#x2019;s senior management personnel who serviced the Fund and the qualifications, background and responsibilities of the portfolio managers primarily
responsible for providing day-to-day portfolio management services for the Fund. The Directors also considered the financial condition of the Adviser and the Adviser&#x2019;s ability to provide quality service to the
Fund. Management representatives reported to the Board and responded to questions on, among other things, the Adviser&#x2019;s business plans and any current or proposed organizational changes. The Directors also took
into account the Adviser&#x2019;s experience as an asset manager and considered information regarding the Adviser&#x2019;s compliance with applicable laws and Securities and Exchange Commission (&#x201c;SEC&#x201d;) and
other regulatory agency inquiries or audits of the Fund, the Adviser and/or the Adviser&#x2019;s affiliates. The Board considered reports from the Adviser on its risk management processes. The Board noted that it
received information on a regular basis from the Fund&#x2019;s Chief Compliance Officer regarding the Adviser&#x2019;s compliance policies and procedures and information concerning the Adviser&#x2019;s brokerage policies
and practices. The Directors also noted that the Adviser had provided information and periodic reporting, including updates on its management of the Fund and the quality of its performance and had discussed these
matters with the Directors at meetings held regularly throughout the preceding year.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">Based on the totality of the
information considered, the Board concluded that the nature, extent and quality of the Adviser&#x2019;s services provided to the Fund were of high quality, and that the Adviser has provided and could reasonably be
expected to continue to provide these services on an ongoing basis based on its experience, operations and resources.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">The Costs of Services Provided
and Profits Realized by the Adviser and its Affiliates from their Relationships with the Fund</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Board reviewed
information compiled by ISS that compared the Fund&#x2019;s effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee rate paid by
the Fund to the Adviser for investment management services. The Directors also considered information from management about the fees charged by the Adviser to other clients investing primarily in an asset class
similar to that of the Fund. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating the Fund&#x2019;s advisory
fees, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Fund.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">In addition to the foregoing,
the Board considered the Fund&#x2019;s fees and expenses relative to the fees and expenses of the Peer Funds, as well as information on the limitations of such comparable data given differences between the Fund and the
Peer Funds presented. This information showed that the Fund&#x2019;s net management fee was at the median of the Peer Funds but that the Fund&#x2019;s total net expenses, exclusive of investment-related expenses, were
above the median of the Peer Funds. The Board also reviewed the profitability of the investment advisory relationship with the Fund to the Adviser. The Board concluded that the Fund&#x2019;s fees and expenses, as well
as the Adviser&#x2019;s profitability, were reasonable in light of the nature, extent and quality of services provided.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Investment Performance of the
Fund</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Board received and
reviewed with the Fund&#x2019;s management, among other performance data, information that compared the Fund&#x2019;s return over various time periods with those of comparable investment companies and discussed this
information and other related performance data with management. The Board received and considered information comparing the Fund&#x2019;s performance to the performance of the Fund&#x2019;s Peer Funds, including
information on the limitations of such comparable data given the differences between the Fund and the Peer Funds presented.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">In addition, the Board
received and reviewed information regarding the Fund&#x2019;s total return on a gross and net basis and relative to the Fund&#x2019;s benchmark. The Directors considered management&#x2019;s discussion of the factors
contributing to differences in performance between the Fund, its Peer Funds, other abrdn strategies, as applicable, and the Fund&#x2019;s benchmark, including (but not limited to) differences in the investment
strategies, restrictions and risks of the Peer Funds which limited comparability and distinguishing features of the Fund relative to the benchmark and other abrdn strategies. Additionally, the Board considered
information about the Fund&#x2019;s discount/premium ranking relative to its Peer Funds and the Adviser&#x2019;s discussion of the Fund&#x2019;s performance. The Directors noted that the Fund outperformed the average of
the Peer Funds for the 1-, 5- and 10-year periods ended March 31, 2025 but underperformed the average of the Peer Funds for the 3-year period ended March 31, 2025. The Directors also noted that the Fund outperformed
its benchmark for 1-, 3- and 10-year periods ended March 31, 2025 but underperformed its benchmark for the 5-year period ended March 31, 2025. The Board considered the Adviser&#x2019;s discussion of Fund performance ,
among other factors, in determining to continue the Advisory Agreement.</div>
</div>
<div style="margin-top:11.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.15%">28
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.41%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Supplemental Information&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited)&#xa0;&#xa0;(concluded)</font></div>
</div>
<div style="margin-top:8pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:20.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Direct and Indirect Benefits</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Board then considered
whether or the extent to which the Adviser derives any direct, ancillary or indirect benefits, such as reputational benefits, that could accrue to the Adviser and its affiliates from the Fund&#x2019;s operations as a
result of the Adviser&#x2019;s relationship with the Fund. The Board recognized the services provided to the Fund by affiliates of the Adviser and the related compensation paid by the Fund for those services. Based on
the totality of the information considered, the Board concluded that any benefits accruing to the Adviser and its affiliates by virtue of its relationship with the Fund appeared to be reasonable.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Economies of Scale</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Board next considered
management&#x2019;s discussion of the Fund&#x2019;s management fee structure and determined that the management fee structure was reasonable and reflected the sharing of economies of scale. The Board based its
determination on various factors, including how the Fund&#x2019;s management fee compared relative to the Peer Funds at higher asset levels and that the Fund&#x2019;s management fee schedule provides breakpoints. The
Board also considered that the Fund benefits from being part of a larger Fund complex. The Board concluded that the economies of scale shared with the Fund were reasonable.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:center; text-decoration:none; text-transform:none">* * *</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:8pt; text-align:justify; text-decoration:none; text-transform:none">Based on the Board&#x2019;s
deliberations and its evaluation of the information described above and other factors and information the Directors deemed relevant in the exercise of their individual reasonable business judgment, the Board,
including the Independent Directors, with the assistance of fund counsel and independent legal counsel to the Independent Directors, unanimously determined that&#xa0; the fees charged pursuant to the Advisory
Agreement were fair and reasonable and approved the continuation of the Advisory Agreement.&#xa0;</div>
</div>
<div style="margin-top:438pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:21.30%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">29
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">RECENT CHANGES</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The following information is
a summary of certain changes during the fiscal year ended October 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the Fund.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">During the applicable period,
there have been: (i) no material changes to the Fund's investment objectives and policies that constitute its principal portfolio emphasis that have not been approved by shareholders; (ii) no material changes to the
Fund's principal risks; (iii) no changes to the persons primarily responsible for day-to-day management of the Fund and (iv) no changes to the Fund's charter or by-laws that would delay or prevent a change of control
that have not been approved by shareholders;<font style="font-style:italic; font-weight:bold"> except as follows:</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Changes to Persons Primarily
Responsible for Day-to-Day Management of the Fund</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Aberdeen's Asia Pacific
Equities team is responsible for the day-to-day management of the Fund. The team works in a collaborative fashion; all team members have both portfolio construction and research responsibilities. The members of the
team with the most significant responsibility for day-to-day management of the Fund are Pruksa Iamthongthong (since October 2025) and Eric Chan (since September 2023).&#xa0;&#xa0;</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Effective October 31, 2025,
Pruksa Iamthongthong replaced Flavia Cheong as a member of the team with the most significant responsibility for day-to-day management of the Fund. Pruksa Iamthongthong is Senior Investment Director on the Asian
equities team. Pruksa joined the company in 2007. Pruksa graduated with a BA in Business Administration from Chulalongkorn University, Thailand and is a CFA charterholder.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">INVESTMENT OBJECTIVES AND
POLICIES</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">Investment Objectives.<font style="font-style:Normal"> The Fund&#x2019;s principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock
Exchange Limited (&#x201c;ASX&#x201d;). Its secondary objective is current income, which is expected to be derived primarily from dividends and interest on Australian corporate and governmental securities.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Principal Investment
Strategy.<font style="font-style:Normal"> The Fund will normally invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, consisting of common stock, preferred stock
and convertible stock, of Australian Companies. As a fundamental policy, at least 65% of the Fund&#x2019;s total assets must be invested in companies listed on the ASX. Australian Companies are companies that are tied
economically to Australia. The Fund&#x2019;s investment manager, abrdn Asia Limited ("abrdn Asia" or the "Investment Manager"), the Fund&#x2019;s investment manager, uses the following criteria in determining if a
company is &#x201c;tied economically&#x201d; to Australia: whether the company: (i) is a constituent of the ASX; (ii)</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">has its headquarters located in Australia;
(iii) pays dividends on its stock in Australian dollars; (iv) has its accounts audited by Australian auditors; (v) is subject to Australian taxes levied by the Australian Taxation Office; (vi) holds its annual general
meeting in Australia; (vii) has common stock/ordinary shares and/or other principal class of securities registered with Australian regulatory authorities for sale in Australia; (viii) is incorporated in Australia; or
(ix) has a majority of its assets located in Australia or a majority of its revenues derived from Australian sources. In determining whether a company is &#x201c;tied economically&#x201d; to Australia, the Investment
Manager will consider certain of these criteria separately while others will only be considered in combination with other criteria. The Fund uses such criteria for the following reasons: the ASX is a primary benchmark
for equity investment in Australia; location in Australia of a company&#x2019;s headquarters,&#xa0; auditors or site of its annual meeting are indicative of where key strategic planning and direction of the company
take place; payment of dividends may be an important component of returns in which earnings are distributed to shareholders; payment of taxes generally evidences that assets of the company are resident in, or that
income is earned in, Australia; registration of securities for sale in Australia indicates that the company is seeking capital from Australian securities markets; and incorporation in Australia establishes corporate
domicile and subjects the company to Australian legal, tax and regulatory requirements. The Fund&#x2019;s 80% investment policy is a non-fundamental policy of the Fund and may be changed by the Board of Directors upon
60 days&#x2019; prior written notice to shareholders. However, it is a fundamental policy of the Fund to normally invest at least 65% of its total assets in equity securities, consisting of common stock, preferred
stock and convertible preferred stock, listed on the ASX. Although securities listed on the ASX may include securities of New Zealand issuers that are listed on the ASX, New Zealand companies will not be included in
the Fund&#x2019;s definition of an Australian company under criterion (i) above. However, up to 10% of the value of the Fund&#x2019;s total assets (at the time of purchase) may be invested in unlisted equity securities.
In seeking to achieve the Fund&#x2019;s investment objectives, the Investment Manager invests in quality companies and is an active, engaged owner. The Investment Manager evaluates every company against quality
criteria and builds conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3)
the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance (&#x201c;ESG&#x201d;) factors impacting a company. 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. As ESG information is just one investment consideration, ESG considerations generally are not</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:14.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">30
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">solely determinative in any investment
decision made by the Investment Manager. The Investment Manager seeks to understand what is changing in companies, industries and markets but is not being priced into the market or is being mispriced. Through
fundamental research, supported by a global research presence and proprietary tools, the Investment Manager seeks to identify companies whose quality is not yet fully recognized by the market. The Investment Manager
may sell a security when it perceives that a company's business direction or growth potential has changed or the company's valuations no longer offer attractive relative value.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund may also invest in
debt securities, consisting of notes and debentures of Australian companies, bills and bonds of the Federal and State governments of Australia and U.S. Government securities. Such debt securities will be rated in one
of the four highest rating categories by a nationally recognized statistical rating organization ("NRSRO"), or, if unrated, determined to be of comparable quality by the Investment Manager, and will typically have a
maturity of 10 years or less. In the event that a security receives different ratings from different NRSROs, the Adviser will treat the security as being rated in the highest rating category received from an NRSRO.
During periods when, in the Investment Manager&#x2019;s judgment, changes in the Australian market or other economic conditions warrant a defensive economic policy, the Fund may temporarily reduce its position in
equity securities and increase its position in debt securities or in money market instruments having a maturity of not more than six months and consisting of Australian bank time deposits; bills and acceptances;
Australian Federal Treasury bills; Australian corporate notes; and U.S. Treasury bills. The Fund may also invest in such money market instruments in order to meet dividend and expense obligations.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund invests its assets
in a broad spectrum of Australian and New Zealand industries, including metals and minerals, other natural resources, construction, electronics, food, appliances and household goods, transport, tourism, the media and
financial institutions. In selecting industries and companies for equity investment, the Investment Manager may, among other factors, consider overall growth prospects, competitive positions in domestic and export
markets, technology, research and development, productivity, labor costs, raw material costs and sources, profit margins, return on investment, capital resources, management and government regulation.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund&#x2019;s investments
in Australian debt securities and Australian money market instruments are limited to obligations of Australian Federal and State governments, governmental agencies and authorities, listed corporate issuers and banks
considered to be creditworthy by the Investment Manager.</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">In 1999, the Fund received a no-action
assurance letter from the SEC staff to permit the Fund to concentrate its portfolio investments under certain circumstances. The Fund will not invest in a security if, after the investment, more than 25% of its total
assets would be invested in any one industry or group of industries, provided that the Fund may invest between 25% and 35% of its total assets in the securities of any one industry group if, at the time of investment,
that industry group represents 20% or more of the S&amp;P/ASX 200 Accumulation Index. The no-action letter issued by the SEC staff referred to industry sectors of the Australian All Ordinaries Index, then the
Fund&#x2019;s performance benchmark. The Fund&#x2019;s performance benchmark was subsequently changed to the S&amp;P/ASX 200 Accumulation Index, as reported to shareholders in the Fund&#x2019;s semi-annual report for the
period ended April 30, 2000. The S&amp;P/ASX 200 Accumulation Index comprises the top 200 companies listed on the ASX by market capitalization. The S&amp;P/ASX 200 Accumulation Index most closely represents the
universe of stocks that are held by the Fund. Standard &amp; Poor&#x2019;s subsequently discontinued the use of the ASX classification system for the S&amp;P/ASX 200 Accumulation Index and replaced such classification
system with the Global Industry Classification Standard (&#x201c;GICS&#x201d;). The GICS classification tier of Industry Groupings (of which there are 25 as of October 31, 2025)&#xa0; is the classification most
comparable to the ASX classification formerly used by both the Australian All Ordinaries Index and the S&amp;P/ASX 200 Accumulation Index.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The Fund does not trade in
securities for short-term gain.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Repurchase Agreements</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Fund may enter into
repurchase agreements with banks and broker-dealers when it deems it advisable. A repurchase agreement is a contract under which the Fund acquires a security for a relatively short period (usually no more than one
week) subject to the obligations of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund&#x2019;s cost plus interest). The Investment Manager will monitor the
value of such securities daily to determine that the value equals or exceeds the repurchase price. Under the 1940 Act, repurchase agreements are considered to be loans made by the Fund which are collateralized by the
securities subject to repurchase.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">Loans of Portfolio Securities</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The Fund&#x2019;s investment
policies permit the Fund to enter into securities lending agreements. Under such agreements, the Fund may lend to borrowers (primarily banks and broker-dealers) portfolio securities with an aggregate market value of
up to one-third of the Fund&#x2019;s total assets when it deems advisable. Any such loans must be secured by collateral (consisting of any combination of cash, U.S. government securities, irrevocable bank letters of
credit or other high quality debt securities) in an amount at least equal, on a daily</div>
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">31
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">marked-to-market basis, to the current
market value of the securities loaned. Cash collateral will be invested by the lending agent in short-term instruments, money market mutual funds or other collective investment funds, and income from these investments
will be allocated among the Fund, the borrower and the lending agent. The Fund may terminate a loan after such notice period as is provided for the particular loan. The Fund will receive from the borrower amounts
equivalent to any cash payments of interest, dividends and other distributions with respect to the loaned securities, although the tax treatment of such payments may differ from the treatment of distributions paid
directly by the issuer to the Fund. The Fund also has the option to require non-cash distributions on the loaned securities to be credited to its account. The terms of the Fund&#x2019;s lending arrangement includes
provisions to permit the Fund to vote the loaned securities.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">RISK FACTORS</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Fund is a
non-diversified, closed-end investment company designed primarily as a long-term investment vehicle and not as a trading tool. The Fund invests primarily in Australian equity securities. An investment in the Fund's
shares may be speculative and involves a high degree of risk, including risks and considerations not typically associated with funds that invest only in U.S. securities. The Fund should not be considered a complete
investment program. Due to the uncertainty in all investments, there can be no assurance that the Fund will achieve its investment objectives.&#xa0; The value of an investment in the Fund's Common Shares could decline
substantially and cause you to lose some or all of your investment. Before investing in the Fund's Common Shares you should consider carefully the following principal risks of investing in the Fund.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Management Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund's ability to achieve its investment objective is directly related to the Investment Manager's investment strategies for the Fund. The value of your investment in
the Fund's Common Shares may vary with the effectiveness of the research and analysis conducted by the Investment Manager and their ability to identify and take advantage of attractive investment opportunities. If the
investment strategies of the Investment Manager do not produce the expected results, the value of your investment could be diminished or even lost entirely, and the Fund could underperform the market or other funds
with similar investment objectives. Additionally, there can be no assurance that all of the personnel of the Investment Manager will continue to be associated with the Investment Manager for any length of time. The
loss of the services of one or more key employees of the Investment Manager could have an adverse impact on the Fund's ability to realize its investment objective</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Investment and Market
Risk.<font style="font-style:Normal; font-weight:Normal"> An investment in the Fund's shares is subject to investment risk, including the possible loss of the entire</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">principal amount that you invest. Your
investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The
value of the securities in which the Fund invests will affect the value of the shares. Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment
of Fund dividends and distributions.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Australian Securities
Risk.<font style="font-style:Normal; font-weight:Normal"> Because the Fund's investments are primarily in equity securities of Australian Companies, the Fund is particularly vulnerable to loss in the event of adverse political,
economic, financial and other developments that affect Australia, including fluctuations of Australian currency versus the U.S. dollar. The Australian economy is heavily dependent upon trade and any reduction in
trading with its key partners may cause an adverse impact on the Australian economy and the securities in which the Fund invests. The Fund is therefore exposed to the risks that could affect the economies of its
Asian, Australasian, European and American trading partners, such as fluctuations in commodities markets, exchange rates, high unemployment, trade regulations and deficits, among others. Also, Australia is located in
a part of the world that has historically been prone to natural disasters such as drought and is economically sensitive to environmental events. Any such event could result in a significant adverse impact on the
Australian economy.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Investments in foreign
securities that are traded on foreign markets, including Australian and New Zealand securities, are subject to risks of loss that are different from the risks of investing in U.S. securities. These include the
possibility of losses due to currency fluctuations, or to adverse political, economic or diplomatic developments in Australia and New Zealand, including possible increases in taxes. Additionally, accounting, auditing,
financial reporting standards and other regulatory practices and requirements for securities in which the Fund may invest vary from those applicable to entities subject to regulations in the United States. The
Australian securities market for both listed and unlisted securities may be more volatile and less liquid than the major U.S. markets. In addition, the cost to the Fund of buying, selling and holding securities in the
Australian market may be higher than in the United States.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Any higher expenses of
non-U.S. investing may reduce the amount the Fund can earn on its investments and typically results in a higher operating expense ratio than for investment companies that invest only in the United States. Regulatory
oversight of the Australian securities market may differ from that of U.S. markets. There also may be difficulty in invoking legal protections across borders.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Currency Exchange Rate
Fluctuations.<font style="font-style:Normal; font-weight:Normal"> Currency exchange rates can fluctuate significantly over short periods and can be subject to</font></div>
</div>
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</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">unpredictable changes based on a variety of
factors, including political developments and currency controls by governments. The Fund will normally hold almost all its assets in Australian dollar denominated securities, although some assets may be denominated in
other foreign currencies. Accordingly, a change in the value of a currency in which a security is denominated against the U.S. dollar will generally result in a change in the U.S. dollar value of the Fund's assets.
Such a change may thus decrease the Fund's net asset value.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In addition, although most of
the Fund's income will be received or realized primarily in Australian dollars, the Fund will be required to compute and distribute its income in U.S. dollars. Therefore, for example, if the exchange rate for the
Australian dollar declines after the Fund's income has been accrued and translated in U.S. dollars, but before the income has been received or converted into U.S. dollars, the Fund could be required to liquidate
portfolio securities to make distributions. Similarly, if the exchange rate declines between the time the Fund incurs expenses in U.S. dollars and the time such expenses are paid, the amount of Australian dollars
required to be converted into U.S. dollars in order to pay those expenses will be greater than the Australian dollar equivalent of those expenses at the time they were incurred. Similar effects may result from the
Fund's investments that are denominated in other foreign currencies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Currency exchange rate
fluctuations can decrease or eliminate income available for distribution or, conversely, increase income available for distribution. For example, in some situations, if certain currency exchange losses exceed net
investment income for a taxable year, the Fund would not be able to make ordinary income distributions, and all or a portion of distributions made before the losses were realized but in the same taxable year would be
recharacterized as a return of capital to shareholders for U.S. federal income tax purposes, thus reducing shareholders' cost basis in their Fund shares, or as a capital gain distribution, rather than as an ordinary
income dividend.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Equity Risk.<font style="font-style:Normal; font-weight:Normal"> The value of equity securities, including common stock, preferred stock and convertible stock, will fluctuate in response to factors affecting the particular company, as
well as broader market and economic conditions. Moreover, in the event of the company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders and are
likely to have varying types of priority over holders of preferred and convertible stock.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Leverage Risks. <font style="font-style:Normal; font-weight:Normal">The Fund's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The loan facility may
constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is limited in its ability to declare dividends or
other distributions</font></div>
</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">in the event of default under the loan
facility. In the event of default under the loan facility, the lender has the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is
not cured, the lender may be able to control the liquidation as well. The loan facility has a term of 364 days and is not a perpetual form of leverage; there can be no assurance that the loan facility will be
available for renewal on acceptable terms, if at all.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The credit agreement
governing the loan facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain
investments which are more stringent than those imposed on the Fund by the Investment Company Act of 1940, as amended. The covenants or guidelines could impede the Fund's Investment Manager from fully managing the
Fund's portfolio in accordance with the Fund's investment objectives and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan
facility.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Foreign Custody Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund's custodian generally holds the Fund's non-U.S. securities and cash in non-U.S. bank sub-custodians and securities depositories &#x2013; generally in Australia.
Regulatory oversight of non-U.S. banks and securities depositories may differ from that in the U.S. Additionally, laws applicable to non-U.S. banks and securities depositories may limit the Fund's ability to recover
its assets in the event the non-U.S. bank, securities depository or issuer of a security held by the Fund goes bankrupt.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Concentration Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund's investment policies permit it to invest up to 35% of its total assets in the securities of a single industry group, provided that, at the time of investment,
that group represents 20% or more of the S&amp;P/ASX 200. At any time the Fund has such a concentration of investments in a single industry group, it will be particularly vulnerable to adverse economic, political and
other factors that affect that industry group. An industry sector can include more than one industry group.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Concentration in the
financial sector may make the Fund vulnerable to risks of regulation, consolidation, financial innovation and technological progress. Significant exposure to the materials sector may make the Fund vulnerable to risks
that the issuers in such sector will underperform the market as a whole due to legislative or regulatory changes and/or increased competition affecting that sector. Companies in the materials sector may be adversely
impacted by the volatility of commodity prices, changes in exchange rates, social and political unrest, depletion of resources, decreases in demand, overproduction, litigation and changes in government regulations,
among other factors. Significant exposure to the healthcare sector may make the Fund susceptible to adverse</div>
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">33
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">regulatory, economic or political factors or
trends relating to the healthcare industry. Healthcare companies are generally characterized by limited product focus, rapidly changing technology, extensive government regulation and intense competition. The complex
nature of the technologies involved can lead to patent disputes, including litigation, that may be costly and that could result in a company losing an exclusive right to a patent. Additionally, certain healthcare
companies may be exposed to potential product liability risks that are inherent to the healthcare industries.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Market Events Risk. <font style="font-style:Normal; font-weight:Normal">The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends
or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, armed conflicts or other factors, political
developments, investor sentiment and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected.
Economic, financial or political events, imposition of sanctions and other measures, trading and tariff arrangements, actual or threatened war or armed conflicts, terrorism, social unrest, natural or environmental
disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with
significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. In addition, public health emergencies (such as the spread of infectious diseases,
pandemics and epidemics) or similar issues could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy,
which in turn could adversely affect the Fund's investments.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Europe Related Risk.<font style="font-style:Normal"> A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced
to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have
needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These
difficulties may continue, worsen or spread within and outside Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may
result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their</font></div>
</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">debt could have additional adverse effects on
economies, financial markets and asset valuations around the world.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Cybersecurity Risk. <font style="font-style:Normal; font-weight:Normal">The Fund is subject to direct cybersecurity risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private
shareholder information), or proprietary information, or cause the Fund, the Investment Manager and/or the Fund's service providers (including, but not limited to, Fund accountants, custodians, sub-custodians and
transfer agents) to suffer data breaches, data corruption or lose operational functionality. In addition, work-from-home arrangements by the Fund, the Investment Manager or their service providers could increase all
of the above risks, create additional data and information accessibility concerns, and make the Fund, the Investment Manager or their service providers susceptible to operational disruptions, any of which could
adversely impact their operations. Furthermore, the Fund may be an appealing target for cybersecurity threats such as hackers and malware.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Net Asset Value Discount.<font style="font-style:Normal; font-weight:Normal"> Shares of closed-end investment companies frequently trade at a discount from net asset value. This characteristic is a risk separate and distinct from the risk that net
asset value will decrease. The Fund's shares have frequently traded in the market below net asset value since the commencement of the Fund's operations. The Fund cannot predict whether its shares in the future will
trade at, below or above net asset value. This risk that shares of a closed-end fund might trade at a discount is more significant for investors who wish to sell their shares in a relatively short period of time. For
those investors, realization of gain or loss on their investment is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Distribution Rate.<font style="font-style:Normal; font-weight:Normal"> The Fund has a managed distribution policy under which quarterly distributions, at a rate determined annually by the Board of Directors, are paid from current income,
supplemented by realized capital gains and, to the extent necessary, paid-in capital. There can be no assurance that the distribution rate set at any time, or the policy itself, will be maintained. To the extent total
distributions for a year exceed the Fund's net investment income, such excess will be deemed for U.S. federal income tax purposes to have been distributed from realized capital gains and/or will be treated as return
of capital, as applicable. In general terms, a return of capital would involve a situation in which the Fund distribution (or a portion thereof) represents a return of a portion of a shareholder's investment in the
Fund, rather than making a distribution that is funded from the Fund's earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions would decrease the basis
of a shareholder's shares, and therefore, may increase a shareholder's tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder's original investments. The Fund's managed
distribution policy may, in certain situations,</font></div>
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</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">cause the Fund to make taxable distributions
to shareholders in excess of the minimum amounts of such taxable distributions required to avoid liability for federal income and excise taxes. Such excess taxable distributions may, in such situations, cause
shareholders to be liable for taxes for which they would not otherwise be liable if the Fund only paid that amount required to avoid liability for federal income and excise taxes. The Fund's income distributions and
its capital and currency gains distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States. These differences are primarily
due to differing treatments for foreign currencies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">If the Fund's investments do
not generate sufficient income, the Fund may be required to liquidate a portion of its portfolio to fund these distributions, and therefore a portion or all of such distributions may represent a reduction of the
shareholders' principal investment. Such liquidation might be at a time when independent investment judgment would not dictate such action, increasing the Fund's overall portfolio turnover (and related transaction
costs) and making it more difficult for the Fund to achieve its investment objective.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Non-Diversification Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund is non-diversified, meaning that the Fund is permitted to invest more of its assets in fewer issuers than &#x201c;diversified funds.&#x201d; Thus, the Fund may be
more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Although the Fund must comply with certain
diversification requirements in order to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), the Fund may be more susceptible to any single economic, political
or regulatory occurrence than would be the case if it had elected to diversify its holding sufficiently to be classified as a "diversified" management investment company under the 1940 Act.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Conflicts of Interest Risk.
<font style="font-style:Normal; font-weight:Normal">The portfolio managers' management of &#x201c;other accounts&#x201d; may give rise to potential conflicts of interest in connection with their management of the Fund's
investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective 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 Investment Manager believes that these risks are mitigated by the fact that: (i) 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) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Investment Manager has
adopted trade allocation procedures</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">that require equitable allocation of trade
orders for a particular security among participating accounts.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">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.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">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 Investment Manager 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 Investment Manager 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 Investment Manager that the
benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Trust 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.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">From time to time, the
Investment Manager 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 Investment Manager 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 Investment Manager'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 Investment Manager have adopted various policies to mitigate these conflicts.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">In addition, the 1940 Act
limits the Fund's ability to enter into certain transactions with certain affiliates of the Investment Manager. 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</div>
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">35
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
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</div>
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<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">fund managed by the Investment Manager or
one of its affiliates. Nonetheless, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Investment Manager
between the interests of the Fund and the portfolio company, in that the ability of the Investment Manager 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'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.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The Investment Manager or
their 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 Investment Manager for
other clients, and the Investment Manager 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
Investment Manager may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict the Fund's ability to trade in the securities of such companies.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Share Repurchases.<font style="font-style:Normal; font-weight:Normal"> Any acquisition by the Fund of its shares, pursuant to its share repurchase program, will decrease the amount of total assets of the Fund, and therefore, may increase the
Fund's expense ratio. Furthermore, if the Fund borrows to finance share repurchases, interest on such borrowings would reduce the Fund's net investment income. If the Fund liquidates a portion of its investment
portfolio in connection with a share repurchase, such liquidation might be at a time when independent investment judgment would not dictate such action, increasing the Fund's overall portfolio turnover (and related
transaction costs) and making it more difficult for the Fund to achieve its investment objective.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Tax Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund may invest in securities of which the federal income tax treatment may not be clear or may be subject to recharacterization by the Internal Revenue Service
("IRS"). It could be more difficult for the Fund to comply with the United States tax requirements applicable to regulated investment companies, or with other tax requirements applicable to foreign investors, if the
tax</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">characterization of the Fund's investments
or the tax treatment of the income from such investments were successfully challenged by the IRS.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Tax Considerations.<font style="font-style:Normal; font-weight:Normal"> The Fund intends to qualify and to continue to qualify as a regulated investment company under the Code. If it so qualifies, it generally will be relieved of U.S. federal
income tax on its investment company taxable income and net capital gains, if any, which it distributes to shareholders in accordance with requirements under the Code. In order to continue to meet the requirements of
the Code applicable to regulated investment companies and to minimize its U.S. federal income tax liability, it is the Fund's policy to distribute substantially all of its net income and capital gains, if any, to
shareholders. To the extent that the Fund has earnings available for distribution, its distributions in the hands of shareholders may be treated as ordinary dividend income, although certain distributions may be
reported by the Fund as capital gain distributions, which would be treated as long-term capital gain, or qualified dividend income, which in the case of individuals may be eligible for long-term capital gain tax rates
if certain holding period rules apply. Dividends and capital gains distributions paid by the Fund are not expected to qualify for the corporate dividends- received deduction. Distributions in excess of the Fund's
current and accumulated earnings and profits will first reduce a shareholder's basis in his shares and, after the shareholder's basis is reduced to zero, will constitute capital gains to the shareholder who holds his
shares as capital assets. Subject to certain limitations imposed by the Code, foreign income taxes withheld from distributions or otherwise paid by the Fund may be creditable or deductible by U.S. shareholders for
U.S. federal income tax purposes, if the Fund is eligible to and makes an election to treat the shareholders as having paid those taxes for U.S. federal income tax purposes. No assurance can be given that the Fund
will be eligible to make this election each year, but it intends to do so if it is eligible. If the election is made, the foreign taxes paid by the Fund will be includable in the U.S. federal taxable income of
shareholders. Non-U.S. investors may not be able to credit or deduct the foreign taxes, but they may be deemed to have additional income from the Fund equal to their share of the foreign taxes paid by the Fund,
subject to U.S. withholding tax. Investors should discuss with their tax advisers the specific tax consequences of investing in the Fund.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Anti-Takeover Provisions.<font style="font-style:Normal; font-weight:Normal"> The Fund presently has provisions in its bylaws that may limit the ability of other entities or persons to acquire control of the Fund. The bylaws provide for a staggered
election of the Fund's Directors, who are divided into three classes, each having a term of three years and until their successors are duly elected and qualify, or, when filling a vacancy, for the unexpired portion of
such term and until their successors are duly elected and qualify. Thus, only Directors in a single class may be changed in any one year and it would require two years to change a majority of the</font></div>
</div>
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<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">36
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
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<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
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</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Board of Directors. This system of electing
Directors may be regarded as "anti-takeover" because it makes it more difficult for Fund shareholders to change a majority of the Fund's Directors and, thus, has the effect of maintaining continuity of management.
Other bylaw provisions that may be regarded as "anti-takeover:" (a) provide specific requirements for shareholder-requested special meetings; (b) require that shareholders who wish to propose a nominee for Director or
have shareholders vote on other proposals satisfy certain advance written notice and information requirements; (c) establish Director qualifications; (d) establish supermajority Board vote requirements for certain
actions, including mergers, dissolution, election of officers, officer and Director compensation, and the amendment of the Director term and qualification requirements and the director quorum and voting requirements;
(e) establish restrictive approval requirements for an investment advisory agreement, a sub-advisory agreement or a management agreement between the Fund and an affiliate of a disinterested director then serving on
the Board or who served on the Board in the two years prior to approval of such agreement; and (f) subject to such conditions as provided in the bylaws, reserve to the Board the power to adopt, alter, or repeal the
bylaws or any provision of the bylaws.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Articles Supplementary
approved by the Board subject the Fund to certain provisions of the Maryland General Corporation Law with respect to unsolicited takeovers. These provisions: (a) require a two-thirds vote of the shareholders to remove
Directors; (b) provide that the number of Directors may be fixed only by the Board; (c) provide that certain vacancies on the Board of Directors may be filled only by the vote of the remaining Directors and those
vacancies shall be filled until the end of the term of the directorship in which the vacancy occurs; and (d) require that a shareholder-requested special meeting be called only on the request of the holders of a
majority of the outstanding shares.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The foregoing provisions may
be regarded as "anti-takeover" provisions and may have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices. The Board has considered these provisions
and determined that they are in the best of shareholders.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Securities Lending Risk.<font style="font-style:Normal; font-weight:Normal"> In connection with its loans of portfolio securities, the Fund may be exposed to the risk of delay in recovery of the loaned securities or possible loss of rights in the
collateral should the borrower become insolvent. The Fund also bears the risk of loss on the investment of cash collateral. There is also the risk that, in the event of default by the borrower, the collateral might
not be sufficient to cover any losses incurred by the Fund. There can be no assurance that the return to the Fund from a particular loan, or from its loans overall, will exceed the related costs and any related
losses.</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Repurchase Agreements Risk.<font style="font-style:Normal; font-weight:Normal"> Repurchase agreements may involve risks in the event of default or insolvency of the seller, including possible delays or restrictions with respect to the Fund's ability
to dispose of the underlying securities, and the possibility that the collateral might not be sufficient to cover any losses incurred by the Fund.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Unlisted Securities Risk.<font style="font-style:Normal; font-weight:Normal"> The Fund may invest up to 10% of the value of its total assets (at the time of purchase) in unlisted equity securities. Because the market for unlisted securities is not
liquid, it may be difficult for the Fund to sell these securities timely and at a desirable price. If not listed, such securities could nonetheless be resold in privately negotiated transactions, although the price
may be lower and the time to dispose of the security may take considerably longer than for listed securities and the sale price may be lower than the price paid by the Fund. Unlisted securities are not subject to the
disclosure and other investor protection requirements of Australian law applicable to listed securities.</font></div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Risks of Issuance of Preferred
Shares.<font style="font-style:Normal; font-weight:Normal"> The Fund has authority to issue preferred shares. The Board has not yet exercised this authority and has no current intention of exercising this authority. The following
is a description of the risks involved if the Fund were to issue preferred shares.</font></div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:5pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:5.81%">&#x2022;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:94.19%"><font style="text-decoration:underline">Leverage.</font><font style="font-style:Normal; padding-left:0pt"> The issuance of preferred shares would create leverage that would affect the amount of income available for distribution on the Fund's shares of common stock as well as the
net asset value of the shares of common stock. It is expected that the initial dividend rate or rates that would be paid on any class or series of preferred shares would be determined at the time of issuance and would
depend on various factors, including market conditions prevailing at the time. If the investment performance of the capital represented by the preferred shares fails to cover the dividends payable thereon, the total
return on the Fund's common stock would be less or, in the case of negative returns, would result in higher negative returns to a greater extent than would otherwise be the case. Negative performance of the invested
capital would also reduce the Fund's net asset value. The requirement to pay dividends on the preferred stock in full before any dividends may be paid on the common stock means that dividends on the common stock from
earnings may be reduced or eliminated.</font>
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:1pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:5.81%">&#x2022;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:94.19%"><font style="text-decoration:underline">Voting Rights.</font><font style="font-style:Normal; padding-left:0pt"> Voting rights in the Fund are non-cumulative. The voting rights of the holders of the current outstanding common stock would be limited by the issuance of any preferred
shares because the holders of any preferred shares would have the following class voting rights. Pursuant to current applicable law, holders of preferred shares, voting as a separate class, would be entitled to elect
two of the Fund's Directors (the remaining Directors would be elected by holders of the Fund's common stock.) Additionally, if dividends on preferred shares were unpaid in an amount equal to two years' dividends,
holders of such preferred shares, voting as a separate class and subject to any</font>
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:15.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">37
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="line-height:0pt; padding-left:0pt; padding-right:2pt; text-align:left; vertical-align:top; width:5.81%">&#xa0;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:94.19%">prior rights of any other outstanding class of senior securities, would be entitled to elect a majority of the Fund's Directors and to continue to be so represented until all dividends in arrears have
been paid or otherwise provided for. Approval by the holders of a majority of the outstanding preferred shares, voting as a separate class, would also be required for a plan of reorganization that would adversely
affect their shares, for changes in fundamental investment restrictions, for a change to an open-end classification, or for a proposal for the Fund to cease to be an investment company.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:1pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:5.81%">&#x2022;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:94.19%"><font style="text-decoration:underline">Asset Coverage.</font><font style="font-style:Normal; padding-left:0pt"> Under the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund's total net assets (as defined below)
is at least 200% of the liquidation value of the outstanding preferred shares and the newly issued preferred shares plus the aggregate amount of any senior securities of the Fund representing indebtedness (i.e., such
liquidation value plus the aggregate amount of senior securities representing indebtedness may not exceed 50% of the Fund's total net assets). In addition, the Fund is not permitted to declare any cash dividend or
other distribution on its common stock unless, at the time of such declaration, the value of the Fund's total net assets (determined after deducting the amount of such dividend or other distribution) satisfies the
above-referenced 200% coverage requirement.</font>
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:1pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:5.81%">&#x2022;
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:94.19%"><font style="text-decoration:underline">Other Considerations.</font><font style="font-style:Normal; padding-left:0pt"> The class or other voting rights of the preferred shares and the representation of the preferred shares on the Board of Directors could make it more difficult for the Fund
to engage in certain types of transactions that might be proposed by the Board of Directors and/or holders of common stock, such as a change in a fundamental investment policy, a merger, sale of assets, exchange of
securities, liquidation of the Fund or conversion to an open-end fund. Holders of preferred shares might have interests that differ from holders of common stock, and there can be no assurance that holders of preferred
shares would vote to approve transactions approved by holders of the common stock. The flexibility to issue preferred shares as well as common stock could enhance the Board of Directors' ability to negotiate on behalf
of the shareholders in a takeover, but might also render more difficult, or discourage, a merger, tender offer or proxy contest, the assumption of control by the holder of a large block of the Fund's securities or the
removal of incumbent management. The issuance of preferred shares would involve costs (underwriting commissions, offering expenses, rating agency expenses, legal fees, etc.) that would be borne by the holders of
common stock.</font>
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:italic; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Risks of Borrowing and Leverage
to Holders of Common Stock.<font style="font-style:Normal; font-weight:Normal"> The Fund's fundamental investment policies permit it to borrow to the extent permitted, or not prohibited, by the 1940 Act and related rules and regulatory
interpretations. Borrowing involves interest and other costs to the Fund. If the return to the Fund from investments made with proceeds of a borrowing does not exceed the interest and costs of the borrowing, such
costs could reduce the return to the holders of common stock. Moreover, leveraging generally exaggerates the positive and negative effects of market, interest rate and currency</font></div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">fluctuations on the net asset value and
market value of the Fund's common stock, as well as on distributions to common stockholders. By increasing the Fund's invested assets, and thus its market exposure, leveraging would increase the volatility of both the
net asset value and, consequently, the market value of the Fund's common stock. Any decline in the value of the Fund's investments would be borne entirely by the holders of its common stock. Thus, although leveraging
may enhance benefits to holders of common stock in a rising market environment, a market downturn can be particularly disadvantageous to holders of common stock of a leveraged fund. Because the Fund invests primarily
in securities that are not U.S. dollar-denominated and because it pays dividends and other distributions in U.S. dollars, any leveraging or the issuance of debt securities that also pay interest in U.S. dollars would
exaggerate the effects of currency fluctuations on the prices of, and distributions on, the Fund's common stock. Moreover, a decline in the value of the Fund's assets, and thus its asset coverage for any senior
securities, could prevent the Fund from paying dividends or distributions on its common stock, which could, in turn, jeopardize the Fund's qualification as a regulated investment company under the Code and/or subject
the Fund to income and excise taxes and/or force the Fund to sell portfolio securities at a time or price that is not favorable.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The 1940 Act generally
prohibits the Fund from engaging in most forms of leverage representing indebtedness other than preferred shares unless immediately after such incurrence the Fund's total assets less all liabilities and indebtedness
not represented by senior securities (for these purposes, "total net assets") is at least 300% of the aggregate senior securities representing indebtedness (i.e., the use of leverage through senior securities
representing indebtedness may not exceed 33 1/3% of the Fund's total net assets (including the proceeds from leverage)). Additionally, under the 1940 Act, the Fund generally may not declare any dividend or other
distribution upon any class of its capital shares, or purchase any such capital shares, unless at the time of such declaration or purchase, this asset coverage test is satisfied.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Holders of senior securities
representing indebtedness would have the right to elect a majority of the Fund's directors if the Fund failed to have asset coverage for its debt of at least 100% on the last business day of each of twelve consecutive
calendar months. This right would continue until such asset coverage was 110% or more on the last business day of each of three consecutive calendar months. An event of default would be deemed to have occurred if the
Fund failed to have asset coverage for its debt of at least 100% for 24 consecutive months.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:bold; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">ESG Integration Risk<font style="font-weight:Normal">. To the extent the ESG factors are used to evaluate investments, the consideration of such factors may adversely affect the Fund&#x2019;s performance. Not every ESG factor may be identified
or evaluated for every investment. ESG characteristics</font></div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:11.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">38
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(continued)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">may not be 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. The application of ESG factors may result in the Fund performing differently than its
benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG&#xa0;factors.</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">FUNDAMENTAL INVESTMENT
RESTRICTIONS</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The following restrictions
are fundamental policies, which cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities. In the event that the Fund issues preferred shares, changes in
investment restrictions would also require approval by a majority of the outstanding preferred shares, voting as a separate class. If a percentage restriction on investment or use of assets set forth below is adhered
to at the time a transaction is effected, later changes in a percentage resulting from changing values will not be considered a violation.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">The Fund may not:</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">1.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Purchase securities on margin, except such short-term credits as may be necessary for the clearance of securities.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">2.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Make short sales of securities or maintain a short position.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">3.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">(a) Issue senior securities except (i) insofar as the Fund may be deemed to have issued a senior security in connection with any repurchase or securities lending agreement or any borrowing permitted by
its investment restrictions, and (ii) that the Fund may issue one or more series of a class of preferred stock, if permitted by its Articles; or (b) borrow money, except as permitted under, or to the extent not
prohibited by, the 1940 Act, as amended, and rules thereunder, as interpreted or modified by regulatory authority having jurisdiction, from time to time.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">4.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Buy or sell commodities, commodity contracts, real estate or interests in real estate, except that the Fund may buy and sell shares of real estate unit investment trusts which are listed on the ASX and
which hold interests in real estate.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">5.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Make loans (except that the Fund may purchase debt securities whether or not publicly traded or privately placed or may enter into repurchase and securities lending agreements consistent with the Fund's
investment policies).
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">6.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Make investments for the purpose of exercising control or management.
</td></tr></table>
</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">7.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Act as an underwriter (except to the extent the Fund may be deemed to be an underwriter in connection with the sale of securities in the Fund's investment portfolio).
</td></tr></table>
</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:6pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:0pt; padding-right:2pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:6.98%">8.
</td><td style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-left:2pt; text-align:justify; text-decoration:none; text-transform:none; vertical-align:top; width:93.02%">Invest more than 25% of its assets in a particular industry or group of industries, provided, however, that the Fund may invest between 25% and 35% of its total assets in the securities of any one
industry group if, at the time of investment, that industry group represents 20% or more of the S&amp;P/ ASX 200 Accumulation Index.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:bold; line-height:14pt; margin-top:12pt; text-align:left; text-decoration:none; text-transform:none">EFFECTS OF LEVERAGE</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:1pt; text-align:justify; text-decoration:none; text-transform:none">The following table is
furnished in response to requirements of the SEC. It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940
Act, on Common Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. The table below
reflects the Fund's continued use of the revolving credit facility as of October 31, 2025 as a percentage of total managed assets (including assets attributable to such leverage) and the annual return that the Fund's
portfolio must experience (net of expenses) in order to cover such costs. The information below does not reflect the Fund's use of certain other forms of economic leverage achieved through the use of other instruments
or transactions not considered to be senior securities under the 1940 Act, such as covered credit default swaps or other derivative instruments.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The assumed investment
portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be
greater or less than those appearing below. In addition, actual borrowing expenses associated with reverse repurchase agreements (or dollar rolls or borrowings, if any) used by the Fund may vary frequently and may be
significantly higher or lower than the rate used for the example below.</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100.00%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:15pt; padding-right:6pt; padding-top:3pt; text-align:left; text-decoration:none; text-indent:-9pt; text-transform:none; vertical-align:bottom; width:29.71%; background-color: #F0F0F0;">Assumed<br>
annual<br>
returns on<br>
the Fund's<br>
portfolio<br>
(net of<br>
expenses)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.69%; background-color: #F0F0F0;">(10%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.23%; background-color: #F0F0F0;">(5%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.61%; background-color: #F0F0F0;">0%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.38%; background-color: #F0F0F0;">5%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.05%; background-color: #F0F0F0;">10%
</td></tr>
<tr style="page-break-inside:avoid"><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:16pt; padding-right:6pt; padding-top:2.38pt; text-align:left; text-decoration:none; text-indent:-10pt; text-transform:none; vertical-align:bottom; width:29.71%; background-color: #F0F0F0;">Corresponding<br>
return of<br>
shareholder
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.69%; background-color: #F0F0F0;">(11.0%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.23%; background-color: #F0F0F0;">(5.7%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:13.61%; background-color: #F0F0F0;">(0.3%)
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:12.38%; background-color: #F0F0F0;">5.0%
</td><td style="border-bottom:0.5pt solid #000000; color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; padding-bottom:2pt; padding-left:6pt; padding-right:6pt; padding-top:2.38pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:14.05%; background-color: #F0F0F0;">10.4%
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Based on estimated
indebtedness of $9,819,749 (representing approximately 6.5% of the Fund's Managed Assets as of October 31, 2025), and an average annual interest rate of 4.53% (effective weighted average interest rate as of October
31, 2025), the Fund's investment portfolio at fair value would have to produce an annual return of approximately 0.3% to cover annual interest payments on the estimated debt.</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:16.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">39
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Additional Information Regarding the
Fund&#xa0;<font style="font-size:11pt; line-height:14pt">(Unaudited) &#xa0;&#xa0;(concluded)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">Share total return is composed of two
elements &#x2013; the distributions paid by the Fund to holders of shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares
issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund
is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses
in the value of those investments. This table reflects hypothetical performance of the Fund's portfolio and not the actual performance</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:left; text-decoration:none; text-transform:none">of the Fund's shares, the value of which is
determined by market forces and other factors.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Should the Fund elect to add
additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in
accordance with the Fund's investment objective and policies. As noted above, the Fund's willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors,
including, among other things, the Investment Manager's assessment of the yield curve environment, interest rate trends, market conditions and other factors.&#xa0;</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:497.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">40
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Dividend Reinvestment and Optional Cash Purchase
Plan&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">The Fund intends to distribute to
shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and
short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the &#x201c;Plan&#x201d;), shareholders whose shares of common stock are registered in their own names
will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the &#x201c;Plan Agent&#x201d;) in the Fund shares pursuant to the Plan, unless such shareholders
elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as
dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares
certified from time to time by the shareholders as representing the total amount registered in such shareholders&#x2019; names and held for the account of beneficial owners that have not elected to receive
distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to
have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as
agent for the shareholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund&#x2019;s common stock or in cash, nonparticipants
in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus
expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market
price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE
American, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the
Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE American or elsewhere, for the participants&#x2019; accounts on, or shortly after, the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund&#x2019;s shares, resulting in the
acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">the foregoing difficulty with respect to
open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium
during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase
date.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Participants have the option
of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund&#x2019;s common stock,
with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of
receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading
day.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">If the participant sets up
recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next
investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax
records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder&#x2019;s proxy will include those shares purchased pursuant to the Plan. There
will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent&#x2019;s open market purchases
in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required
to pay.</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">Participants also have the
option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will
be the average sale price obtained by Computershare&#x2019;s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that
all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an
available trade must be presented to complete this transaction. Market Order sales may only</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:16.5pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">41
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:92.99%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Dividend Reinvestment and Optional Cash Purchase
Plan&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;&#xa0;(concluded)</font></div>
</div>
<div style="margin-top:6pt; width:92.99%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:21.5pt">
<div style="float:left; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">be requested by phone at 1-800-647-0584 or
using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:6pt; text-align:justify; text-decoration:none; text-transform:none">The receipt of dividends and
distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash
payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be
amended by</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:46.98%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; text-align:justify; text-decoration:none; text-transform:none">the Fund or the Plan Agent, but (except when
necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to
the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through <font style="color:#0000FF; text-decoration:underline">www.computershare.com/buyaberdeen</font> or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078.&#xa0;</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:517.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">42
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:Normal; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Management of the Fund&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025<br>
</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:18.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">The names, years of birth and
business addresses of the Board Members and officers of the Fund as of October 31, 2025, 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 2(a)(19) of the Investment Company Act of 1940, as amended)
of the Fund or the Fund's Investment Manager 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; abrdn Inc., its parent company Aberdeen Group plc, and its advisory affiliates are collectively referred to as &#x201c;Aberdeen&#x201d; in
the tables below.</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.28%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.53%; background-color: #D9D9D9;">Name, Address and<br>
Year of Birth
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.32%; background-color: #D9D9D9;">Position(s) Held<br>
with the Fund
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.31%; background-color: #D9D9D9;">Term of Office<br>
and Length of<br>
Time Served
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:22.06%; background-color: #D9D9D9;">Principal Occupation(s)<br>
During at Least the Past Five Years
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.16%; background-color: #D9D9D9;">Number of Registered<br>
Investment Companies<br>
("Registrants") consisting<br>
of Investment Portfolios<br>
("Portfolios") in<br>
Fund Complex*<br>
Overseen by<br>
Board Members
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:6pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.88%; background-color: #D9D9D9;">Other<br>
Directorships<br>
Held by<br>
Board Member**
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;"><font style="text-decoration:underline">Interested Board Member</font>
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:13.32%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:11.31%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:22.06%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:center; vertical-align:top; width:17.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:6pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:17.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;">Christian Pittard***<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1973
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:13.32%; background-color: #F0F0F0;">Class III Director and Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Term expires 2027, Director since 2024
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:22.06%; background-color: #F0F0F0;">Mr. Pittard is Head of Closed End Funds for Aberdeen and is responsible for the US and UK businesses. Aberdeen is currently the 5th largest
listed Closed-End Fund manager in the world.&#xa0; 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 for Aberdeen based in the US.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.16%; background-color: #F0F0F0;">12 Registrants<br>
consisting of<br>
12 Portfolios
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:17.88%; background-color: #F0F0F0;">None.
</td></tr></table>
</div>
</div>
<div style="margin-top:322pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">43
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:Normal; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Management of the Fund&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;&#xa0;(continued)</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025<br>
</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:82.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.28%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.53%; background-color: #D9D9D9;">Name, Address and<br>
Year of Birth
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.32%; background-color: #D9D9D9;">Position(s) Held<br>
with the Fund
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.31%; background-color: #D9D9D9;">Term of Office<br>
and Length of<br>
Time Served
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:22.06%; background-color: #D9D9D9;">Principal Occupation(s)<br>
During at Least the Past Five Years
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.16%; background-color: #D9D9D9;">Number of Registered<br>
Investment Companies<br>
("Registrants") consisting<br>
of Investment Portfolios<br>
("Portfolios") in<br>
Fund Complex*<br>
Overseen by<br>
Board Members
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:6pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.88%; background-color: #D9D9D9;">Other<br>
Directorships<br>
Held by<br>
Board Member**
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;"><font style="text-decoration:underline">Independent Board Members</font>
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:13.32%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:11.31%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:22.06%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:4pt; padding-top:2.25pt; text-align:center; vertical-align:top; width:17.16%; background-color: #F0F0F0;">&#xa0;
</td><td style="line-height:0pt; padding-right:6pt; padding-top:2.25pt; text-align:left; vertical-align:top; width:17.88%; background-color: #F0F0F0;">&#xa0;
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;">Radhika Ajmera<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1964
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:13.32%; background-color: #F0F0F0;">Class II Director
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Term expires 2026; Director since 2021
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:22.06%; background-color: #F0F0F0;">Ms Ajmera has over 20 years&#x2019; experience in fund management, predominantly in emerging markets. She has also held a number of UK closed end fund non-executive
directorships. She is currently an independent, non executive director for a number of closed end and open end funds in the abrdn fund complex. She is also an Audit Chair and a previous Chair within the complex. Ms
Ajmera is a graduate of the London School of Economics.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.16%; background-color: #F0F0F0;">4 Registrants<br>
consisting of<br>
20&#xa0;Portfolios
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:17.88%; background-color: #F0F0F0;">None.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;">P. Gerald Malone<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1950
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:13.32%; background-color: #F0F0F0;">Chair of the Board, Class II Director
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Term expires 2026; Director since 2008
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:22.06%; background-color: #F0F0F0;">Mr. Malone is a lawyer of over 40 years standing. Currently, he is an adviser to KeifeRX, a US healthcare company developing a novel neurotherapy treatment. He is
also Chairman of a number of the open and closed end funds in the abrdn 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 2022). Mr. Malone was previously a Member of Parliament in the&#xa0;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="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.16%; background-color: #F0F0F0;">9 Registrants<br>
consisting of<br>
25 Portfolios
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:17.88%; background-color: #F0F0F0;">None.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;">Rahn K. Porter<br>
c/o abrdn Inc.<br>
875 Third Ave<br>
4th Floor, Suite 403<br>
New York, NY 10022<br>
Year of Birth: 1954
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:13.32%; background-color: #F0F0F0;">Class III Director
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Term expires 2027, Director sinde 2024
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:22.06%; background-color: #F0F0F0;">Mr. Porter is the Principal of RPSS Enterprises, a consulting and advisory firm, a role he has held since 2019. From 2013 to 2021, he served as
the Chief Financial and Administrative Officer of The Colorado Health Foundation. Mr. Porter served as an independent director at Centurylink Investment Management Company from 2011 to 2024. Previously, he held senior
financial leadership positions as CFO at Telenet and Nupremis, and as Treasurer at Qwest Communications and MediaOne Group. He has also served as a board member and audit chair for BlackRidge Financial Inc. and
Community First Bancshares, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.16%; background-color: #F0F0F0;">7 Registrants<br>
consisting of<br>
23&#xa0;Portfolios
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.88%; background-color: #F0F0F0;">Director of CenturyLink Investment Management Company from 2006-2024, Director of&#xa0;BlackRidge Financial Inc. from 2004
to 2019.
</td></tr></table>
</div>
</div>
<div style="margin-top:38pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">44
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:Normal; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Management of the Fund&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;&#xa0;(continued)</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025<br>
</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:82.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.28%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.53%; background-color: #D9D9D9;">Name, Address and<br>
Year of Birth
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:13.32%; background-color: #D9D9D9;">Position(s) Held<br>
with the Fund
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.31%; background-color: #D9D9D9;">Term of Office<br>
and Length of<br>
Time Served
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:22.06%; background-color: #D9D9D9;">Principal Occupation(s)<br>
During at Least the Past Five Years
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.16%; background-color: #D9D9D9;">Number of Registered<br>
Investment Companies<br>
("Registrants") consisting<br>
of Investment Portfolios<br>
("Portfolios") in<br>
Fund Complex*<br>
Overseen by<br>
Board Members
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:6pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:17.88%; background-color: #D9D9D9;">Other<br>
Directorships<br>
Held by<br>
Board Member**
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:17.53%; background-color: #F0F0F0;">Moritz Sell<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1967
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:13.32%; background-color: #F0F0F0;">Class I Director
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Term expires 2028; Director since 2004
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:22.06%; background-color: #F0F0F0;">Mr. Sell is the principal of Edison Holding GmbH. Mr. Sell was the Lead Independent Director of the Swiss Helvetia Fund (SWZ) 2017-2025, and a
director of the BNY Mellon Municipal Income Fund (DMF) from 2024-2025. He currently serves as a director of the High Income Securities Fund (PCF) from 2018 and the Total Return Securities Fund from 2025.
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.16%; background-color: #F0F0F0;">3&#xa0;Registrants<br>
consisting of<br>
3 Portfolios
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:17.88%; background-color: #F0F0F0;">Swiss Helvetia Fund (since June 2017), High Income Securities Fund (since June 2018) and BNY Mellon Municipal Income Fund
(since 2024).
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; text-align:center; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:center">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-right:auto; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.61%">*
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.94%">As of the date of this report, the Fund Complex has a total of 17 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,
Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., The India Fund, Inc.,&#xa0;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 (17 Portfolios), and abrdn ETFs (2 Portfolios).
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.61%">**
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.94%">Current directorships (excluding Fund Complex) as of the date of this report held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities
registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the &#x201c;1934 Act&#x201d;) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:2.61%">***
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:97.94%">Mr. Pittard is deemed to be an interested person because of his affiliation with the Fund&#x2019;s investment adviser.
</td></tr></table>
</div>
</div>
<div style="margin-top:328pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">45
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:Normal; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Management of the Fund&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;&#xa0;(continued)</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025<br>
</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:19.5pt; width:100%">
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; margin-top:10pt; text-align:left; text-decoration:none; text-transform:none">Officers of the Fund</div>
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.28%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:18.42%; background-color: #D9D9D9;">Name, Address and<br>
Year of Birth
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.86%; background-color: #D9D9D9;">Position(s) Held<br>
with the Fund
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.31%; background-color: #D9D9D9;">Term of Office*<br>
and Length of<br>
Time Served
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:6pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:57.68%; background-color: #D9D9D9;">Principal Occupation(s) During at Least the Past Five Years
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Eric Chan**<br>
c/o abrdn Investments Limited<br>
280 Bishopsgate<br>
London, EC2M 4AG<br>
Year of Birth: 1968
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2024
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, an Investment Manager on the Asian Equities team. He joined Aberdeen in May 2023 from Allianz Global Investors. Previously, he worked for Cambridge
Associates.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Sharon Ferrari**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1977
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Treasurer and Chief Financial Officer
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Treasurer and Chief Financial Officer Since 2023; Fund Officer Since 2009
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Director, Product Management for Aberdeen. Ms. Ferrari joined Aberdeen as a Senior Fund Administrator in 2008.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Katie Gebauer**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1986
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Chief Compliance Officer and Vice President - Compliance
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Chief Compliance Officer Since 2025; Fund Officer Since 2023
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Ms. Gebauer is Head of US Registered Fund Compliance. She serves as the Chief Compliance Officer for Aberdeen's US closed end funds, open end funds and
ETFs. Ms. Gebauer joined Aberdeen in 2014.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Alan Goodson**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1974
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:11.86%; background-color: #F0F0F0;">President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2009
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Executive Director and Head of Product &amp; Client Solutions &#x2013; Americas for Aberdeen, overseeing Product Management &amp; Governance, Product
Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of Aberdeen and joined Aberdeen in 2000.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Heather Hasson**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1982
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2022
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Product Development Manager. Previously, Senior Product Solutions and Implementation Manager, Product Governance US for Aberdeen. Ms.&#xa0;Hasson
joined the company in November 2006.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Robert Hepp**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1986
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2022
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Product Governance Manager &#x2013; US for Aberdeen. Mr.&#xa0;Hepp joined Aberdeen as a Senior Paralegal in 2016.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Megan Kennedy**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1974
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Secretary and Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2008
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Director,&#xa0; Product Governance for Aberdeen. Ms. Kennedy joined Aberdeen in 2005.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Andrew Kim**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1983
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2022
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Product Governance Manager &#x2013; Attorney for Aberdeen. Mr. Kim joined Aberdeen as a Product Manager in 2013.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Michael Marsico**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1980
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2022
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Product Manager &#x2013; US for Aberdeen. Mr.&#xa0;Marsico joined Aberdeen as a Fund Administrator in 2014.
</td></tr></table>
</div>
</div>
<div style="margin-top:44pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:3.08%">46
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:bottom; width:97.46%">abrdn Australia Equity Fund, Inc.
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:Normal; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Management of the Fund&#xa0;<font style="font-size:11pt; line-height:14pt"> (Unaudited)&#xa0;&#xa0;(concluded)</font></div>
<div style="color:#000000; font-family:Arial; font-size:11pt; font-style:Normal; font-weight:Normal; line-height:14pt; text-align:left; text-decoration:none; text-transform:none">As of October 31, 2025<br>
</div>
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:32.5pt; width:100%">
<div style="text-align:left">
<table style="border-collapse:collapse; empty-cells:show; margin-top:0pt; width:99.28%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:6pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:18.42%; background-color: #D9D9D9;">Name, Address and<br>
Year of Birth
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.86%; background-color: #D9D9D9;">Position(s) Held<br>
with the Fund
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:4pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:11.31%; background-color: #D9D9D9;">Term of Office*<br>
and Length of<br>
Time Served
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:bold; line-height:11pt; padding-bottom:2.25pt; padding-left:4pt; padding-right:6pt; padding-top:5pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:bottom; width:57.68%; background-color: #D9D9D9;">Principal Occupation(s) During at Least the Past Five Years
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Kolotioloma Silue**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1977
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2024
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Senior Product Manager for Aberdeen. Mr.&#xa0;Silue joined Aberdeen in October 2023 from Tekla Capital Management where he was employed as a Senior
Manager of Fund Administration.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Lucia Sitar**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1971
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2008
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Vice President and U.S. Counsel - Head of Product Governance for Aberdeen. Previously, Ms. Sitar was Head of Product Governance and Management and
Managing&#xa0;U.S. Counsel for Aberdeen. She joined Aberdeen as U.S. Counsel in 2007.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:6pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:18.42%; background-color: #F0F0F0;">Michael Taggart**<br>
c/o abrdn Inc.<br>
1900 Market Street<br>
Suite 200<br>
Philadelphia, PA 19103<br>
Year of Birth: 1970&#xa0;
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:11.86%; background-color: #F0F0F0;">Vice President
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:4pt; padding-top:2.25pt; text-align:center; text-decoration:none; text-transform:none; vertical-align:top; width:11.31%; background-color: #F0F0F0;">Since 2024
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:4.5pt; padding-left:4pt; padding-right:6pt; padding-top:2.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:57.68%; background-color: #F0F0F0;">Currently, Head of Closed-End Fund Investor Relations at Aberdeen. since 2023. Prior to that, he was Vice President of Investment Research and
Operations at Relative Value Partners, LLC from June 2022. Prior to that, he was self-employed after having left Nuveen in November 2020, where he had served as Vice President of Closed-End Fund Product Strategy since
November 2013.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; text-align:left; text-decoration:none; text-transform:none">&#xa0;&#xa0;&#xa0;&#xa0;</div>
<div style="text-align:center">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-right:auto; margin-top:11pt; width:100%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:0pt; padding-right:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:1.92%">*
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-left:3pt; padding-top:3pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.62%">Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually at a meeting of the Fund Board.
</td></tr>
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:0pt; padding-right:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; white-space:nowrap; width:1.92%">**
</td><td style="color:#000000; font-family:Arial; font-size:8pt; font-style:Normal; font-weight:Normal; line-height:11pt; padding-bottom:3pt; padding-left:3pt; padding-top:1.25pt; text-align:left; text-decoration:none; text-transform:none; vertical-align:top; width:98.62%">Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.
</td></tr></table>
</div>
<div style="color:#000000; font-family:Arial; font-size:9.5pt; font-style:Normal; font-weight:Normal; line-height:12.5pt; margin-top:5pt; text-align:left; text-decoration:none; text-transform:none">Further information about the
Fund's Board Members and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 522-5465.&#xa0;</div>
</div>
<div style="margin-top:377pt; width:100%">
<div style="text-align:right">
<table style="border-collapse:collapse; empty-cells:show; margin-left:auto; margin-top:0pt; width:20.83%; border-spacing: 0px;" cellpadding="0">
<tr style="page-break-inside:avoid"><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:Normal; line-height:10pt; padding-left:0pt; padding-right:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; width:100%">abrdn Australia Equity Fund, Inc.
</td><td style="color:#000000; font-family:Arial; font-size:7pt; font-style:Normal; font-weight:bold; line-height:10pt; padding-left:3pt; text-align:right; text-decoration:none; text-transform:none; vertical-align:bottom; white-space:nowrap; width:17.39%">47
</td></tr></table>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:10pt; font-style:Normal; font-weight:Normal; line-height:13pt; text-align:center; text-decoration:none; text-transform:none">[THIS PAGE INTENTIONALLY LEFT BLANK]</div>
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<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:18pt; font-style:Normal; font-weight:bold; line-height:21pt; text-align:left; text-decoration:none; text-transform:none">Corporate Information<font style="font-size:11pt; line-height:14pt">&#xa0;</font></div>
</div>
<div style="margin-top:2pt; width:100%">
<hr style="background-color:#000000; border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0.5pt solid #000000; height:0.5pt; width:100%; text-align: Left;">
</div>
<div style="margin-top:26.5pt">
<div style="float:left; overflow:hidden; position:relative; width:48%">
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">Directors</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">P. Gerald Malone, <font style="font-style:italic">Chair<br>
</font>Radhika Ajmera<br>
Christian Pittard<br>
Rahn K. Porter<br>
Moritz Sell</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Investment Manager</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">abrdn Asia Limited<br>
7 Straits View<br>
#23-04 Marina One East Tower<br>
Singapore 018936</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Administrator</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">abrdn Inc.<br>
1900 Market Street, Suite 200<br>
Philadelphia, PA 19103</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Custodian</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">State Street Bank and Trust Company<br>
John Adams Building<br>
1776 Heritage Drive<br>
North Quincy, MA 02171</div>
</div>
<div style="float:right; overflow:hidden; position:relative; width:48%">
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">Transfer Agent</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">Computershare Trust Company, N.A.<br>
P.O. Box 43006<br>
Providence, RI 02940-3078</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Independent Registered Public
Accounting Firm</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">KPMG LLP<br>
191 West Nationwide Blvd., Suite 500<br>
Columbus, OH 43215</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Legal Counsel</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">Dechert LLP<br>
1900 K Street N.W.<br>
Washington, D.C. 20006</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:bold; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">Investor Relations</div>
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; text-align:left; text-decoration:none; text-transform:none">abrdn Inc.<br>
1900 Market Street, Suite 200<br>
Philadelphia, PA 19103<br>
1-800-522-5465<br>
Investor.Relations@aberdeenplc.com</div>
</div>
</div>
<div style="clear:both">&#xa0;
<div style="clear:both; padding-top:212pt; width:100%">
<div style="margin-left:38.41%; margin-top:5pt; text-align:Center; width:23.19%">
<img src="tm2528073d1128073d11arpfi005.jpg" alt=" ">
</div>


<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; margin-top:9pt; text-align:left; text-decoration:none; text-transform:none">Notice is hereby given in
accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">Shares of abrdn Australia
Equity Fund, Inc. are traded on the NYSE American under the symbol &#x201c;IAF.&#x201d; Information about the Fund&#x2019;s NAV and market price is available at www.aberdeeniaf.com.</div>
<div style="clear:both; color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; margin-top:6pt; text-align:left; text-decoration:none; text-transform:none">This report, including
the financial information herein, is transmitted to the shareholders of abrdn Australia Equity Fund, Inc. for their general information only. It does not have regard to the specific investment objectives, financial
situation and the particular needs of any specific person. Past performance is no guarantee of future results.</div>
</div>
</div>
</div>
<div style="clear:both; font-size:12pt; height:0pt">
</div>
<hr style="margin-bottom:0pt">
<div style="page-break-before:always; margin-top:6pt; margin-bottom:12pt"><p style="margin:0pt">&#xa0;</p></div>
<div style="width:100%">
<div style="width:100%">
<div style="color:#000000; font-family:Arial; font-size:9pt; font-style:Normal; font-weight:Normal; line-height:12pt; margin-top:11pt; text-align:left; text-decoration:none; text-transform:none">IAF-ANNUAL</div>
</div>
</div>
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</div>
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<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
    <td style="width: 5%">&#xa0;</td>
<td style="width: 5%; text-align: left">(b)</td><td style="text-align: justify; width: 90%">Not applicable.</td>
</tr></table>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 2. Code of Ethics.</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-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
    <td style="text-align: justify; width: 95%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of October&#xa0;31,
2025, abrdn Australia Equity Fund,&#xa0;Inc. (the &#x201c;Fund&#x201d; or the &#x201c;Registrant&#x201d;) had adopted a Code of Ethics that
applies to the Registrant&#x2019;s principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the
 &#x201c;Code of Ethics&#x201d;).&#xa0;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#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: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
    <td style="width: 95%; font-size: 10pt">Definitional.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#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: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
    <td style="width: 95%; font-size: 10pt">There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#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: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
    <td style="width: 95%; font-size: 10pt">During the period covered by this report, there were no waivers to the provisions of the Code of Ethics.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#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: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
    <td style="width: 95%; font-size: 10pt">Not applicable.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#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: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
    <td style="width: 95%; font-size: 10pt">A copy of the Code of Ethics has been filed as an exhibit to this Form&#x202f;N-CSR.</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>Item 3. Audit Committee Financial Expert.</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 Registrant's Board of Directors has determined
that Moritz Sell, a member of the Board of Directors&#x2019; Audit Committee, possesses the attributes, and has acquired such attributes
through means, identified in instruction 2 of Item 3 to Form&#xa0;N-CSR to qualify as an &#x201c;audit committee financial expert,&#x201d;
and has designated Mr.&#xa0;Sell as the Audit Committee&#x2019;s financial expert. Mr.&#xa0;Sell is considered to be an &#x201c;independent&#x201d;
director, as such term is defined in paragraph (a)(2)&#xa0;of Item 3 to Form&#xa0;N-CSR.</p>


<p style="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>Item 4. Principal Accountant Fees and Services.</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 0pt 0.25in; text-align: justify; text-indent: -0.25in">(a)&#xa0;&#x2013;
(d)&#xa0;Below is a table reflecting the fee information requested in Items 4(a)&#xa0;through (d):</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="border: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal Year<br>
Ended</b></font></td>
    <td style="border-top: black 1pt solid; width: 14%; 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>(a)<br>
Audit Fees<sup>1</sup></b></font></td>
    <td style="border-top: black 1pt solid; width: 14%; 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>(b)<br>
Audit-Related Fees<sup>2</sup></b></font></td>
    <td style="border-top: black 1pt solid; width: 14%; 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>(c)<br>
Tax Fees<sup>3</sup></b></font></td>
    <td style="border-top: black 1pt solid; width: 14%; 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>(d)<br>
All Other Fees<sup>4</sup></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">October&#xa0;31, 2025</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">$69,100</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">$0</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>
    <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">Percentage approved pursuant to pre-approval exception<b><sup>5</sup></b></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>
    <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>
    <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>
    <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">October&#xa0;31, 2024</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">$67,100</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">$0</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>
    <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">Percentage approved pursuant to pre-approval exception<b><sup>5</sup></b></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>
    <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>
    <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>
    <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; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><sup>1</sup> &#x201c;Audit Fees&#x201d; are the
aggregate fees billed for professional services for the audit of the Fund&#x2019;s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><sup>2</sup> &#x201c;Audit-Related Fees&#x201d;
are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial
statements that are not reported under &#x201c;Audit Fees&#x201d;. These fees include offerings related to 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: justify"><sup>3</sup> &#x201c;Tax Fees&#x201d; are the aggregate
fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax
returns, review of excise tax distribution calculations and federal excise tax return.</p>


<p style="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"><sup>4</sup> &#x201c;All Other Fees&#x201d; are
the aggregate fees billed for products and services other than &#x201c;Audit Fees&#x201d;, &#x201c;Audit-Related Fees&#x201d; and &#x201c;Tax
Fees&#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><sup>5</sup></b> Pre-approval exception under
Rule&#xa0;2-01 of Regulation S-X. The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement
for services other than audit, review or attest services if: (A)&#xa0;the aggregate amount of all such services provided constitutes no
more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided;
(B)&#xa0;the Fund did not recognize the services as non-audit services at the time of the engagement; and (C)&#xa0;the services are promptly
brought to the Audit Committee&#x2019;s attention, and the Committee (or its delegate) approves the services before the audit is completed.</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: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)(1)</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&#x2019;s Audit Committee (the &#x201c;Committee&#x201d;) has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Directors for their ratification, the selection, retention or termination, the Registrant&#x2019;s independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrant&#x2019;s investment adviser (the &#x201c;Adviser&#x201d;) or any sub-adviser, and to receive the independent auditor&#x2019;s specific representations as to their independence, delineating all relationships that may affect the independent auditor&#x2019;s independence, including the disclosures required by PCAOB Rule&#xa0;3526 or any other applicable auditing standard. PCAOB Rule&#xa0;3526 requires that, at least annually, the auditor: (1)&#xa0;disclose to the Committee in writing all relationships between the auditor and its related entities and the Registrant and its related entities that in the auditor&#x2019;s professional judgment may reasonably be thought to bear on independence; (2)&#xa0;confirm in the letter that, in its professional judgment, it is independent of the Registrant within the meaning of the Securities Acts administered by the SEC; and (3)&#xa0;discuss the auditor&#x2019;s independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Adviser that the Registrant, the Adviser or their affiliated persons, employ the independent auditor to render &#x201c;permissible non-audit services&#x201d; to the Registrant and to consider whether such services are consistent with the independent auditor&#x2019;s independence. &#x201c;Permissible non-audit services&#x201d; include any professional services, including tax services, provided to the Registrant by the independent auditor, other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant. Permissible non-audit services may not include: (i)&#xa0;bookkeeping or other services related to the accounting records or financial statements of the Registrant; (ii)&#xa0;financial information systems design and implementation; (iii)&#xa0;appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv)&#xa0;actuarial services; (v)&#xa0;internal audit outsourcing services; (vi)&#xa0;management functions or human resources; (vii)&#xa0;broker or dealer, investment adviser or investment banking services; (viii)&#xa0;legal services and expert services unrelated to the audit; and (ix)&#xa0;any other service the PCAOB determines, by regulation, is impermissible.&#xa0;&#xa0;Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i)&#xa0;the aggregate amount of all such permissible non-audit services provided to the Registrant constitutes not more than 5% of the total amount of revenues paid by the Registrant to its auditor during the fiscal year in which the permissible non-audit services are provided; (ii)&#xa0;the permissible non-audit services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (iii)&#xa0;such services are promptly brought to the attention of the Committee and approved by the Committee or its Delegate(s)&#xa0;prior to the completion of the audit.
The Committee may delegate to one or more of its members (&#x201c;Delegates&#x201d;) authority to pre-approve permissible non-audit services to be provided to the Registrant. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Pursuant to this authority, the Registrant&#x2019;s Committee delegates to the Committee Chair, subject to subsequent ratification by the full Committee, up to a maximum amount of $25,000, which includes any professional services, including tax services, provided to the Registrant by its independent registered public accounting firm other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant.&#xa0;&#xa0;The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Registrant&#x2019;s periodic reports required by Section&#xa0;30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws.</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>


<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)(2)</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the services described in each of paragraphs (b)&#xa0;through (d)&#xa0;of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule&#xa0;2-01 (c)(7)(i)(C)&#xa0;of Regulation S-X.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#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: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</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: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Audit Fees</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td style="text-align: justify">The following table shows the amount of fees that KPMG LLP
billed during the Fund&#x2019;s last two fiscal years for non-audit services to the Registrant, and to the Adviser, and any entity controlling,
controlled by or under common control with the Adviser that provides ongoing services to the Fund (&#x201c;Affiliated Fund Service Provider&#x201d;):</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">Fiscal Year Ended</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;Non-Audit&#xa0;Fees<br> Billed to Fund</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;Non-Audit&#xa0;Fees<br> billed to Adviser and<br> Affiliated&#xa0;Fund&#xa0;Service<br> Providers&#xa0;(engagements<br> related directly to the<br> operations and&#xa0;financial<br> reporting of the Fund)</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;Non-Audit&#xa0;Fees<br> billed to Adviser and<br> Affiliated&#xa0;Fund&#xa0;Service<br> Providers (all other<br> engagements)</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</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: 10pt Times New Roman, Times, Serif; width: 18%; text-align: left">October&#xa0;31, 2025</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">$</td><td style="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: right">0</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">$</td><td style="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,253,744</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,253,744</td><td style="width: 1%; 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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#xa0;31, 2024</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">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</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">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">629,124</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</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">629,124</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#x201c;Non-Audit Fees billed to Fund&#x201d; for both fiscal years represent
 &#x201c;Tax Fees&#x201d; and &#x201c;All Other Fees&#x201d; billed to Fund in their respective amounts from the previous table.</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: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
    <td style="width: 95%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</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; text-align: justify">
<td style="width: 5%; text-align: left">(i)</td><td style="text-align: justify; width: 95%">Not applicable.</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; text-align: justify">
<td style="width: 5%; text-align: left">(j)</td><td style="text-align: justify; width: 95%">Not applicable.</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>Item 5. Audit Committee of Listed Registrants.</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-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant has a separately-designated standing Audit Committee established in accordance with Section&#xa0;3(a)(58)(A)&#xa0;of the Securities Exchange Act of 1934, as amended (the &#x201c;Exchange Act&#x201d;) (15 U.S.C. 78c(a)(58)(A)).</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of the fiscal year ended October&#xa0;31,
2025, the Audit Committee members were:</p>


<p style="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; text-align: justify">Radhika Ajmera</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Moritz Sell</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Rahn Porter</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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</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>Item 6. 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">(a)&#xa0;Included as part of the Report to Stockholders
filed under Item 1 of this Form&#xa0;N-CSR.</p>


<p style="font: 10pt Times 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;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"><b>Item 7. Financial Statements and Financial Highlights for Open-End
Management Investment Companies.</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">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"><b>Item 8. Changes in and Disagreements with Accountants for Open-End
Management Investment Companies.</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">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>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</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">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"><b>Item 10. Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies.</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">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"><b>Item 11. Statement Regarding Basis for Approval of Investment Advisory
Contract.</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">Included as part of the Report to Stockholders filed under Item 1 of
this Form&#xa0;N-CSR.</p>


<p style="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>Item 12. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.</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 Registrant's Proxy Voting Policy
and Procedures, the Registrant has delegated responsibility for its proxy voting to its Adviser, provided that the Registrant's Board
of Directors has the opportunity to periodically review the Adviser's proxy voting policies and material amendments thereto.</p>


<p style="font: 10pt Times 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 proxy voting policies of the Registrant are
included herewith as Exhibit&#xa0;(c)&#xa0;and policies of the Adviser are included as Exhibit&#xa0;(d).</p>


<p style="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>Item 13. Portfolio Managers of Closed-End Management Investment
Companies.</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 0pt 0.5in">(a)(1)&#xa0;PORTFOLIO MANAGER BIOGRAPHIES</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 is managed by Aberdeen&#x2019;s Asia-Pacific equity team. <font>As
of the date of filing this report,&#xa0;the members of the team having the most significant responsibility for day-to-day management of
the Fund are listed below.</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="border: black 1pt solid; padding: 2pt 2pt 6pt; width: 18%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="text-decoration:underline">Individual&#xa0;&amp;
    Position</font></font></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 2pt 6pt; width: 69%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="text-decoration:underline">Past
    Business Experience</font>&#xa0;&#xa0;</font></td>
    <td style="padding-left: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2pt; width: 13%; padding-right: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="text-decoration:underline">Served
    on Fund Since</font></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; padding: 2pt 2pt 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eric Chan</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Manager, Asian Equities</p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 2pt 6pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric
    Chan is an Investment Manager on the Asian Equities team. Eric joined the company in May&#xa0;2023 from Allianz Global Investors
    where he was part of the team which managed Asia ex Japan small and mid-cap equity portfolios. Previously, he worked for Cambridge
    Associates. He graduated with a MSc in Accounting and Finance from the London School of Economics and a BA from Bowdoin College where
    he studied physics and economics. He is a CFA&#xae; charterholder.</font></td>
    <td style="padding: 2pt 2pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</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; padding: 2pt 2pt 6pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pruksa Iamthongthong</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Head of Equities, Asia Pacific</p></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 2pt 6pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pruksa
    Iamthongthong is Head of Equities, Asia Pacific at Aberdeen. Pruksa joined the company in 2007. Pruksa graduated with a BA in Business
    Administration from Chulalongkorn University, Thailand and is a CFA charterholder.</font></td>
    <td style="padding: 2pt 2pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)(2)&#xa0;OTHER ACCOUNTS
MANAGED BY PORTFOLIO MANAGERS.</p>


<p style="font: 10pt Times 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 chart summarizes information regarding
other accounts for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into the following three
categories: (1)&#xa0;registered investment companies; (2)&#xa0;other pooled investment vehicles; and (3)&#xa0;other accounts. To the extent
that any of these accounts pay advisory fees that are based on account performance (&#x201c;performance-based fees&#x201d;), information
on those accounts is provided separately. The figures in the chart below for the category of &#x201c;registered investment companies&#x201d;
include the Fund. The &#x201c;Other Accounts Managed&#x201d; represents the accounts managed by the teams of which the portfolio manager
is a member. The information in the table below is as of October&#xa0;31, 2025.</p>


<p style="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"></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="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Name of<br> Portfolio Manager</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Type&#xa0;of&#xa0;Accounts</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Other Accounts<br>
 Managed</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total Assets&#x202f;($M)</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Number of<br> Accounts<br> Managed&#xa0;for<br> Which<br> Advisory<br> Fee is Based<br> on<br> Performance</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Total&#xa0;Assets&#xa0;for<br> Which<br> Advisory&#xa0;Fee&#xa0;is<br> Based&#xa0; on<br> Performance ($M)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric Chan<sup>1</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 40%">Registered Investment Companies</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#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: 9%; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font-size: 10pt">827.13</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">0</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Pooled Investment Vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#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">48</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,062.19</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other Accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#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">34</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,116.48</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pruksa<br>
Iamthongthong<sup>1</sup></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Registered Investment Companies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#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">2</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">827.13&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Pooled Investment Vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#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">48</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,062.19</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other Accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#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">34</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">13,116.48</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">$</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>1 </sup>Includes accounts managed by the Asia-Pacific Equities
Team, of which the portfolio manager is a member.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">POTENTIAL CONFLICTS OF 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 Adviser and its affiliates (collectively referred
to herein as &#x201c;Aberdeen&#x201d;) serve as investment advisers for multiple clients, including the Registrant 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 the Registrant&#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 objective as the Registrant. 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 Aberdeen based on the performance-based fees with qualified clients. 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 Registrant also may be appropriate for other investment accounts managed by the
Adviser or its affiliates. Whenever decisions are made to buy or sell securities for the Registrant 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 Registrant
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 Registrant 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 Registrant
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">With respect to non-discretionary model delivery
accounts (including UMA accounts) and discretionary SMA accounts, abrdn Inc. will utilize a third party service provider to deliver model
portfolio recommendations and model changes to the Sponsors. abrdn Inc. seeks to treat clients fairly and equitably over time, by delivering
model changes to our service provider and investment instructions for our other discretionary accounts to our trading desk, simultaneously
or approximately at the same time. The service provider will then deliver the model changes to each Sponsor on a when-traded, randomized
full rotation schedule. All Sponsors will be included in the rotation schedule, including SMA and UMA.</p>


<p style="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">UMA Sponsors will be responsible for determining
how and whether to implement the model portfolio or model changes and implementation of any client specific investment restrictions. The
Sponsors are solely responsible for determining the suitability of the model portfolio for each model delivery client, executing trades
and seeking best execution for such 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">As it relates to SMA accounts, abrdn Inc. will
be responsible for managing the account on the basis of each client&#x2019;s financial situation and objectives, the day to day investment
decisions, best execution, accepting or rejecting client specific investment restrictions and performance. The SMA Sponsors will collect
suitability information and will provide a summary questionnaire for our review and approval or rejection. For dual contract SMAs, abrdn
Inc. will collect a suitability assessment from the client, along with the Sponsor suitability assessment. Our third party service provider
will monitor client specific investment restrictions on a day to day basis. For SMA accounts, model trades will be traded by the Sponsor
or may be executed through a &#x201c;step-out transaction,&#x201d;- or traded away- from the client&#x2019;s Sponsor if doing so is consistent
with Aberdeen&#x2019;s obligation to obtain best execution. When placing trades through Sponsor Firms (instead of stepping them out), we
will generally aggregate orders where it is possible and in the client&#x2019;s best interests. In the event we are not comfortable that
a Sponsor can obtain best execution for a specific security and trading away is infeasible, we may exclude the security from the model.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading costs are not covered by the Wrap Program
fee and may result in additional costs to the client. In some instances, step-out trades are executed without any additional commission,
mark-up, or mark-down, but in many instances, the executing broker-dealer may impose a commission or a mark-up or mark-down on the trade.
Typically, the executing broker will embed the added costs into the price of the trade execution, making it difficult to determine and
disclose the exact added cost to clients. In this instance, these additional trading costs will be reflected in the price received for
the security, not as a separate commission, on trade confirmations or on account statements. In determining best execution for SMA accounts,
abrdn Inc. takes into consideration that the client will not pay additional trading costs or commission if executing with the Sponsor.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While UMA accounts are invested in the same strategies
as and may perform similarly to SMA accounts, there are expected to be performance differences between them. There will be performance
dispersions between UMAs and other types of accounts because Aberdeen does not have discretion over trading and there may be client specific
restrictions for SMA 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">Aberdeen may have already commenced trading for
its discretionary client accounts before the model delivery accounts have executed Aberdeen&#x2019;s recommendations. In this event, trades
placed by the model delivery clients may be subject to price movements, particularly with large orders or where securities are thinly
traded, that may result in model delivery clients receiving less favorable prices than our discretionary clients. Aberdeen has no discretion
over transactions executed by model delivery clients and is unable to control the market impact of those 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">Timing delays or other operational factors associated
with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative
to other client accounts. In addition, the constitution and weights of stocks within model portfolios may not always be exactly aligned
with similar discretionary accounts. This may create performance dispersions within accounts with the same or similar investment mandate.</p>


<p style="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">(a)(3)</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #212529"><font style="text-decoration:underline">DESCRIPTION OF COMPENSATION STRUCTURE</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; text-indent: 0.5in">Aberdeen&#x2019;s remuneration policies are designed
to support its business strategy as a leading international asset manager.&#x202f;The objective is to attract, retain and reward talented
individuals for the delivery of sustained, superior returns for Aberdeen&#x2019;s clients and shareholders.&#x202f;Aberdeen operates in
a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining
talent.</p>


<p style="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; text-indent: 0.5in">Aberdeen&#x2019;s policy is to recognize corporate
and individual achievements each year through an appropriate annual bonus scheme. The bonus is a single, fully discretionary variable
pay award. The aggregate value of awards in any year is dependent on the group&#x2019;s overall performance and profitability.&#x202f;Consideration
is also given to the levels of bonuses paid in the market.&#xa0; Individual awards, which are payable to all members of staff, are determined
by a rigorous assessment of achievement against defined objectives.</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; text-indent: 0.5in">The variable pay award is composed of a mixture
of cash and a deferred award, the portion of which varies based on the size of the award.&#x202f;Deferred awards are by default Aberdeen
Group plc shares, with an option to put up to 50% of the deferred award into funds managed by Aberdeen.&#x202f;Overall compensation packages
are designed to be competitive relative to the investment management industry. The information below is as of October&#xa0;31, 2025.</p>


<p style="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><font style="text-decoration:underline">Base Salary</font></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; text-indent: 0.5in">Aberdeen&#x2019;s policy is to pay a fair salary
commensurate with the individual&#x2019;s role, responsibilities and experience, and having regard to the market rates being offered for
similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied
in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.</p>


<p style="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><font style="text-decoration:underline">Annual Bonus</font></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; text-indent: 0.5in">The Remuneration Committee determines the key performance
indicators that will be applied in considering the overall size of the bonus pool.&#xa0; In line with practices amongst other asset management
companies, individual bonuses are not subject to an absolute cap.&#xa0; However, the aggregate size of the bonus pool is dependent on
the group&#x2019;s overall performance and profitability.&#xa0; Consideration is also given to the levels of bonuses paid in the market.&#x202f;Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by
the Remuneration Committee.</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; text-indent: 0.5in">Aberdeen has a deferral policy which is intended
to assist in the retention of talent and to create additional alignment of executives&#x2019; interests with Aberdeen&#x2019;s sustained
performance and, in respect of the deferral into funds managed by Aberdeen, to align the interest of portfolio managers with our clients.</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; text-indent: 0.5in">Staff performance is reviewed formally at least
once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the
case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance
of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to
presenting the team externally are also evaluated.</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; text-indent: 0.5in">In the calculation of a portfolio management team&#x2019;s
bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment
process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations
through key performance indicator scorecards.&#x202f;To the extent performance is factored in, such performance is not judged against any
specific benchmark and is evaluated over the period of a year - January&#xa0;to December. The pre- or after-tax performance of an individual
account is not considered in the determination of a portfolio manager&#x2019;s discretionary bonus; rather the review process evaluates
the overall performance of the team for all of the accounts the team manages.</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; text-indent: 0.5in">Portfolio manager performance on investment matters
is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process.&#xa0; A combination
of the team&#x2019;s and individual&#x2019;s performance is considered and evaluated.</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; text-indent: 0.5in">Although performance is not a substantial portion
of a portfolio manager&#x2019;s compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one&#x2019;s
control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core
process by sticking to disciplines and processes set, regardless of momentum and &#x2018;hot&#x2019; themes.&#x202f;Short-terming is thus
discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment.&#x202f;Additionally, if any
of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen&#x2019;s dynamic
compliance monitoring system.</p>


<p style="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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In rendering investment management
services, the Adviser may use the resources of additional investment adviser subsidiaries of Aberdeen Group plc. These affiliates have
entered into a memorandum of understanding (&#x201c;MOU&#x201d;) pursuant to which investment professionals from each affiliate may render
portfolio management, research or trading services to Aberdeen clients. Each investment professional who renders portfolio management,
research or trading services under a MOU or personnel sharing arrangement (&#x201c;Participating Affiliate&#x201d;) must comply with the
provisions of the Advisers Act, the 1940 Act, the Securities Act of 1933, the Exchange Act, and the Employee Retirement Income Security
Act of 1974, and the laws of states or countries in which the Adviser does business or has clients. No remuneration is paid by the Fund
with respect to the MOU/personnel sharing arrangements.</p>


<p style="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">(a)(4)</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: 94%; border-collapse: collapse; margin-left: 0.5in; border-spacing: 0px;">
  <tr>
    <td style="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dollar Range of Equity Securities in the <br>
Registrant Beneficially Owned by the Portfolio<br>
Manager as of October&#xa0;31, 2025</b></font></td>
    <td colspan="2">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; padding-bottom: 1pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric Chan</font></td>
    <td style="width: 3%; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 23%; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</font></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pruksa Iamthongthong</font></td>
    <td style="padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(b)&#xa0; 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"><b>Item 14. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</b></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: 10pt Times New Roman, Times, Serif; text-align: center"><b>Period</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><b>(a)&#xa0;Total <br> No.<br> of Shares<br> Purchased<br>
 (1)</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><b>(b)<br> Average<br> Price Paid<br> per<br> Share</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><b>(c)&#xa0;Total No.<br> of Shares<br> Purchased as<br> Part&#xa0;of<br> Publicly<br> Announced<br> Plans<br> or Programs</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><b>(d)&#xa0;Maximum No.<br> of Shares that<br> May&#xa0;Yet Be<br> Purchased Under<br> the Plans or<br> Programs</b></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #1 (Nov.&#xa0;1, 2024 &#x2013; Nov.&#xa0;30, 2024)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 13%; font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 13%; font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="width: 13%; font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #2 (Dec.&#xa0;1, 2024&#x2013; Dec.&#xa0;31, 2024)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #3 (Jan.&#xa0;1, 2025 &#x2013; Jan.&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #4 (Feb.&#xa0;1, 2025 &#x2013; Feb.&#xa0;28, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #5 (Mar.&#xa0;1, 2025 &#x2013; Mar.&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #6 (Apr.&#xa0;1, 2025 &#x2013; Apr.&#xa0;30, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #7 (May&#xa0;1, 2025 &#x2013; May&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #8 (June&#xa0;1, 2025 &#x2013; June&#xa0;30, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #9 (Jul.&#xa0;1, 2025 &#x2013; Jul.&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #10 (Aug.&#xa0;1, 2025 &#x2013; Aug.&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #11 (Sep.&#xa0;1, 2025&#x2013; Sep.&#xa0;30, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; ">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Month #12 (Oct.&#xa0;1, 2025 &#x2013; Oct.&#xa0;31, 2025)</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right"><b>&#x2014;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><b>&#xa0;</b></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,713,267</td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td>
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: right"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; padding-bottom: 1pt"><b>&#xa0;</b></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></td>
<td style="font-size: 10pt; text-align: right">&#xa0;</td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><b>&#xa0;</b></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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <td>
    <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March&#xa0;1, 2001, the Fund&#x2019;s Board approved an open market
    share repurchase program (the &#x201c;Program&#x201d;). Under the terms of the Program, the Fund is permitted to repurchase during each
    12-month period ended October&#xa0;31 up to 10% of its outstanding shares of common stock outstanding as of October&#xa0;31 of the prior
    year. 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"></p></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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">On a quarterly basis, the Fund&#x2019;s Board will receive information
    on any transactions made pursuant to this Program during the prior quarter. If shares are repurchased, the Fund reports repurchase activity
    on the Fund's website on a monthly basis. For the fiscal year ended October&#xa0;31, 2025, the Fund did not repurchase any shares through
    the 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"><b>Item 15. Submission of Matters to a Vote of Security Holders.</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">During the period ended October&#xa0;31, 2025, there were no material
changes to the procedures by which shareholders may recommend nominees to the Registrant&#x2019;s Board of Directors.</p>


<p style="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>Item 16. Controls and Procedures.</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-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#xa0;</td>
    <td style="width: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&#x2019;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant&#x2019;s disclosure controls and procedures (as defined in Rule&#xa0;30a-3(c)&#xa0;under the Investment Company Act of 1940 (the &#x201c;Act&#x201d;) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule&#xa0;30a-3(b)&#xa0;under the Act (17 CFR 270.30a3(b)) and Rule&#xa0;13a-15(b)&#xa0;or 15d-15(b)&#xa0;under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)&#xa0;or 240.15d15(b)).</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no changes in the Registrant&#x2019;s internal control over financial reporting (as defined in Rule&#xa0;30a-3(d)&#xa0;under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant&#x2019;s internal control over financial reporting.</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"><b>Item 17. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies</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-indent: 0.5in">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"><b>Item 18. Recovery of Erroneously Awarded 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">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"><b>Item 19. Exhibits.</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-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 16%; padding-left: 35pt"><a href="tm2528073d11_ex99-codeeth.htm" style="-sec-extract: exhibit"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)</font></a></td>
    <td style="width: 84%"><a href="tm2528073d11_ex99-codeeth.htm" style="-sec-extract: exhibit"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form&#xa0;N-CSR.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 42pt">&#xa0;</td>
    <td style="padding-left: 42pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any policy required by the listing standards adopted pursuant to Rule&#xa0;10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant&#x2019;s securities are listed. Not applicable.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><a href="tm2528073d11_ex99-cert.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(3)</font></a></td>
    <td><a href="tm2528073d11_ex99-cert.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The certifications of the registrant as required by Rule&#xa0;30a-2(a)&#xa0;under the Act are exhibits to this Form&#xa0;N-CSR.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 42pt">&#xa0;</td>
    <td style="padding-left: 42pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any written solicitation to purchase securities under Rule&#xa0;23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Registrant&#x2019;s independent public accountant.&#xa0;&#xa0;Not applicable.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 42pt">&#xa0;</td>
    <td style="padding-left: 42pt">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><a href="tm2528073d11_ex99-906cert.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></a></td>
    <td><a href="tm2528073d11_ex99-906cert.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The certifications of the registrant as required by Rule&#xa0;30a-2(b)&#xa0;under the Act are exhibits to this Form&#xa0;N-CSR.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 42pt">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><a href="tm2528073d11_ex99-19xc.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></a></td>
    <td><a href="tm2528073d11_ex99-19xc.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy Voting Policy of Registrant</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 42pt">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><a href="tm2528073d11_ex99-19xd.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></a></td>
    <td><a href="tm2528073d11_ex99-19xd.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy Voting Policies and Procedures of Adviser.</font></a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 35pt"><a href="tm2528073d11_ex99-19xe.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></a></td>
    <td style="text-align: justify"><a href="tm2528073d11_ex99-19xe.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A copy of the Registrant&#x2019;s notices to stockholders, which accompanied distributions paid, pursuant to the Registrant&#x2019;s Managed Distribution Policy since the Registrant&#x2019;s last filed N-CSR, are filed herewith as Exhibits (e)(1) and (e)(2)&#xa0;as required by the terms of the Registrant&#x2019;s SEC exemptive order.</font></a></td></tr>
  </table>


<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="tm2528073d11_sigpage.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2528073-11/tm2528073-11_ncsrseq1" -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b><font style="text-decoration:underline">SIGNATURES</font></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">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Australia Equity Fund,&#xa0;Inc.</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 colspan="2">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 47%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Alan Goodson</i></font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson,</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer of</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Australia Equity Fund,&#xa0;Inc.</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#xa0;January&#xa0;8, 2026</font></td>
    <td>&#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">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.</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: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 47%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Alan Goodson</i></font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Goodson,</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer of</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Australia Equity Fund,&#xa0;Inc.</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#xa0;January&#xa0;8, 2026</font></td>
    <td>&#xa0;</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 style="vertical-align: top">
    <td style="width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 47%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Sharon Ferrari</i></font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharon Ferrari,</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial Officer of</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Australia Equity Fund,&#xa0;Inc.</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: top">
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#xa0;January&#xa0;8, 2026</font></td>
    <td>&#xa0;</td></tr>
  </table>


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


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<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>tm2528073d11_ex99-codeeth.htm
<DESCRIPTION>EXHIBIT 99.CODEETH
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>


<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0; margin-left: 0"><B>Exhibit 99.CODEETH</B></P>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><U>CODE OF ETHICS (PERSONAL TRADING)</U></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>Introduction</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">Rule 17j-1(b) under
the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), 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) &#8220;held or to be acquired&#8221;
by the Funds:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">To employ any device, scheme or artifice to defraud the Funds;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">To engage in any act, practice, or course of business which operates or would operate
as a fraud or deceit upon the Funds; or</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">To engage in any manipulative practice with respect to the Funds&#8217; investment
portfolios.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>Purpose of the Code of Ethics</B></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">The Funds expect
that the officers and Fund Board members will conduct their personal investment activities in accordance with (1) the duty at all times
to place the interests of the Funds&#8217; shareholders first; (2) 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&#8217;s
position of trust and responsibility; and (3) the fundamental standard that investment company personnel should not take inappropriate
advantage of their positions.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">In
view of the foregoing, the provisions of Section 17(j) of the 1940 Act, Rule 17j-1 under the 1940 Act, and various pronouncements by
the Securities and Exchange Commission (&#8220;SEC&#8221;) and the Investment Company Institute on personal investing by investment company
personnel, <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> 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.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">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 17j-1 under the 1940 Act) employed by the Funds&#8217; investment adviser, investment sub-advisers or principal underwriter
(&#8220;Excluded Advisory Personnel&#8221;). 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 17j-1 of the 1940 Act.</P>


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">See Investment Adviser Code of Ethics, SEC Release No. IC&#45;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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>Definitions</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Access Person</U></B>&#8221; means (1) each Board member or officer
of the Funds; and (2) any Advisory Person of the Funds except Excluded Advisory Personnel.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">B.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Advisory Person</U></B>&#8221; means (1) 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) 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">C.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Automatic Investment Plan</U></B>&#8221; 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">D.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Beneficial Ownership</U></B>&#8221; shall be interpreted in the same
manner as it would be in determining whether a person is considered a &#8220;beneficial owner&#8221; as defined in Rule 16a-1(a)(2) under
the Securities Exchange Act of 1934, as amended (&#8220;1934 Act&#8221;), 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 &#8220;beneficial owner&#8221; 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 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">E.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Control</U></B>&#8221; shall have the same meaning as set forth in
Section 2(a)(9) 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">F.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Exempt Transactions</U></B>&#8221; means: (1) purchases or sales effected in any
                                                               account over which an Access Person or Investment Personnel has no direct or indirect influence or control; (2) purchases or sales
                                                               which are non-volitional<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> on the part of the Access
                                                               Person, Investment Personnel or the Funds;
(3) purchases which are part of an Automatic Investment Plan; or (4) 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.</TD></TR></TABLE>


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify"></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: justify">A Security is &#8220;<B><U>held or to be acquired</U></B>&#8221; if within the
most recent 15 days it (1) is or has been held by the Funds, (2) is being or has been considered by the Funds or the investment adviser
or investment sub-adviser for purchase by the Funds or (3) any option to purchase or sell and any Security convertible into or exchangeable
for a Reportable Security that is described in (1) or (2) of this definition.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">H.</TD><TD STYLE="text-align: justify">An Access Person&#8217;s &#8220;<B><U>immediate family</U></B>&#8221; means a spouse,
minor children and adults living in the same household as the Access Person.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">I.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Independent Board Member</U></B>&#8221; means each Board member who
is not an &#8220;interested person&#8221; of the Funds (as defined in Section 2(a)(19) of the 1940 Act) and who would be required to make
a report under Section V of this Code solely by reason of being a Board member of the Funds.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">J.</TD><TD STYLE="text-align: justify">An &#8220;<B><U>Initial Public Offering</U></B>&#8221; 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) of the 1934 Act.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">K.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Investment Personnel</U></B>&#8221; of the Funds means (1) 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) 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">L.</TD><TD STYLE="text-align: justify">A &#8220;<B><U>Limited Offering</U></B>&#8221; means an offering that is exempt
from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule
506 under the Securities Act of 1933.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">M.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Purchase or sale of a Reportable Security</U></B>&#8221; includes,
among other things, the writing of an option to purchase or sell a Reportable Security.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in">N.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Reportable Security</U></B>&#8221; means a Security excluding (1)
direct obligations of the Government of the United States; (2) banker&#8217;s acceptances; (3) bank certificates of deposit; (4) commercial
paper; (5) 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) shares of registered open-end investment companies other than those advised by an Aberdeen Adviser.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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">&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: 0.5in">O.</TD><TD STYLE="text-align: justify">&#8220;<B><U>Security</U></B>&#8221; means a security as defined in Section 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 &#8220;security,&#8221; 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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B>Policies of the Funds Regarding Personal Securities Transactions</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">General Policy</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">No Access Person
of the Funds shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above,
or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">Specific Policies</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify">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:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Personal Account Dealing in Fund Shares.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.25in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">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) or considered for the purchase or sale
by the Fund(s) (i) for which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised U.S. Registered
Fund (closed-end, open-end, and ETFs).<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">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) on a day when any Fund has a pending &#8220;buy&#8221; or &#8220;sell&#8221; order in that same Reportable Security until that order
is executed or withdrawn or (2) when the Funds&#8217; Chief Compliance Officer has been advised by the Funds&#8217; investment adviser
or investment sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Restrictions on Initial Public Offering or Limited Offering Personal Securities
Transactions by Access Persons Who Are Not Independent Board Members</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">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) email or other written authorization or (ii) oral authorization
from a Funds Chief Compliance Officer prior to effecting such Reportable Security transaction.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify; text-indent: 0in">A written authorization
for such Security transaction will be provided by the Funds&#8217; 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&#8217; administrator to memorialize
the email and oral authorization that was granted.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify; text-indent: 0in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify; text-indent: 0in"><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&#8217;
Chief Compliance Officer for clearance or denial of clearance to trade prior to effecting any Reportable Securities transition.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">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&#8217; portfolio transactions on an Independent Board Member.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">Pre-clearance Not Granted. No pre-clearance will be given to purchase or sell any
Reportable Security (1) on a day when any Fund has a pending &#8220;buy&#8221; or &#8220;sell&#8221; order in that same Reportable Security
until that order is executed or withdrawn or (2) when the Funds&#8217; Chief Compliance Officer has been advised by the Funds&#8217; investment
adviser or investment sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Additional Restrictions on Investment Personnel</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Board Service. Investment Personnel shall not serve on the boards of directors
of publicly traded companies absent prior authorization by the Funds&#8217; Chief Compliance Officer.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD><B>Procedures &#8211; Initial Holdings Reports, Annual Holdings Reports and Quarterly Transaction Reports</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 STYLE="text-align: justify">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:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Independent Board Members</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Holdings Reports Not Required &#8211; Each Independent Board Member need not make
initial or annual holdings reports.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Limited Quarterly Transaction Reporting &#8211; 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) for which such Independent Board Member acts as a Director or Trustee or
(ii) any Aberdeen-advised U.S. Registered Fund (closed-end, open-end, and ETFs).</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Access Persons Who Are Not Independent Board Members </B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">Initial Holdings Reports &#8211; 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 A</B> that lists all Reportable Securities in which the Access Person has Beneficial Ownership.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">Annual Holdings Reports &#8211; 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 A</B> no later than 30 days after the end of the calendar year.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.5in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">Securities Confirmations &#8211; 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Quarterly Transaction Reports &#8211; Each Access Person of the Funds who is not
an Independent Board Member shall submit reports in the form attached hereto as <B>Exhibit 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Quarterly transaction reports shall be filed no later than 30 days after the end
of each calendar quarter.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The report shall include (a) the date of the transaction, (b) the title of the
Reportable Security, (c) the interest rate and maturity date (if applicable), (d) the number of shares (for equity securities), (e) the
principal amount of each Reportable Security involved; (f) the nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition), (g) the price at which the transaction was effected, (h) the name of the broker, dealer or bank with or through whom
the transaction was effected; and (i) 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) the name and address of the broker, dealer or bank with whom the Access Person established
the account; (b) the date the account was established; and (c) the date the report is submitted.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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">&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: 2in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">An Access Person of the Funds need not make a quarterly transaction report with
respect to (a) transactions effected pursuant to an Automatic Investment Plan, (b) a transaction if all of the information required by
paragraph (ii) above is contained in the brokerage confirmations or account statements required to be submitted under paragraph (c) above,
and (c) transactions effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect
influence or control.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 2in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Identification of Access Persons</B> &#8211; 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.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Compliance Review</B> &#8211; The Chief Compliance Officer or his/her designee
of the Funds shall (i) 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)
with regard to any Excluded Advisory Personnel reporting under a Code of Ethics of the Funds&#8217; 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) report to the Funds&#8217; Board: (a)
with respect to any transaction that appears to evidence a violation of this Code or the investment adviser&#8217;s, sub-advisers&#8217;
or principal underwriter&#8217;s Codes of Ethics; and (b) violations of the reporting requirement stated in such Codes of Ethics.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Board Review</B> &#8211; The Board shall review the operation of this Code of
Ethics at least once a year.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Service Provider Code of Ethics</B> &#8211; 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 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, as applicable. Any material changes
to the investment adviser&#8217;s, investment sub-adviser&#8217;s or principal underwriter&#8217;s code will be approved by the Board
no later than six months after such change.</TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Board Reporting</B> &#8211; At each quarterly Board meeting, the Chief Compliance
Officer of the Funds&#8217; investment adviser, any investment sub-adviser and the principal underwriter of the Funds
shall provide a written report to the Funds&#8217; Board stating:</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">all disciplinary actions<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
taken in response to such violations.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B>Annual Reports</B> &#8211; At least once a year, the Funds&#8217; 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 17j-1) from violating
their respective Codes of Ethics. The written report will also include an assessment of the effectiveness of the Service Providers&#8217;
Codes of Ethics outlined in Section 6 above.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 1in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B>Recordkeeping &#8211;</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&#8217; records for the period required by Rule
17j-1 of the 1940 Act.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>IV.</B></TD><TD STYLE="text-align: justify"><B>Certification</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: -22.5pt">&nbsp;</P>


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><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-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 20%">For the Year/Period Ended</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 20%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: center">(Month/day/year)</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;  Check here if this is an Initial Holdings
Report</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%">To:</TD>
  <TD STYLE="text-align: justify; width: 95%">______________, as the Chief Compliance Officer of [Name of Aberdeen Fund]</TD></TR>
</TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%">From:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 30%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 65%">&nbsp;</TD></TR>
</TABLE>




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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">As of the calendar year/period
referred to above, 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.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; width: 34%"><FONT STYLE="font-size: 10pt"><B>Title of Security</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font-size: 10pt"><B>Number of Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font-size: 10pt"><B>Principal Amount</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>


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


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-align: center; padding-top: 3pt; width: 30%"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 70%; padding-left: 0.5in"><FONT STYLE="font-size: 10pt"><B>Address</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">For Annual Holdings Reports:
This report contains information current as of a date no more than 45 days before the report is submitted.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">This report (i) excludes transactions
with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported and
(iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">Date: _____________</TD>
  <TD STYLE="text-align: justify; width: 7%">Signature:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 20%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; text-align: justify; width: 23%">&nbsp;</TD></TR>
</TABLE>




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


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


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 20%">For the Calendar Quarter Ended</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 20%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">&nbsp;</TD>
  <TD STYLE="text-align: center">(month/day/year)</TD>
  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%">To:</TD>
  <TD STYLE="text-align: justify; width: 95%">______________, Chief Compliance Officer </TD></TR>
</TABLE>




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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 5%">From:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 30%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 65%">&nbsp;</TD></TR>
</TABLE>




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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&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="border: Black 1pt solid; white-space: nowrap; padding-top: 3pt; width: 11%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Security</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Date of<BR>
 Transaction</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Number<BR>
 of<BR>
 Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Principal<BR>
 Amount</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Interest<BR>
 Rate and<BR>
 Maturity<BR>
 Rate (if<BR>
 applicable)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Nature of<BR>
 Transaction<BR>
 (Purchase,<BR>
 Sale, or<BR>
 Other)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Broker/Dealer<BR>
 or Bank<BR>
 Though Whom<BR>
 Effected</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">During the quarter referred
to above, I established the following accounts in which Securities were held during the quarter for my direct or indirect benefit:</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; width: 52%"><FONT STYLE="font-size: 10pt"><B>Name and address of the broker, dealer or bank<BR>
 with which I established the account.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 48%"><FONT STYLE="font-size: 10pt"><B>The date the account was established.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 3pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">This report (i) excludes transactions
with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported,
and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.</P>


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">Date: _____________</TD>
  <TD STYLE="text-align: justify; width: 7%">Signature:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 20%">&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt; text-align: justify; width: 23%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


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


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






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


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>tm2528073d11_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2528073d11_ex99-cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2528073-11/tm2528073-11_ncsrseq1/users" -->

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


<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.CERT</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30a-2(a)&nbsp;under the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act</U></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">I, Sharon Ferrari, certify that:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of abrdn Australia Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</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: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</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: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;</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: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</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: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</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: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</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: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</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: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant&rsquo;s internal control over financial reporting; and</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: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</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: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and
report financial information; and</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: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</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">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January&nbsp;8, 2026</P>


<P STYLE="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>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/
    Sharon Ferrari</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; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sharon Ferrari</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal Financial Officer</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">&nbsp;</P>


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


<!-- Field: Page; Sequence: 1 -->
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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"><FONT STYLE="text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30a-2(a)&nbsp;under the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act</U></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">I, Alan Goodson, certify that:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of abrdn Australia Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;);</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: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</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: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;</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: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Registrant and have:</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: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</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: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</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: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</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: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant&rsquo;s internal control over financial reporting; and</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: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s other certifying officer(s)&nbsp;and I have disclosed to the Registrant&rsquo;s
auditors and the audit committee of the Registrant&rsquo;s board of directors (or persons performing the equivalent functions):</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: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant&rsquo;s ability to record, process, summarize, and
report financial information; and</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: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant&rsquo;s internal control over financial reporting.</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">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January&nbsp;8, 2026</P>


<P STYLE="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>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt"><I>/s/
    Alan Goodson</I></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; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Alan Goodson</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Principal Executive Officer</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">&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>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>tm2528073d11_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2528073d11_ex99-906cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2528073-11/tm2528073-11_ncsrseq1/users" -->

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


<P STYLE="text-align: right; margin: 0"><FONT STYLE="text-transform: none"><B>Exhibit&nbsp;99.906CERT</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="text-transform: uppercase"><B><U>Certification
Pursuant to Rule&nbsp;30a-2(b)&nbsp;under the 1940 Act and Section&nbsp;906 of the Sarbanes-Oxley Act</U></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">Alan Goodson, Principal Executive Officer, and
Sharon Ferrari, Principal Financial Officer, of abrdn Australia Equity Fund,&nbsp;Inc. (the &ldquo;Registrant&rdquo;), each certify that:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form&nbsp;N-CSR for the period ended October&nbsp;31, 2025 (the
 &ldquo;Form&nbsp;N-CSR&rdquo;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Securities
Exchange Act of 1934, as amended, as applicable; and</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: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form&nbsp;N-CSR fairly presents, in all material respects, the financial
condition and results of operations 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">PRINCIPAL EXECUTIVE OFFICER</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Australia Equity Fund,&nbsp;Inc.</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="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Alan Goodson</I></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Alan goodson</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: January&nbsp;8, 2026</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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">PRINCIPAL FINANCIAL OFFICER</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Australia Equity Fund,&nbsp;Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Sharon Ferrari</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sharon Ferrari</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: January&nbsp;8, 2026</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-align: justify">This certification is being furnished solely pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form&nbsp;N-CSR or as a separate disclosure document.
A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that
appears in typed form within the electronic version of this written statement required by Section&nbsp;906, has been provided to the Registrant
and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.</P>


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


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


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    <!-- Field: /Page -->


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.19(C)
<SEQUENCE>5
<FILENAME>tm2528073d11_ex99-19xc.htm
<DESCRIPTION>EXHIBIT 99.19(C)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.19(c)</B></P>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Appendix A - Proxy Voting Policies and Procedures</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Aberdeen Investments U.S. Registered
Advisers (the &#8220;Advisers&#8221;)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Proxy Voting Guidelines<BR>
</B><I>Effective as of March 2025</I></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Rule 206(4)-6 under the Investment
Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;) requires the Advisers to vote proxies in a manner consistent with clients&#8217;
best interest and must not place its interests above those of its clients when doing so. It requires the Advisers to: (i) 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) to disclose to the clients how they may obtain information on how the Advisers voted proxies. In addition, Rule 204-2 requires
the Advisers to keep records of proxy voting and client requests for information. As of August 31, of each year, investment managers that
are required to file reports under Section 13(f) are required to report their proxy voting records on Form N-PX for the twelve-month period
ended June 30, with respect to certain shareholder advisory votes on executive compensation (those required by Section 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>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Where contentious issues arise in
relation to motions put before a shareholders&#8217; 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&#8217;s advisers, through interaction with other shareholders
or attending and speaking at General Meetings.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217; conflicts of interest policy is simple &#8211; 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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217;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&#8217;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-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217;
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&#8217; 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>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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-top: 0pt; margin-bottom: 0pt; text-align: left">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">where a portfolio manager owns the holding in
a personal account</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company that is also a segregated
client</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company where an executive director
or officer of our company is also a director of that company</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company where an employee of Aberdeen
is a director of that company</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">A significant distributor of our products</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any other companies which may be relevant from
time to time </FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217;
best interests and are not impacted by any conflict.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The implementation of this policy,
along with conflicts of interest, will be reviewed periodically by the Active Ownership team. Aberdeen Investments&#8217; Listed Company
Sustainable Investment Principles and Voting Policies are published on our website.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217;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>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">As disclosed in Part 2A of each Adviser&#8217;s
Form 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>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Our proxy voting records are available
per request and on the SEC&#8217;s website at SEC.gov.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">On occasions when it is deemed to be a fiduciary for an
ERISA client&#8217;s assets, Aberdeen will vote the Plan assets in accordance with Aberdeen Investments&#8217; Listed Company Sustainable
Investment Principles and Voting Policies and in line with DOL guidance.</P>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Listed Company Investment Principles &amp; Voting
Policies</P>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">April 2025</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217; investments.
Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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 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>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We have a clear perception of what we consider to be best
practice globally &#8211; 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>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">This document has received approval from Aberdeen&#8217;s
Chief Investment Officer (CIO) and the Chief Sustainable Investment Officer &#8211; Investments (CSIO) following consultation with various
internal stakeholders.</P>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our approach to stewardship</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217; assets.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Stewardship is a reflection of this bespoke approach to
good governance and risk management. We seek to understand each company&#8217;s specific approach to governance, how value is created
through business success and how investors&#8217; 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 &#8211; including those relating
to environmental and social factors and helping to shape the future success of the business.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Take into consideration, in our investment process,
the policies and practices on environmental, social and governance matters of the companies in which we invest.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Seek to enhance long-term shareholder value through
constructive engagement with the companies in which we invest.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Actively engage with companies and assets in
which we invest where we believe we can influence or gain insight.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise voting rights, where held, in a manner
consistent with our clients&#8217; long-term best interests.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Communicate our Listed Company Investment Principles
and Voting Policies to clients, companies and other interested parties.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Be accountable to clients within the constraints
of professional confidentiality and legislative and regulatory requirements.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Be transparent in reporting our engagement and
voting activities.</FONT></TD></TR></TABLE>


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


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


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Important to understanding investee companies
holistically.</FONT></TD></TR></TABLE>


<P STYLE="text-align: left; margin-top: 0; margin-bottom: 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="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Helpful when conducting comprehensive sustainable
investment analysis.</FONT></TD></TR></TABLE>


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


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<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Useful to maintaining open dialogue and constructive
relationships with companies.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">An opportunity to generate positive change on
a company&#8217;s holistic risk management programme&#8211;be active with our holdings rather than activist.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We endeavour to engage with companies regarding our voting
decisions to maintain a dialogue on matters of concern.</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">While it is most common for us to vote in line with a
board&#8217;s voting recommendation we will vote our clients&#8217; 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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In exceptional circumstances we may attend and speak at
a shareholder meeting to reinforce our views to the company&#8217;s board.</P>


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


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against executive or
non-executive directors if we have serious concerns regarding the oversight or implementation of strategy.</FONT></TD></TR></TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider supporting the re-election of
an existing Chair &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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally oppose any move of a retiring
CEO to the role of Chair.</FONT></TD></TR></TABLE>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In assessing a director&#8217;s independence we will have
due regard for whether a director:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">i.</TD><TD STYLE="text-align: left">Has been an employee of the company within the last five years.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">ii.</TD><TD STYLE="text-align: left">Has had within the last three years a material business relationship with the company.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">iii.</TD><TD STYLE="text-align: left">Has received remuneration in addition to director fees or participates in the company&#8217;s option or
variable incentive schemes, or is a member of the company&#8217;s pension scheme.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">iv.</TD><TD STYLE="text-align: left">Has close family ties with any of the company&#8217;s advisers, directors or senior employees.</TD></TR></TABLE>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">v.</TD><TD STYLE="text-align: left">Holds cross-directorships or has significant links with other directors through involvement in other companies
or bodies.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">vi.</TD><TD STYLE="text-align: left">Represents a significant shareholder.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">vii.</TD><TD STYLE="text-align: left">Has served on the board for more than 12 years (or 9 for UK companies).</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &#8211; for example, we are unlikely to vote against shareholder
representatives unless their representation is disproportionate to their shareholding</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217;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.</FONT></TD></TR></TABLE>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217;s diversity targets and may vote against the Chair of the Nomination Committee if we have concerns regarding
the Committee&#8217;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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Directors&#8217; Time Commitment</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 &#8216;overboarding&#8217;.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally oppose the re-election of any
director who has attended fewer than 75% of board meetings in two consecutive years.</FONT></TD></TR></TABLE>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">This committee has responsibility for monitoring the integrity
of the financial statements, reviewing the company&#8217;s internal financial controls and risk management systems, reviewing the effectiveness
of the company&#8217;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>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">UK &amp; US: We will generally vote against the
re-election of non-independent members of the Audit Committee..</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217; remuneration is aligned with strategy and company performance. Remuneration policy should be cognisant
of the company&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where we have significant concerns regarding
the company&#8217;s remuneration policy or reward outcomes we may escalate these concerns through a vote against the Chair or members
of the Remuneration Committee.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where we have significant concerns regarding
a board member&#8217;s performance, actions or inaction to address issues raised we may vote against their re-election.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left">We may vote against directors who decline appropriate requests for meetings without a clear justification.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will not support the election of directors
who are not personally identified but are proposed as corporations.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">A company&#8217;s board should present a fair, balanced
and understandable assessment of the company&#8217;s position and prospects &#8211; financial and non- financial &#8211; 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>


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We may consider voting against a company&#8217;s
Annual Report &amp; Accounts if we have concerns regarding timely provision or adequacy of disclosure.</FONT></TD></TR></TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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 &#8211; and we expect a clear explanation of why such donations are an appropriate
use of corporate funds.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The board is responsible for determining the company&#8217;s
risk appetite, establishing procedures to manage risk and for monitoring the company&#8217;s internal controls. We expect boards to conduct
robust assessments of the company&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;s accounts would be much more substantial.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against the auditors
if we have concerns regarding the accounts presented or the audit procedures used.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">A company&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;s sustainable performance and risk appetite
over the long term.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Performance metrics used to determine variable pay should
be clearly disclosed and aligned with the company&#8217;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&#8217;s progress inter alia on its sustainability
strategy. Where possible we expect these targets to be quantifiable and disclosed.</P>


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


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Non-executive fees should reflect the role&#8217;s level
of responsibility and time commitment. We do not support NED&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In the UK our expectations of companies are aligned with
the Investment Association&#8217;s Principles of Remuneration.</P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In line with the expectations set out above we will generally
vote against the appropriate resolution(s) where:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We consider the overall reward potential or outcome
to be excessive.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">A significant increase to salary has been granted
which is not aligned with the workforce or is not sufficiently justified.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">There is no appropriate cap on variable incentive
schemes.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Performance targets for annual bonus awards are
not disclosed retrospectively and the absence of disclosure is not explained.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Performance targets are not considered sufficiently
challenging, either at threshold, target or maximum.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Relative performance targets allow vesting of
awards for below median performance.. Retesting provisions apply.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Incentives that have been conditionally awarded
have been repriced or performance conditions changed part way through a performance period.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have concerns regarding the use of discretion
or the grant of exceptional awards.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pension arrangements are excessive.. Pension
arrangements are not aligned with the wider workforce (UK).</FONT></TD></TR></TABLE>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will vote on corporate transactions on a case
by case basis.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<P STYLE="margin-left: 1in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Dividends</P>


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


<P STYLE="margin-left: 1in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We will generally support the payment of dividends but will
scrutinise the proposed level where it appears excessive given the company&#8217;s financial position.</P>


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


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


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


<P STYLE="margin-left: 1in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Share Capital</P>


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


<P STYLE="margin-left: 1in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The board carries responsibility for prudent capital management
and allocation.</P>


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


<P STYLE="margin-left: 1in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Share Issuance</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where a company seeks a general authority to
issue shares we generally expect this to be limited to 25% of the company&#8217;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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Where a company seeks a general authority to
issue shares we generally expect this to be limited to 10% of the company&#8217;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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">When considering our votes we will, however, take account
of the company&#8217;s circumstances and any further detail regarding proposed capital issuance authorities prior to voting.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Following changes to the UK&#8217;s Pre-Emption Group
Guidelines in November 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We recognise that share buybacks can be a flexible means
of returning cash to shareholders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The nature of relations &#8211; particularly any related
party transactions (RPTs) &#8211; with parent or related companies, or other major investors, must be disclosed fully. Related party transactions
must be agreed on arm&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally vote against amendments which
will reduce shareholder rights.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally vote against anti-takeover/&#8216;poison
pill&#8217; proposals.</FONT></TD></TR></TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We are supporters of the principle of &#8216;one share,
one vote&#8217; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">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&#8217;s AGM as a means
of escalation to reinforce our views to a company&#8217;s board.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;s four areas of focus in assessing how companies are performing in this area.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Specifically we expect companies to be able to demonstrate
how they manage their exposures under the following headings.</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We expect that companies will</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identify, manage and reduce their environmental
impacts, as applicable.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Understand their impact along the company value
chain.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Comply with all environmental laws and regulations,
or recognised international best practice as a minimum.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Where we have serious concerns regarding a board&#8217;s
actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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&#8217;s core
labour standards as a minimum.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Take affirmative steps to ensure that they uphold
decent labour standards.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt strong health and safety policies and programmes
to implement such policies.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt equal employment opportunity and diversity
policies and a programme for ensuring compliance with such policies.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt policies and programmes for investing in
employee training and development.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt initiatives to attract and retain talented
employees, foster higher productivity and quality, and encourage in their workforce a commitment to achieving the company&#8217;s purpose.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ensure policies are in place for a company&#8217;s
suppliers that promote decent labour standards, and programmes are in place to ensure high standards of labour along supply chains.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Report regularly on its policy and implementation
of managing human capital.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Where we have serious concerns regarding a board&#8217;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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continually work to understand their actual and
potential impacts on human rights.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish systems that actively ensure respect
for human rights.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Take appropriate action to remedy any infringements
on human rights.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Where we have serious concerns regarding a board&#8217;s
actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We expect companies to have policies in place to support
the following:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&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: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ethics at the heart of the organisation&#8217;s
governance.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">A zero-tolerance policy on bribery and corruption..
How people are rewarded, as pay can influence behaviour.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Respect for human rights.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax transparency.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in">&#9679;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ethical training for employees.</FONT></TD></TR></TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Where we have serious concerns regarding a board&#8217;s
actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.</P>


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


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Ensure</B> consistency by using our own in-house guidance
to frame case-by-case analysis.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Monitor</B> the outcomes of votes.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Follow-up</B> with on-going engagement as required.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;s responsibility for setting the company&#8217;s strategy.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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 &#8216;say on climate&#8217; 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&#8217;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>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We will review the appropriateness of &#8216;say on climate&#8217;
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&#8217;s climate approach.</P>


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


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


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We do not evaluate a company&#8217;s climate strategy
in isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">For investors, the risks and opportunities associated
with the use of natural capital (the world&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">As Artificial Intelligence (AI) technologies quickly evolve,
Aberdeen&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; 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&#8217;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="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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


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


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">A racial equity or civil rights audit is an independent
analysis of a company&#8217;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&#8217;s existing disclosure to ensure that proposals requesting these audits are not duplicative, prescriptive,
or unduly onerous.</P>


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


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


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Aberdeen Group plc is registered in Scotland (SC286832)
at 1 George Street, Edinburgh EH2 2LL.</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.19(d)</B></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"><B>U.S. Registered Advisers</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Summary of Proxy Voting Guidelines</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><I>as
of October</I></B></FONT><B><I>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">26, 2022</FONT></I></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">Where clients appoint abrdn Inc. to vote proxies on their behalf,
policies have been established to vote these proxies in the best interests of our clients.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We employ ISS as a service provider to facilitate electronic
voting. We require ISS to provide recommendations based on <FONT STYLE="font-family: Times New Roman, Times, Serif">our own set of
parameters tailored to abrdn</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s assessment and approach, but
remain conscious that all voting decisions are our own on behalf of our clients. We consider ISS&rsquo;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 a decisions which will be made publicly
available in our voting disclosures.</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">In order to make proxy voting decisions, an abrdn analyst
assesses the resolutions at general meetings 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 abrdn 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">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There may be certain circumstances where abrdn Inc. may take a
more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that abrdn
Inc. will not vote. We may abstain from voting a <FONT STYLE="font-family: Times New Roman, Times, Serif">client proxy if the voting
is uneconomic or otherwise not in clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">best interests. For
companies held only in passively managed portfolios, abrdn Inc. 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 intrude
to apply a vote more fully in clients&rsquo; 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 abrdn Inc. from exercising our voting authority.</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">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">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Where a portfolio manager owns the holding in a personal account.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company that is also a segregated client.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company where an Executive Director or Officer of our company
or that of abrdn plc or another affiliate is also a Director of that company.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">An investee company where an employee of abrdn plc or an affiliate or subsidiary
is a Director of that company.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A significant distributor of our products.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Any other companies which may be relevant from time to time.</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">We have adopted procedures within our proxy voting process to
identify where a conflict exists. These procedures are <FONT STYLE="font-family: Times New Roman, Times, Serif">designed to ensure
that our voting decisions are based on our client</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s best
interests and are not impacted by any conflict.</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">The implementation of this policy, along with conflicts of
interest, will be reviewed periodically by the Active Ownership <FONT STYLE="font-family: Times New Roman, Times, Serif">team.
abrdn</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Global ESG Principles</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
Voting Policies are published on our website.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Clients
may obtain a free copy of abrdn Inc.</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s proxy voting policies
and procedures and/or proxy voting records for their account by contacting us at (215) 405-5700. abrdn publishes ESG
Principles&nbsp;&amp; Voting Policies, which describe our approach to investment analysis, shareholder engagement and proxy voting
across companies worldwide. There are published on our website.</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">Clients that have not granted abrdn Inc. 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>




<P STYLE="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; font-size: 10pt"><B>Listed
Company ESG Principles</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Voting Policies</FONT></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"><B>February</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2023</FONT></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">Introduction</P>




<P STYLE="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">Active Ownership
and Environmental, Social</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Governance (ESG) considerations
are a driver of our investment process, our investment activity, our client journey and our corporate influence.</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">Through engagement with the companies in which we invest, and by exercising
votes on behalf of our clients, we seek to <FONT STYLE="font-family: Times New Roman, Times, Serif">improve the financial resilience
and performance of our clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">investments. Where we believe change
is needed, we endeavour to catalyse this through our stewardship capabilities.</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"><B>Our expectations</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">As global investors, we are particularly aware that ESG 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 <FONT STYLE="font-family: Times New Roman, Times, Serif">underlying history and nature of the company in
question. We seek to understand each company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">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&nbsp;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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have a
clear perception of what we consider to be best practice globally </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This document
has received approval from the Head of Public Markets and the Investment Vector</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
Chief Sustainability Officer following consultation with various internal stakeholders.</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"><B>Our approach to stewardship</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">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 and we will
actively take steps as stewards and owners to protect <FONT STYLE="font-family: Times New Roman, Times, Serif">and enhance the value
of our clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">assets.</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">Stewardship is a reflection of this bespoke approach to good governance
and risk management. We seek to understand each company&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
specific approach to governance, how value is created through business success and how investors</FONT>&rsquo; 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 &ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">including
those relating</FONT> to environmental and social factors and helping to shape the future
success of the 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">We will:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Take into consideration, in our investment process, the policies and practices
on environmental, social and governance matters of the companies in which we invest.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Seek to enhance long-term shareholder value through constructive engagement
with the companies in which we invest.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Actively engage with the companies and assets in which we invest where we
believe we can influence or gain insight.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Seek to exercise voting rights, where held, in a manner consistent with our
clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">long-term best interests.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Seek to influence the development of high standards of corporate governance
and corporate responsibility in relation to environmental and social factors for the benefit of our clients.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Communicate our Listed Company ESG Principles and Voting Policies to clients,
companies and other interested parties.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Be accountable to clients within the constraints of professional confidentiality
and legislative and regulatory requirements.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Be transparent in reporting our engagement and voting activities.</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">abrdn is committed to exercising responsible ownership with a
conviction that companies adopting improving practices in corporate governance and risk management will be more successful in their
core activities and deliver enhanced 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&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">behalf.</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"><B>Engagement</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">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. The discussions we have cover a wide range of
topics, including: strategic, operational, and ESG issues and consider the long-term drivers of value. Engagement with companies on ESG
risks and opportunities is a fundamental part of our investment process. It is a process by which we can discuss how a company identifies,
prioritises and mitigates its key risks and optimises its most significant opportunities. As such, we regard engagement as:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Important to understanding investee companies as a whole.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Helpful when conducting proper ESG analysis.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Useful to maintaining open dialogue and solid relationships with companies.</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>




<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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">An opportunity to inflect positive change on a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
holistic risk management programme </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">be active with our holdings
rather than activist.</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"><B>Proxy Voting</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">Proxy voting is an integral part of our active stewardship
approach and we seek to exercise voting rights in a manner in <FONT STYLE="font-family: Times New Roman, Times, Serif">line with our
clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">best interests. We seek to ensure that voting
reflects our understanding of the companies in which we </FONT>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="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 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 importance 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We endeavour to engage with companies regarding our voting decisions
to maintain a dialogue on matters of concern.</P>




<P STYLE="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 Process</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">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="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 supplement our own analysis we make use of the benchmark
research and recommendations provided by ISS, a <FONT STYLE="font-family: Times New Roman, Times, Serif">provider of proxy voting
services. In the UK we also make use of the Investment Association</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
(IA) Institutional Voting </FONT>Information Service. We have implemented regional voting policy guidelines with ISS which ISS
applies 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
analyse all proposals marked by ISS as environmental or social proposals.</P>




<P STYLE="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">While it
is most common for us to vote in line with a board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s voting recommendation
we will vote our clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">shares </FONT>against resolutions which
are not consistent with their best interests. We may also vote against resolutions which conflict with local governance guidelines, such
as 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: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In exceptional circumstances we may attend and speak at a
shareholder meeting to reinforce our views to the <FONT STYLE="font-family: Times New Roman, Times, Serif">company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
board.</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">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. Where we lend stock on
behalf of clients, and subject to the terms of client <FONT STYLE="font-family: Times New Roman, Times, Serif">agreements, we hold
the right to recall shares where it is in clients</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">interests
and we take the view that it will impact the </FONT>final vote to maintain full voting weight on a particular meeting or resolution.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our votes are disclosed publicly on our website one day after a general meeting has taken place.</P>




<P STYLE="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>Strategy</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">We invest in companies to create the best outcome for our
clients. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against executive or non-executive directors if we
have serious concerns regarding the oversight or implementation of strategy.</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board of Directors</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">We believe effective board governance promotes the long-term
success and value creation of the company. The board <FONT STYLE="font-family: Times New Roman, Times, Serif">should be responsible
for establishing the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s purpose and strategy,
overseeing management in their </FONT>implementation of strategy and performance against objectives. The board should ensure a
strong framework of control and risk oversight, including material ESG risks. The board should assess and monitor culture and be
engaged with the workforce, shareholders and wider society.</P>




<P STYLE="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>Board Composition</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">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 current 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="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>Leadership</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">Running businesses effectively for the long term requires
effective collaboration and cooperation, with no individual or small group having unfettered powers. Nor should they 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider supporting the re-election of an existing Chair</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
CEO role combination, recognising that this remains common in certain geographies. In reviewing 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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally oppose any move of a retiring CEO to the role of Chair.</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"><B>Independence</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">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 (SID) 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. <FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In assessing a
director</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s independence we will have due regard for whether a
director:</FONT></P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in">(I)</TD><TD>Has been an employee of the company within the last five years.</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%"></TD><TD STYLE="width: 0.35in">(II)</TD><TD>Has had within the last three years a material business relationship with the company.</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%"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(III)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Has received remuneration in addition to director fees or participates in
the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s option or variable incentive schemes, or is a member
of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s pension scheme.</FONT></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%"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(IV)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Has close family ties with any of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
advisers, directors or senior employees.</FONT></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%"></TD><TD STYLE="width: 0.35in">(V)</TD><TD>Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies.</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%"></TD><TD STYLE="width: 0.35in">(VI)</TD><TD>Represents a significant shareholder.</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%"></TD><TD STYLE="width: 0.35in">(VII)</TD><TD>Has served on the board for more than 12 years (or 9 for UK companies).</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">for example,
we are unlikely to vote against shareholder representatives unless their representation is disproportionate to their shareholding.</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"><B>Succession
Planning</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Refreshment</FONT></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">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="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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
succession planning efforts prior to doing so. We may not apply the tenure limit to directors who are founders or shareholder representatives.</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"><B>Diversity</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">We believe that companies that make progress in diversity and inclusion
(D&amp;I) are better positioned for long-term sustainability and outperformance. Diversity of thought, paired with a culture of inclusion,
can help companies to tackle increasingly complex challenges and markets. We expect boards to report on how they promote D&amp;I throughout
the business and believe that setting targets is important to addressing imbalances. We recognise the importance of adopting a regional
approach to diversity and inclusion, allowing us to press for progress with appropriate consideration for the starting point. We have
for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope in relation to diversity
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>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 any clear progress
being made by the company on diversity and any assurance that diversity shortfalls will soon be addressed.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gender Diversity</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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. For smaller companies, we will take this action if
the board does not include at least one female director.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">North America: We will generally vote against the Nomination Committee Chair
of LargeCap companies if the board is not comprised of at least 30% female directors. For smaller companies, we will take this action
if the board does not include at least one female director</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">Ethnic Diversity</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">UK: We will generally vote against the Nomination Committee Chair at the
boards of FTSE 100 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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">US: We will generally vote against the Nomination Committee Chair at the
boards of S&amp;P 1500</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Russell 3000 companies if the board
does not include at least one member from a racial or ethnic minority background.</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"><B>Directors</B></FONT><B>&rsquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">Time Commitment</FONT></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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 for
the ISS classification of </FONT>&lsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">overboarding</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally oppose the re-election of any director who has attended
fewer than 75% of board meetings in two consecutive years.</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"><B>Board Committees</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against committee members if we have concerns regarding
the composition of a committee.</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"><B>Nomination Committee</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">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="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"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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"><B>Audit Committee</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">This
committee has responsibility for monitoring the integrity of the financial statements, reviewing the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
internal financial controls and risk management systems, reviewing the effectiveness of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
internal audit </FONT>function and appointing auditors. While we prefer the committee to be wholly independent, at minimum we expect
the committee to be comprised of a majority of independent directors with an independent Chair and at least one member having recent
and relevant financial experience.</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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"><B>Remuneration Committee</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">This committee is responsible for determining the policy and setting
remuneration for executive and non-executive directors. The committee should ensure that remuneration is aligned with strategy and company
performance and <FONT STYLE="font-family: Times New Roman, Times, Serif">should clearly demonstrate regard for the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
employees, for wider society and be cognisant of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
</FONT>licence to operate when considering policy and the 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. No executive should be involved
in setting their own remuneration.</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Where we have significant concerns regarding the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
remuneration policy or reward outcomes we may escalate these concerns through a vote against the Chair or members of the Remuneration
Committee.</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"><B>Director Accountability</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Where we have significant concerns regarding a board member</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
performance, actions or inaction to address issues raised we may vote against their re-election.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We may vote against directors who decline appropriate requests for meeting
without a clear justification.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally support resolutions to discharge the supervisory board
or management board members 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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will not support the election of directors who are not personally identified
but are proposed as corporations.</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"><B>Reporting</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">A company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
board should present a fair, balanced and understandable assessment of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
position and prospects </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">financial and non-financial </FONT>&ndash;
<FONT STYLE="font-family: Times New Roman, Times, Serif">and of how it has fulfilled its responsibilities. We support the principle of
full </FONT>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 Disclosure (TCFD), the International Integrated Reporting
Council (IIRC), the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI). 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We may consider voting against a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
Annual Report</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Accounts if we have concerns regarding timely
provision or disclosure.</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Political
Donations</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Lobbying</FONT></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">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 <FONT STYLE="font-family: Times New Roman, Times, Serif">political donations that companies deem appropriate </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">and
we expect a clear explanation of why such donations are an </FONT>appropriate use of corporate 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Risk</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
Audit</FONT></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">The board
is responsible for determining the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s risk appetite, establishing
procedures to manage risk and for monitoring the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s internal
controls. We expect boards to conduct robust assessments of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
material </FONT>risks and report to shareholders on risks, controls and effectiveness. The introduction of 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 abrdn
supports the continued development of high quality global accounting standards.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 savings in this respect as the
cost in terms of <FONT STYLE="font-family: Times New Roman, Times, Serif">damage to audit effectiveness and confidence in the
company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s accounts would be much more substantial.</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">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="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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against the auditors if we have concerns regarding
the accounts presented or the audit procedures used.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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"><B>Remuneration</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">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="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">A
company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s annual report should contain an informative
statement of remuneration policy which communicates </FONT>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Base salary should be set at a level appropriate for the role and
responsibility of the executive. We discourage increases which are driven 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A company should structure variable, performance- related pay to
incentivise and reward management in a manner <FONT STYLE="font-family: Times New Roman, Times, Serif">that is aligned with the
company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s sustainable performance and risk appetite over the
long term. We expect all variable </FONT>pay to be capped, preferably as a proportion of base salary. In the UK we expect variable
pay to be capped as a proportion of 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="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">Performance
metrics used to determine variable pay should be clearly disclosed and aligned with the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
</FONT>strategy. A significant portion of performance metrics should seek to measure significant improvements in the underlying financial
performance of the company. We also encourage the inclusion of non-financial metrics linked to targets which <FONT STYLE="font-family: Times New Roman, Times, Serif">are
aligned with the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s progress on its ESG strategy. Where
possible we expect these targets to be quantifiable </FONT>and disclosed.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Variable pay arrangements should 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. 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: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We encourage settlement of a portion of the annual bonus in
shares which are deferred for at least one year.</P>




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




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not generally support restricted share schemes or value
creation plans. We will consider supporting the use of restricted share plans which have been structured consistent with the
guidelines of the Investment Association.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect appropriate malus and clawback provisions to be applied to
variable remuneration plans.</P>




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




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




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="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">Non-executive
fees should reflect the role</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s level of responsibility and
time commitment. We do not support NED</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s </FONT>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="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">In the UK
our expectations of companies are aligned with the Investment Association</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
Principles of Remuneration.</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 any additional help 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="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">In line with
the expectations set out above we will generally vote against the appropriate resolution(s)</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">where:</FONT></P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We consider the overall reward potential or outcome to be excessive.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A significant increase to salary has been granted which is not aligned with
the workforce or is not sufficiently justified.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">There is no appropriate cap on variable incentive schemes.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Performance targets for annual bonus awards are not disclosed retrospectively
and the absence of disclosure is not explained.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Performance targets are not considered sufficiently challenging, either at
threshold, target or maximum.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Relative performance targets allow vesting of awards for below median performance.</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>




<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: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Retesting provisions apply.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Incentives that have been conditionally awarded have been repriced or performance
conditions changed part way through a performance period.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We have concerns regarding the use of discretion or the grant of exceptional
awards.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pension arrangements are excessive.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pension arrangements are not aligned with the wider workforce (UK).</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"><B>Investor 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">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: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Transactions</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will vote on corporate transactions on a case by case 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"><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">We will generally support the payment of dividends but will
scrutinise the proposed level where it appears excessive <FONT STYLE="font-family: Times New Roman, Times, Serif">given the
company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s financial position.</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"><B>Share Capital</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">The board carries responsibility for prudent capital management and
allocation.</P>




<P STYLE="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>Share Issuance</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Where a company seeks a general authority to issue shares we generally expect
this to be limited to 25% of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s share capital for pre-
emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management Guidelines.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Where a company seeks a general authority to issue shares we generally expect
this to be limited to 10% of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will not generally support share issuances at investment trusts unless
there is a commitment that shares would only be issued at a price at or above net asset value.</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">When considering
our votes we will, however, take account of the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s circumstances
and any further detail </FONT>regarding proposed capital issuance authorities prior to voting.</P>




<P STYLE="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">Following
changes to the UK</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Pre-Emption Group Guidelines in November</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2022,
which reflect an increase on previous </FONT>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="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>Buyback</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">We recognise that share buybacks can be a flexible means of returning
cash to shareholders.</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally support buyback authorities of up to 10% of the issued
share capital.</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"><B>Related Party Transactions</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">The
nature of relations </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">particularly any related party
transactions (RPTs) </FONT>&ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">with parent or related companies, or
other major investors, must be disclosed fully. Related party transactions must be agreed on arm</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
length terms and be made </FONT>fully transparent. Where they are material, they should be subject to the approval of independent
shareholders.</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Article/Bylaw amendments</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will vote against amendments which will reduce shareholder rights.</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"><B>Anti-Takeover Defences</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally vote against anti-takeover/</FONT>&lsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">poison
pill</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">proposals.</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>Voting Rights</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are strong
supporters of the principle of </FONT>&lsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">one share, one vote</FONT>&rsquo;
<FONT STYLE="font-family: Times New Roman, Times, Serif">and therefore favour equal voting rights for all </FONT>shareholders.</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will generally vote against proposals which seek to introduce or continue
capital structures with multiple voting rights.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">We will consider voting against proposals to raise new capital at companies
with multiple share classes and voting rights.</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"><B>General Meetings</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">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 <FONT STYLE="font-family: Times New Roman, Times, Serif">concerns to the entire board. We may
make a statement at a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s AGM as a means of escalation
to reinforce our views to a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s board.</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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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"><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="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 effective management of risks extends to long-term issues that
are hard to measure and whose timeframe is <FONT STYLE="font-family: Times New Roman, Times, Serif">uncertain and will include the management
of environmental and social issues. We use the UN Global Compact</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
four </FONT>areas of focus in assessing how companies are performing in this area.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically we expect companies to be able to demonstrate how they
manage their exposures under the following headings.</P>




<P STYLE="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>The Environment</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">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 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that companies will</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Identify, manage and reduce their environmental impacts.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Understand the impact of climate change along the company value chain.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Develop group-level climate policies 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.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Comply with all environmental laws and regulations, or recognised international
best practice as a minimum.</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">Where we
have serious concerns regarding a board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s actions, or inaction,
in relation to the environment we will consider </FONT>taking voting action on an appropriate resolution. 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="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>Labour and employment</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">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, <FONT STYLE="font-family: Times New Roman, Times, Serif">and help reduce damage to reputation and
a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
core labour </FONT>standards. a minimum.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In particular, companies will:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Take affirmative steps to ensure that they uphold decent labour standards.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt strong health and safety policies and programmes to implement such
policies.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt equal employment opportunity and diversity policies and a programme
for ensuring compliance with such policies.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt policies and programmes for investing in employee training and development.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt initiatives to attract and retain talented employees, foster higher
productivity and quality, and encourage in their workforce a commitment to achieving the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
purpose.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ensure policies are in place for a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
suppliers that promote decent labour standards, and programmes are in place to ensure high standards of labour along supply chains.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Report regularly on its policy and implementation of managing human capital.</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">Where we
have serious concerns regarding a board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s actions, or inaction,
in relation to labour and employment we will </FONT>consider taking voting action on an appropriate resolution.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect companies to:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Continually work to understand their actual and potential impacts on human
rights.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish systems that actively ensure respect for human rights.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Take appropriate action to remedy any infringements on human rights.</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">Where we
have serious concerns regarding a board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s actions, or inaction,
in relation to human rights we will consider </FONT>taking voting action on an appropriate resolution.</P>




<P STYLE="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>Business ethics</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">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 <FONT STYLE="font-family: Times New Roman, Times, Serif">effectively, particularly
when it comes to ethical principles governing decision- making. A company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
failure to conform to </FONT>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect companies to have policies in place to support the
following:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ethics at the heart of the organisation</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
governance.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A zero-tolerance policy on bribery and corruption.. How people are rewarded,
as pay can influence behaviour.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Respect for human rights.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax transparency.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ethical training for employees.</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">Where we
have serious concerns regarding a board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s actions, or inaction,
related to business ethics we will consider </FONT>taking voting action on an appropriate resolution.</P>




<P STYLE="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>We will review any resolution at company meetings which ISS has
identified as covering environmental and social factors.</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>The following will detail our overarching approach and expectations.</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">Our approach to vote analysis is consistent across active and quantitative
investment strategies</P>




<P STYLE="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>Review</B> the resolution, proponent and board statements, existing
disclosures, and external research.</P>




<P STYLE="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>Engage</B> with the company, proponents, and other stakeholders
as required.</P>




<P STYLE="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>Involve</B> thematic experts, regional specialists, and investment
analysts in decision-making to harness a wide range of expertise and include all material factors in our analysis.</P>




<P STYLE="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>Ensure</B> consistency by using our own in-house guidance to frame
case-by-case analysis.</P>




<P STYLE="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>Monitor</B> the outcomes of votes.</P>




<P STYLE="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>Follow-up</B> with on-going engagement as required.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 not to vote in favour of all shareholder resolutions but to determine the
best outcome for the company in the context of the best outcome for our clients. There are instances where we are supportive of the
spirit of a resolution however there may be a reason which prevents our support for the proposal. For example, where the purpose of
the resolution is unclear, where the wording is overly prescriptive, when suggested implementation is overly burdensome or <FONT STYLE="font-family: Times New Roman, Times, Serif">where
the proposal strays too closely to the board</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s responsibility
for setting the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s strategy.</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"><B>Management Proposals</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">We are supportive of the steps being taken by companies to
provide transparent, detailed reporting of their ESG strategies and targets. While shareholder proposals on environmental and social
topics have been common on AGM agenda for several years, an increasing number of companies are presenting management proposals, such
as so called <FONT STYLE="font-family: Times New Roman, Times, Serif">&lsquo;say on climate</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">votes,
for shareholder approval. While we welcome the intention of accountability behind these votes, we </FONT>have reservations about the
potential for them to limit the scope for subsequent investor challenge 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 ESG 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 ESG topics and find this dialogue to be the best
opportunity to provide feedback.</P>




<P STYLE="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">We will review
the appropriateness of </FONT>&lsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">say on climate</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">votes
and consider if other voting mechanisms should be applied </FONT>to ensure both Boards and Executives apply the appropriate rigour to
initiate and deliver strategies to support the climate transition.</P>




<P STYLE="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>Shareholder Proposals</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">The number of resolutions focused on environmental and social (E&amp;S)
issues filed by shareholders continues to grow rapidly. The following provides an overview of some of the factors we consider when assessing
the most prevalent themes for shareholder proposals.</P>




<P STYLE="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>Climate Change</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">We are members of the Net Zero Asset Manager Initiatives and this
is reflected in our Active Ownership approach. We encourage the companies in which we invest to demonstrate a robust methodology
underpinning Paris aligned goals and targets and are supportive of resolutions that will help companies to achieve this. Once a
credible climate strategy is in place, we prioritise evidence of implementation over requests to re-draft strategies and targets
after only a year or two.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A growing number of resolutions call on companies to increase the
transparency of their reporting on climate- related lobbying. 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.
Lobbying contrary to the objectives of the Paris Agreement is effective in creating climate policy inertia and impeding the
transition to net zero economies.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not evaluate resolutions in isolation. Our approach recognises
the links between corporate governance, strategy <FONT STYLE="font-family: Times New Roman, Times, Serif">and climate approach. Where
a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s operational response to climate change is inadequate,
the effectiveness of </FONT>board oversight and corporate governance may also be called into question.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect and encourage companies to:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Demonstrate that a robust methodology underpins Paris aligned, net zero goals
and targets.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Set targets for absolute emission reduction, not just carbon intensity, to
show a clear pathway to net zero.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Report in alignment with the TCFD framework.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Link targets to remuneration and ensure they are reflected in capital expenditure
and R&amp;D plans.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Carefully manage climate-related lobbying by ensuring appropriate oversight,
transparent disclosure of activities, and alignment of activities with the company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
strategy and publicly stated positions.</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"><B>Diversity</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
Inclusion</FONT></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">Diversity</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
Inclusion (D&amp;I) is an important and growing theme for shareholder resolutions. In recent years resolutions </FONT>have focussed
on racial equity audits, pay gap reporting, transparent disclosure of D&amp;I metrics and assessments of the efficacy of D&amp;I
programmes.</P>




<P STYLE="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">A racial
equity audit is an independent analysis of a company</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s
business practices designed to identify practices that </FONT>may have a discriminatory effect. We are supportive of racial equity
audits in relation to internal and external D&amp;I programmes. It is appropriate that these programmes should have KPIs and audit
mechanisms in place to measure and evaluate outcomes. Some proposals request racial equity audits of provision of services. We are
aware that measuring provision of service is challenging and gathering racial data on customers can be difficult and inappropriate.
There are also multiple different factors that can influence service provision and which could be misconstrued as being racially
motivated. We will however, support resolutions which are not unduly prescriptive and allow companies to carry out audits within a
reasonable timeframe, at a reasonable cost, and excluding confidential or proprietary 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"></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">We consider standardised gender pay gap disclosure to be an important
tool for assessing how companies are addressing gender inequality. Reporting on gender pay gaps across global operations can help companies
to remain ahead of the regulatory curve. It also enables them to offer better opportunities and remuneration for women around the world.
We are therefore supportive of resolutions which are likely to deliver these benefits. Proposals must be carefully drafted to achieve
these outcomes. For instance, in the past we have been unable to support resolutions which called for global median gender and racial
pay gap reporting as it was unclear how this would reveal potential pay disparities at a local level and how it could be implemented
by companies with operations in jurisdictions where collection of racial identity data is illegal.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the US market we support public disclosure of EEO-1 forms by
companies. The EEO-1 form details a comprehensive breakdown of workforce by race and gender according to ten employment categories.
The form is submitted privately to the US Equal Employment Opportunity Commission on an annual basis. When publicly disclosed, it
offers investors and other stakeholders data in a standardised and comparable form. We have used our engagement programme to ask the
companies in which we invest to disclose this form for their US operations while making it central to our D&amp;I voting approach
and supporting resolutions that request 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"><B>Human 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">As a supporter of the UN Guiding Principles on Business and Human
Rights (UNGPs), 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. In recent years the sale and end-use of controversial
technologies, such as facial recognition software, has emerged as a prominent theme.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect and encourage companies to:</P>




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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Have robust due diligence processes to assess the actual and potential human
rights impacts of their operations, services, product use and supply chain.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Conduct customer and supplier vetting processes commensurate with the risk
of human rights abuse.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Publicly disclose information about the operation of these processes and
utilise the UNGPs</FONT>&rsquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting Framework. This will improve the standard
and consistency of human rights reporting and enable more informed investment decision making.</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"><B>Corporate
Lobbying</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp; Political Contributions</FONT></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">Corporate lobbying and political contributions are 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. This disclosure should be underpinned by a coherent
policy that: explains public policy priorities and the rationale for associated expenditure, identifies the management positions responsible
for public policy engagement, and provides appropriate mechanisms for board oversight. These measures should mitigate the risks associated
with corporate lobbying and political contributions, protecting the interest of shareholders and other stakeholders.</P>




<P STYLE="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>Nuclear Energy</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">In the Japanese market nuclear energy is a recurrent theme of
shareholder resolutions. The Japanese government is <FONT STYLE="font-family: Times New Roman, Times, Serif">seeking to reduce the
nation</FONT>&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">s reliance on coal and its energy strategy presents
safe nuclear power generation as an </FONT>important source of base-load power. In this context, resolutions which seek to limit or
cease the nuclear operations of an <FONT STYLE="font-family: Times New Roman, Times, Serif">individual company do not appear to be
in the best interests of shareholders and other stakeholders. The health</FONT>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&amp;
safety </FONT>risks associated with nuclear energy are high, must be managed carefully across the industry, and are an important
consideration in our voting.</P>




<P STYLE="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 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">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. abrdn 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: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any research or analysis used in the preparation of this document
has been procured by abrdn 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. abrdn 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 abrdn.</P>




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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn plc is registered in Scotland (SC286832) at 1 George Street,
Edinburgh EH2 2LL.</P>




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




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<TYPE>EX-99.19(E)
<SEQUENCE>7
<FILENAME>tm2528073d11_ex99-19xe.htm
<DESCRIPTION>EXHIBIT 99.19(E)
<TEXT>
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<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.19(e)(1)</b></p>








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


<p style="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="tm2528073d11_ex99-19e1img001.jpg" alt=""></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="tm2528073d11_ex99-19e1img002.jpg" alt="">&#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"><b>FOR IMMEDIATE RELEASE</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>For More Information Contact:</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Aberdeen Investments U.S. Closed-End Funds</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Investor Relations</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">1-800-522-5465</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Investor.Relations@aberdeenplc.com</p>


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


<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>ABERDEEN INVESTMENTS U.S. CLOSED-END
FUNDS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ANNOUNCE DISTRIBUTION PAYMENT DETAILS</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">(Philadelphia, September&#xa0;30, 2025) - The <font style="text-decoration:underline">Aberdeen Investments
U.S. Closed-End Funds</font> (NYSE: ASGI, HQH, HQL,&#xa0;IFN, THQ), (NYSE American: IAF) (the &#x201c;Funds&#x201d; or individually the &#x201c;Fund&#x201d;),
today announced that the Funds paid the distributions noted in the table below on September&#xa0;30, 2025, on a per share basis to all
shareholders of record as of September&#xa0;23, 2025 (ex-dividend date September&#xa0;23, 2025). These dates apply to the Funds listed
below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund,&#xa0;Inc.
(IAF) and the India Fund Inc. (IFN) which paid on September&#xa0;30, 2025, to all shareholders of record as of August&#xa0;22, 2025 (ex-dividend
date August&#xa0;22, 2025).</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; border-bottom: Black 1pt solid">Ticker</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Exchange</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Amount</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: 20%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">ASGI</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 20%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Global Infrastructure Income Fund</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2100</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">HQH</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Healthcare Investors</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.5100</td><td style="padding-bottom: 1pt; 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; padding-bottom: 1pt">HQL</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Life Sciences Investors</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4200</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">IAF</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">NYSE American</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Australia Equity Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1200</td><td style="padding-bottom: 1pt; 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; padding-bottom: 1pt">IFN</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">The India Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4300</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">THQ</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Healthcare Opportunities Fund</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1800</td><td style="padding-bottom: 1pt; 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">Each Fund has adopted a distribution policy to provide investors with
a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors
(HQL), abrdn Australia Equity Fund,&#xa0;Inc. (IAF) and the India Fund Inc. (IFN) the stock distributions were automatically paid in newly
issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the
lower of the net asset value (&#x201c;NAV&#x201d;) per share or the market price per share with a floor for the NAV of not less than 95%
of the market price on September&#xa0;17, 2025. The reinvestment prices per share for these distributions were as follows: $16.50 for
abrdn Healthcare Investors (HQH); $13.95 for abrdn Life Sciences Investors (HQL); $4.63 for abrdn Australia Equity Fund,&#xa0;Inc. (IAF)
and $15.14 for the India Fund,&#xa0;Inc. (IFN). Fractional shares were generally settled in cash, except for registered shareholders with
book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.</p>


<p style="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 have received the abrdn Healthcare Investors (HQH), abrdn Life
Sciences Investors (HQL), abrdn Australia Equity Fund,&#xa0;Inc. (IAF) and the India Fund Inc. (IFN) quarterly distributions payable
in September&#xa0;2025 in cash instead of shares of common stock, for shareholders who hold shares in &#x201c;street name,&#x201d; the
bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to the full and fractional shares
for which they want the distribution paid in cash by September&#xa0;16, 2025; and for shares that are held in registered form,
written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services
prior to September&#xa0;16, 2025.</p>


<p style="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">Under applicable U.S. tax rules, the amount and character of
distributable income for each Fund&#x2019;s fiscal year can be finally determined only as of the end of the Fund&#x2019;s fiscal year.
However, under Section&#xa0;19 of the Investment Company Act of 1940, as amended (the &#x201c;1940 Act&#x201d;) and related rules, the
Funds may be required to indicate to shareholders the estimated source of certain distributions to 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">The following tables set forth the estimated amounts of the sources
of the distributions for purposes of Section&#xa0;19 of the 1940 Act and the rules&#xa0;adopted thereunder. The tables have been computed
based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.</p>


<p style="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 Funds&#x2019; estimated sources of the current distribution paid
this month and for its current fiscal year to date are as follows:</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="37" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated Amounts of Current Distribution per Share</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Distribution <br> Amount</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Investment <br> Income</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Short-<br> Term Gains**</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Long-<br> Term Gains</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Return of Capital</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</font></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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2100</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0252</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0063</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0714</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">34</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1071</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQH</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.5100</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1020</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">20</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4080</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">80</td><td style="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQL</font></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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4200</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2461</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">59</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1739</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1200</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0132</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0348</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">29</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0720</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">60</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFN</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4300</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4300</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THQ</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1800</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0018</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1782</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">99</td><td style="padding-bottom: 1pt; 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>


<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="37" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Distribution<br> Amount</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net
    Investment Income</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="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Net Realized<br>
 Short-Term<br>
 Gains **</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Long-Term<br>
 Gains</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="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Return of <br>
Capital</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</font></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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">2.4400</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2928</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0732</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.8296</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">34</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.2444</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">51</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQH</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2.2400</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4480</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">20</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.7920</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">80</td><td style="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQL</font></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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.8200</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.0665</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">59</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7535</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4900</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0539</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1421</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">29</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2940</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">60</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFN</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.3000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.3000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THQ</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2.1600</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0216</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2.1384</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">99</td><td style="padding-bottom: 1pt; 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">* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF has a 10/31
fiscal year end. IFN has a 12/31 fiscal year end.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**includes currency 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">Where the estimated amounts above show a portion of the distribution
to be a &#x201c;Return of Capital,&#x201d; it means that Fund estimates that it has distributed more than its income and capital gains;
therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the
money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#x2019;s
investment performance and should not be confused with &#x201c;yield&#x201d; or &#x201c;income.&#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>The amounts and sources of distributions reported in this notice
are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for
the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend
upon the Fund&#x2019;s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations.
After the end of each calendar year, a Form&#xa0;1099-DIV will be sent to shareholders for the prior calendar year that will tell you
how to report these distributions for federal income tax purposes.</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 following tables provide the Funds&#x2019; total return performance
based on net asset value (NAV) over various time periods compared to the Funds&#x2019; annualized and cumulative distribution rates.</p>


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


<table cellpadding="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="17" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund Performance and Distribution Rate Information</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</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">Average<br>
    Annual Total<br> Return on NAV<br> for the 5 Year<br> Period Ending<br> 08/31/2025<sup>1</sup></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">Current Fiscal<br> Period&#x2019;s<br> Annualized<br> Distribution<br> Rate on NAV</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">Cumulative<br>
    Total Return<br> on NAV<sup>1</sup></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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Cumulative<br>
    Distribution<br> Rate on NAV<sup>2</sup></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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</font></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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">9.97</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.61</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.68</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.60</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THQ</font></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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">4.64</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.21</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-14.06</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11.19</td><td style="padding-bottom: 1pt; 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"><sup>1</sup> Return data is net of all Fund expenses and fees and
assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&#x2019;s dividend reinvestment plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>2</sup> Based on the Fund&#x2019;s NAV as of August&#xa0;31, 2025.</p>


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


<table cellpadding="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="17" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund Performance and Distribution Rate Information</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund</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">Average <br> Annual Total<br> Return on NAV<br> for the 5 Year <br> Period Ending<br> 07/31/2025&#xb9;</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">Current Fiscal<br> Period&#x2019;s <br> Annualized<br> Distribution<br> Rate on NAV</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">Cumulative<br>
    Total Return<br> on NAV<sup>1</sup></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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Cumulative<br>
    Distribution<br> Rate on NAV<sup>2</sup></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: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">HQH</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.44</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">13.11</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">-5.37</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">9.99</td><td style="width: 1%; padding-bottom: 1pt; 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: center; padding-bottom: 1pt">HQL</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">3.50</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.55</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-1.18</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">9.60</td><td style="padding-bottom: 1pt; 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: center; padding-bottom: 1pt">IAF</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.33</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">9.78</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">8.69</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7.39</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="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">IFN</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.89</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.27</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-5.05</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5.29</td><td style="padding-bottom: 1pt; 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"><sup>1</sup> Return data is net of all Fund expenses and fees and
assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&#x2019;s dividend reinvestment plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>2</sup> Based on the Fund&#x2019;s NAV as of July&#xa0;31, 2025.</p>


<p style="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>Shareholders should not draw any conclusions about a Fund&#x2019;s
investment performance from the amount of the Fund&#x2019;s current distributions or from the terms of the distribution policy (the &#x201c;Distribution
Policy&#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"><b>The value at which a closed-end fund stock may trade on a public
exchange is a function of external market factors that are not at the control of the Fund&#x2019;s Board or Investment Advisor. Closed-end
Fund shares may therefore trade at a premium or a discount to net asset value at any given time.</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>Shareholders should be aware that a fund trading at a premium to
net asset value may not be sustainable and a fund&#x2019;s discount to net asset value, can widen as well as narrow. Shareholders of a
fund trading at a premium who participate in that fund&#x2019;s dividend reinvestment plan should note the reinvestment of distributions
may occur at a premium to net asset value.</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While NAV performance may be indicative of the Fund&#x2019;s
investment performance, it does not measure the value of a shareholder&#x2019;s investment in the Fund. The value of a
shareholder&#x2019;s investment in the Fund is determined by the Fund&#x2019;s market price, which is based on the supply and demand
for the Fund&#x2019;s shares in the open 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">Pursuant to an exemptive order granted by the Securities and Exchange
Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section&#xa0;19(b)&#xa0;under
the 1940 Act and Rule&#xa0;19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.</p>


<p style="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 payment of distributions in accordance with the Distribution
Policy may result in a decrease in the Fund&#x2019;s net assets. A decrease in the Fund&#x2019;s net assets may cause an increase in
the Fund&#x2019;s annual operating expense ratio and a decrease in the Fund&#x2019;s market price per share to the extent the market
price correlates closely to the Fund&#x2019;s net asset value per share. The Distribution Policy may also negatively affect the
Fund&#x2019;s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the
distribution. Each Fund&#x2019;s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The
amendment, suspension or termination of the Distribution Policy may affect the Fund&#x2019;s market price per share. Investors should
consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular
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"><font style="text-decoration:underline">Circular 230 disclosure</font>: To ensure compliance with requirements
imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i)&#xa0;avoiding penalties under the Internal Revenue Code or
(ii)&#xa0;promoting, marketing or recommending to another party any transaction or matter addressed herein.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Investments Global is the trade name of Aberdeen's investments
business, herein referred to as "Aberdeen Investments" or "Aberdeen". In the United States, Aberdeen Investments refers
to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closed-end funds are traded on the secondary market through one
of the stock exchanges. A Fund&#x2019;s investment return and principal value will fluctuate so that an investor&#x2019;s shares may
be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund&#x2019;s portfolio. There is no assurance that a Fund will achieve its investment objective. Past
performance does not guarantee future results.</p>


<p style="font: 10pt 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-decoration:underline">Closed end funds | Aberdeen</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">###</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="tm2528073d11_ex99-19xex2.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2528073-11/tm2528073-11_ncsrseq1" -->

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.19(e)(2)</b></p>








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


<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><img src="tm2528073d11_ex99-19e1img001.jpg" alt=""></p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="tm2528073d11_ex99-19e1img002.jpg" alt="">&#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"><b>FOR IMMEDIATE RELEASE</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>For More Information Contact:</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Aberdeen Investments U.S. Closed-End Funds</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Investor Relations</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">1-800-522-5465</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in">Investor.Relations@aberdeenplc.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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ABERDEEN INVESTMENTS U.S. CLOSED-END
FUNDS</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ANNOUNCE DISTRIBUTION PAYMENT DETAILS</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">(Philadelphia, June 30, 2025) - The <font style="text-decoration:underline">Aberdeen Investments U.S. Closed-End
Funds</font> (NYSE: ASGI, HQH, HQL, IFN, THQ), (NYSE American: IAF) (the &#x201c;Funds&#x201d; or individually the &#x201c;Fund&#x201d;), today
announced that the Funds paid the distributions noted in the table below on June 30, 2025, on a per share basis to all shareholders of
record as of June 23, 2025 (ex-dividend date June 23, 2025). These dates apply to the Funds listed below with the exception of abrdn
Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF) and the India Fund Inc. (IFN)
which paid on June 30, 2025, to all shareholders of record as of May 22, 2025 (ex-dividend date May 22, 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; border-collapse: collapse; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Ticker</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Exchange</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Amount</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-bottom: 1pt">ASGI</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left; padding-bottom: 1pt">abrdn Global Infrastructure Income Fund</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 20%; text-align: right">0.2100</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">HQH</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Healthcare Investors</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.5400</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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; padding-bottom: 1pt">HQL</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Life Sciences Investors</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.4300</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">IAF</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">NYSE American</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Australia Equity Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.1200</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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; padding-bottom: 1pt">IFN</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">The India Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.4100</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">THQ</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">NYSE</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">abrdn Healthcare Opportunities Fund</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">0.1800</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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">Each Fund has adopted a distribution policy to provide investors with
a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.</p>




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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the abrdn Healthcare Investors (HQH), abrdn Life Sciences
Investors (HQL), abrdn Australia Equity Fund,&#xa0;Inc. (IAF) and the India Fund Inc. (IFN) the stock distributions were
automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of
common stock were issued at the lower of the net asset value (&#x201c;NAV&#x201d;) per share or the market price per share with a
floor for the NAV of not less than 95% of the market price on June&#xa0;17, 2025. The reinvestment prices per share for these
distributions were as follows: $15.32 for abrdn Healthcare Investors (HQH); $12.60 for abrdn Life Sciences Investors (HQL); $4.44
for abrdn Australia Equity Fund,&#xa0;Inc. (IAF) and $15.94 for the India Fund,&#xa0;Inc. (IFN). Fractional shares were generally
settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and
fractional shares added to their account.</p>


<p style="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 have received the abrdn Healthcare Investors (HQH), abrdn Life Sciences
Investors (HQL), abrdn Australia Equity Fund,&#xa0;Inc. (IAF) and the India Fund Inc. (IFN) quarterly distributions payable in June&#xa0;2025
in cash instead of shares of common stock, for shareholders who hold shares in &#x201c;street name,&#x201d; the bank, brokerage or nominee
who holds the shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution
paid in cash by June&#xa0;16, 2025; and for shares that are held in registered form, written notification for the election of cash by
registered shareholders must have been received by Computershare Investor Services prior to June&#xa0;16, 2025.</p>


<p style="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">Under applicable U.S. tax rules, the amount and character of
distributable income for each Fund&#x2019;s fiscal year can be finally determined only as of the end of the Fund&#x2019;s fiscal year.
However, under Section&#xa0;19 of the Investment Company Act of 1940, as amended (the &#x201c;1940 Act&#x201d;) and related rules, the
Funds may be required to indicate to shareholders the estimated source of certain distributions to 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">The following tables set forth the estimated amounts of the sources
of the distributions for purposes of Section&#xa0;19 of the 1940 Act and the rules&#xa0;adopted thereunder. The tables have been computed
based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions
paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment
income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions
of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses
on securities and currencies.</p>


<p style="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 Funds&#x2019; estimated sources of the current distribution paid
this month and for its current fiscal year to date are as follows:</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="37" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated Amounts of Current Distribution per Share</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Distribution<br> Amount</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Investment <br> Income</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Short-<br> Term Gains**</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Long-<br> Term Gains</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Return of Capital</td><td style="text-align: center; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</font></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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2100</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0252</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0042</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0861</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0945</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">45</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQH</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.5400</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2322</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">43</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0486</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">9</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2592</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">48</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQL</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4300</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1986</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0916</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">21</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1398</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1200</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0120</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0264</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">22</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0816</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">68</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFN</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4100</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4100</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THQ</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1800</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0126</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1674</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">93</td><td style="padding-bottom: 1pt; 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>


<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="37" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fund</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Distribution<br> Amount</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Investment Income</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Net Realized<br> Short-Term<br> Gains **</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Net Realized Long-Term<br> Gains</td><td style="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="6" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Return of <br> Capital</td><td style="text-align: center; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI</font></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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">1.8100</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2172</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0362</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7421</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="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">41</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.8145</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right">45</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQH</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.7300</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7439</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">43</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1557</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">9</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.8304</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">48</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HQL</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.4000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.6468</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2982</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">21</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.4550</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">33</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IAF</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.3700</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0370</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0814</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">22</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.2516</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">68</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFN</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.8700</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.8700</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THQ</font></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.6200</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1134</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1.5066</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">93</td><td style="padding-bottom: 1pt; 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">* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF has a 10/31
fiscal year end. IFN has a 12/31 fiscal year end.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">**includes currency 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">Where the estimated amounts above show a portion of the distribution
to be a &#x201c;Return of Capital,&#x201d; it means that Fund estimates that it has distributed more than its income and capital gains;
therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the
money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#x2019;s
investment performance and should not be confused with &#x201c;yield&#x201d; or &#x201c;income.&#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">As of June&#xa0;20, 2025, after giving effect to this payment HQL estimates
it has a net deficit $2,445,453. of A net deficit results when the Fund has net unrealized losses that are in excess of any net realized
gains that have not yet been distributed.</p>


<p style="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 amounts and sources of distributions reported in this notice
are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for
the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend
upon the Fund&#x2019;s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations.
After the end of each calendar year, a Form&#xa0;1099-DIV will be sent to shareholders for the prior calendar year that will tell you
how to report these distributions for federal income tax purposes.</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 following tables provide the Funds&#x2019; total return performance
based on net asset value (NAV) over various time periods compared to the Funds&#x2019; annualized and cumulative distribution rates.</p>


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


<table cellpadding="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="17" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund Performance and Distribution Rate Information</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund</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">Average<br>
    Annual Total<br> Return on NAV<br> for the 5 Year<br> Period Ending<br> 05/31/2025<sup>1</sup></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">Current Fiscal<br> Period&#x2019;s<br> Annualized<br> Distribution<br> Rate on NAV</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">Cumulative
    <br> Total Return<br> on NAV<sup>1</sup></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">Cumulative
    <br> Distribution<br> Rate on NAV<sup>2</sup></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: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASGI<b><sup>3</sup></b></font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; 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">%<sup>3</sup></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><sup>&#xa0;</sup></td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.35</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.93</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.54</td><td style="width: 1%; padding-bottom: 1pt; 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: center; padding-bottom: 1pt">THQ</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5.03</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.22</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-16.81</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">8.15</td><td style="padding-bottom: 1pt; 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"><sup>1</sup> Return data is net of all Fund expenses and fees and
assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&#x2019;s dividend reinvestment plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>2</sup> Based on the Fund&#x2019;s NAV as of May&#xa0;31, 2025.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>3</sup> The Fund launched within the past 5 years; the performance
and distribution rate information presented reflects data from inception (July&#xa0;29, 2020) through May&#xa0;31, 2025.</p>


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


<table cellpadding="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td colspan="17" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund Performance and Distribution Rate Information</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fund</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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br> Annual Total<br> Return on NAV<br> for the 5 Year<br> Period Ending<br> 04/30/2025<sup>1</sup></b></font></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">Current Fiscal<br> Period&#x2019;s<br> Annualized<br> Distribution<br> Rate on NAV</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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"><b>Cumulative <br> Total Return<br> on NAV<sup>1</sup></b></p></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: justify; border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Cumulative<br>
 Distribution<br>
 Rate on NAV<sup>2</sup></b></p></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: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">HQH</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">4.82</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">13.01</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">-5.48</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: right">6.64</td><td style="width: 1%; padding-bottom: 1pt; 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: center; padding-bottom: 1pt">HQL</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">3.78</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">13.45</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-6.93</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">6.83</td><td style="padding-bottom: 1pt; 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: center; padding-bottom: 1pt">IAF</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">12.39</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.40</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-0.50</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5.31</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">14.16</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.68</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">-3.10</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">2.67</td><td style="padding-bottom: 1pt; 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"><sup>1</sup> Return data is net of all Fund expenses and fees and
assumes the reinvestment of all distributions reinvested at prices obtained under the Fund&#x2019;s dividend reinvestment plan.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>2</sup> Based on the Fund&#x2019;s NAV as of April&#xa0;30, 2025.</p>


<p style="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>Shareholders should not draw any conclusions about a Fund&#x2019;s
investment performance from the amount of the Fund&#x2019;s current distributions or from the terms of the distribution policy (the &#x201c;Distribution
Policy&#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"></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">While NAV performance may be indicative of the Fund&#x2019;s
investment performance, it does not measure the value of a shareholder&#x2019;s investment in the Fund. The value of a
shareholder&#x2019;s investment in the Fund is determined by the Fund&#x2019;s market price, which is based on the supply and demand
for the Fund&#x2019;s shares in the open 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">Pursuant to an exemptive order granted by the Securities and Exchange
Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section&#xa0;19(b)&#xa0;under
the 1940 Act and Rule&#xa0;19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term
capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally
taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower
rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment
company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits,
and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed
the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held
at the date such amount is received.</p>


<p style="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 payment of distributions in accordance with the Distribution
Policy may result in a decrease in the Fund&#x2019;s net assets. A decrease in the Fund&#x2019;s net assets may cause an increase in
the Fund&#x2019;s annual operating expense ratio and a decrease in the Fund&#x2019;s market price per share to the extent the market
price correlates closely to the Fund&#x2019;s net asset value per share. The Distribution Policy may also negatively affect the
Fund&#x2019;s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would
hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the
distribution. Each Fund&#x2019;s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The
amendment, suspension or termination of the Distribution Policy may affect the Fund&#x2019;s market price per share. Investors should
consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular
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"><font style="text-decoration:underline">Circular 230 disclosure</font>: To ensure compliance with requirements
imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i)&#xa0;avoiding penalties under the Internal Revenue Code or
(ii)&#xa0;promoting, marketing or recommending to another party any transaction or matter addressed herein.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aberdeen Investments Global is the trade name of Aberdeen's investments
business, herein referred to as "Aberdeen Investments" or "Aberdeen". In the United States, Aberdeen Investments refers
to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.</p>


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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closed-end funds are traded on the secondary market through one
of the stock exchanges. A Fund&#x2019;s investment return and principal value will fluctuate so that an investor&#x2019;s shares may
be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund&#x2019;s portfolio. There is no assurance that a Fund will achieve its investment objective. Past
performance does not guarantee future results.</p>


<p style="font: 10pt 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-decoration:underline">Closed end funds | Aberdeen</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">###</p>


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


<p style="margin: 0"></p>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
