<SEC-DOCUMENT>0001104659-16-119164.txt : 20160509
<SEC-HEADER>0001104659-16-119164.hdr.sgml : 20160509
<ACCEPTANCE-DATETIME>20160509150451
ACCESSION NUMBER:		0001104659-16-119164
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20160622
FILED AS OF DATE:		20160509
DATE AS OF CHANGE:		20160509
EFFECTIVENESS DATE:		20160509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN JAPAN EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000866095
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		161631322

	BUSINESS ADDRESS:	
		STREET 1:		C/O ABERDEEN ASSET MANAGEMENT INC.
		STREET 2:		1735 MARKET STREET, 32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2154055700

	MAIL ADDRESS:	
		STREET 1:		C/O ABERDEEN ASSET MANAGEMENT INC.
		STREET 2:		1735 MARKET STREET, 32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a16-9357_1def14a.htm
<DESCRIPTION>PRE 14A
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">UNITED STATES<br>  </font></b><b><font size="4" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SCHEDULE 14A</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE 14A INFORMATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Statement Pursuant to Section 14(a) of<br> the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by the Registrant&nbsp;&nbsp;</font><font face="Wingdings">x</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other than the   Registrant</font>&nbsp;&nbsp;<font face="Wingdings">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box:</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for   Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Additional Materials</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material under &#167;240.14a-12</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">Aberdeen Japan   Equity Fund, Inc.</font></b></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name   of Registrant as Specified In Its Charter)</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name   of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing Fee (Check the   appropriate box):</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per   Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>    </td>
<td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to   which transaction applies:</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>    </td>
<td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of securities to   which transaction applies:</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>    </td>
<td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per unit price or other underlying   value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth   the amount on which the filing fee is calculated and state how it was   determined):</font></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>    </td>
<td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of   transaction:</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>    </td>
<td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously with preliminary   materials.</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any part of the fee is   offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing   for which the offsetting fee was paid previously. Identify the previous   filing by registration statement number, or the Form or Schedule and the date   of its filing.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration   Statement No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0pt 0pt 14pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:22pt;"><b><i>Aberdeen Japan Equity Fund, Inc.</i></b></font></p>
<p style="margin:0pt 0pt 24pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>NOTICE OF THE ANNUAL MEETING OF STOCKHOLDERS<BR>JUNE 22, 2016</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To the Stockholders of<BR>Aberdeen Japan Equity Fund, Inc.:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of the Aberdeen Japan Equity Fund, Inc., a Maryland corporation (the "Fund"), will be held at the offices of Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor Philadelphia, Pennsylvania 19103, on Wednesday, June 22, 2016, at 11:00 a.m., Philadelphia time, for the following purposes:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.&nbsp;&nbsp;To consider and vote upon the election of two Class II Directors of the Fund, to serve until the 2019 Annual Meeting of Stockholders and until each such Director's successor is duly elected and qualifies, and to consider and vote upon the election of one Class III Director of the Fund, to serve until the 2017 Annual Meeting of Stockholders and until such Director's successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.&nbsp;&nbsp;To transact such other business as may properly come before the Meeting or any adjournments or postponements thereof.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The proposed election of Directors (the "Proposal") is discussed in greater detail in the enclosed Proxy Statement. You are entitled to notice of, and to vote at, the Annual Meeting of the Fund if you owned shares of the Fund at the close of business on April 29, 2016 (the "Record Date"). If you attend the Annual Meetings, you may vote your shares in person.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">You are cordially invited to attend the Meeting. Any stockholder who does not expect to attend the Meeting in person is requested to vote by proxy over the Internet, by telephone or by completing, dating and signing the enclosed proxy card and returning it promptly. You may nevertheless vote in person at the Meeting if you choose to attend. All persons wishing to be admitted to an Annual Meeting must present photo identification. If you plan to attend the Annual Meeting, we ask that you call us in advance at 1-800-522-5465.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">This notice and related proxy materials are first being mailed to stockholders on or about May 6, 2016.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings of Shareholders to Be Held on June 22, 2016: This Notice, the Proxy Statement and the form of proxy cards are available on the Internet at http://www.aberdeen-asset.us/cef. On this website, you will be able to access the Notice, the Joint Proxy Statement, the form of proxy card(s) and any amendments or supplements to the foregoing material that are required to be furnished to shareholders.</b></font></p>
<p style="margin:6pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">/s/ Megan Kennedy</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Megan Kennedy</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Vice President and Secretary of the Fund</i></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING IN PERSON, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE ANNUAL MEETING. ACCORDINGLY, YOU ARE REQUESTED TO PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD FOR THE ANNUAL MEETING PROMPTLY, OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD BE RETURNED PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">May 6, 2016</font></p>
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<p style="margin:0pt 0pt 5pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:18pt;"><b><i>Aberdeen Japan Equity Fund, Inc.</i></b></font></p>
<p style="margin:6pt 0pt 7pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>PROXY STATEMENT</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INTRODUCTION</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board") of the ABERDEEN JAPAN EQUITY FUND, INC., a Maryland corporation (the "Fund"), for use at the Annual Meeting of Stockholders (the "Meeting"), to be held at the offices of Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor Philadelphia, Pennsylvania 19103, on Wednesday, June 22, 2016, at 11:00 a.m., Philadelphia time and at any adjournments thereof. A Notice of Annual Meeting of Stockholders and a proxy card accompany this Proxy Statement. This Proxy Statement and proxy card are first being made available to stockholders on or about May 6, 2016.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">All properly executed proxy cards received in time for the Meeting will be voted as specified in the proxy card or, if no specification is made, FOR the proposed election of Directors (the "Proposal"). The persons named as proxy holders on the Proxy will vote in their discretion on any other matters that may properly come before the Meeting or any adjournments or postponements thereof. Any stockholder giving a proxy in advance of the Meeting has the power to revoke it by mail (addressed to the Secretary of the Fund, c/o Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103), by executing a superseding proxy or by attending the Meeting in person and voting at the Meeting. Shares owned by any stockholder who attends the Meeting but does not cast a vote are included in the determination of the number of shares present at the Meeting. Stockholders do not have dissenter's rights of appraisal in connection with any of the matters to be voted on by the stockholders at the Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The presence at the Meeting, in person or by proxy, of the stockholders entitled to cast a majority of all the votes entitled to be cast at the Meeting on any matter shall be necessary and sufficient to constitute a quorum for the transaction of business. For purposes of determining the presence of a quorum at the Meeting, abstentions and broker 'non-votes' (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular proposal with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present at the Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">With regard to approval of the Proposal, the affirmative vote of a majority of the votes cast at the Meeting at which a quorum is present is necessary for the election of a Director. For purposes of the election of Directors for the Fund, any abstentions or broker 'non-votes' will not be counted as votes cast and will have no effect on the result of the vote.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On September 16, 2015, the Fund announced that the Board of Directors adopted certain corporate governance guidelines for the Fund which became effective September 30, 2015. The corporate governance guidelines include (i) a resignation policy which generally provides that an Independent Director, in an uncontested election, who does not receive a majority of votes "FOR" his or her election at a meeting of shareholders shall be deemed to have tendered his or her resignation, subject to the Board's acceptance or rejection of such resignation, which Board determination will be disclosed publicly to Fund stockholders; and (ii) a policy requiring that after an Independent Director has served on the Board for three consecutive terms of three years following the engagement of the existing investment manager of the Fund that Independent Director will be put forth for consideration by shareholders annually. The failure to obtain a majority of votes cast will trigger the resignation policy described above.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a quorum is not present in person or by proxy at the time a Meeting is called to order, the chairman of the Meeting may adjourn the Meeting. If a quorum is present but there are not sufficient votes to approve a Proposal, the chairman of the Meeting may adjourn the Meeting, or may permit the persons named as proxy holders to propose one or more adjournments of the Meeting, to permit further solicitation of proxies on that Proposal. If the persons named as proxy holders propose to adjourn the Meeting, the vote required for shareholders to adjourn the Meeting is the affirmative vote of a majority of all the votes cast on the matter. In such a case, the persons named as proxy holders will vote those proxies which they are entitled to vote in favor of the Proposal "FOR" the adjournment as to that Proposal, and will vote those proxies required to be voted against the Proposal "AGAINST" the adjournment as to that Proposal. For purposes of votes with respect to adjournment, broker non-votes and abstentions will not be counted as votes cast and will have no effect on the result of the vote. If the motion for adjournment is not approved, the voting on that Proposal will be completed at the Meeting. Absent the establishment of a subsequent record date and the giving of notice to the holders of record thereon, the adjourned Meeting must take place not more than 120 days after the record date. At such adjourned Meeting, any business may be transacted which might have been transacted at the original Meeting. If a quorum is present, a shareholder vote may be taken on one or more of the proposals properly brought before the Meeting prior to any adjournment if sufficient votes have been received and it is otherwise appropriate.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board has fixed the close of business on April 29, 2016 as the record date (the "Record Date") for the determination of stockholders entitled to notice of and to vote at the Meeting and at any adjournments thereof. Stockholders on the Record Date will be entitled to one vote for each share held, with no shares having cumulative voting rights. As of the Record Date, the Fund had outstanding 13,600,536 shares of common stock.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's management knows of no business other than that mentioned in the Notice of Meeting, which will be presented for consideration at the Meeting. If any other matter is properly presented, it is the intention of the persons named in the proxy card to vote in accordance with their discretion.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to Be Held on Wednesday, June 22, 2016 at 1735 Market Street, 32nd Floor, Philadelphia, PA 19103: The Proxy Materials and the Fund's most recent annual report are available on the Internet at http://www.aberdeen-asset.us/cef. The Fund will furnish, without charge, a copy of its Annual Report for its most recent fiscal year to any stockholder requesting such report. Requests for the Annual Report should be made by writing to the Fund's investor relations program at Aberdeen Asset Management Inc. ("AAMI") at AAMI's principal executive offices, c/o Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103, attention: Aberdeen Japan Equity Fund, Inc.: Investor Relations, or by calling collect at 1-800-522-5465.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>THE FUND'S BOARD UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE "FOR" THE PROPOSAL DESCRIBED IN THE NOTICE OF MEETING.</b></font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;"><b>Proposal: ELECTION OF DIRECTORS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Persons named in the proxy card intend, in the absence of contrary instructions, to vote all proxies FOR the election of the nominees listed below as Directors of the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(i)&nbsp;&nbsp;David Harmer, as a Class II Director, to serve until the 2019 Annual Meeting of Stockholders and until his successor is duly elected and qualifies;</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(ii)&nbsp;&nbsp;Rahn Porter, as a Class II Director, to serve until the 2019 Annual Meeting of Stockholders and until his successor is duly elected and qualifies;</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(iii)&nbsp;&nbsp;Anthony Clark, as a Class III Director, to serve until the 2017 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The terms of all nominees for Director will expire on the date on which Directors are elected at the Annual Meeting of Stockholders of the Fund in the year stated above or the date that his or her successor is elected and qualified. If any such nominee should be unable to serve due to an event that is not now anticipated, the proxies will be voted for such person, if any, as shall be designated by the Board to replace any such nominee. The election of each nominee as a Director of the Fund will require the affirmative vote of a majority of the votes cast at the Meeting at which a quorum is present. A majority of the Fund's outstanding shares as of the Record Date, represented in person or represented by proxy, will constitute a quorum of stockholders at the Meeting. For purposes of Proposal 1, abstentions and broker non-votes will be counted in determining whether a quorum is present at the Meeting. However, abstentions and broker 'non-votes' will not be counted as votes cast and will have no effect on the result of the vote.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Each nominee for Director of the Fund has consented to be named in this Proxy Statement and to serve as a Director of the Fund if elected. The Board has no reason to believe that any of the nominees named above will become unavailable for election as Directors, but if that should occur before the meeting for the Fund, the persons named as proxies in the proxy cards will vote for such person(s) as the Board of the Fund may recommend.</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Information Concerning Directors and Nominees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following table sets forth information concerning the nominees for Director of the Fund, as well as the other current Directors of the Fund. Neither the Director nominees nor any other current Director of the Fund is considered to be an "interested person" (as defined in the U.S. Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund ("Independent Director").</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="136" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominees/Directors,<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1760" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="578" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Radhika Ajmera<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">c/o Aberdeen Asset Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market St.,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">32</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1964</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1760" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ms. Ajmera has been an independent consultant since 2008 and provides consulting services to firms in the financial sector. Ms. Ajmera has over twenty years' experience in fund management, predominantly in emerging markets.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2014</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="562" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Anthony S. Clark&dagger;<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">3307 N. Columbus St.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Arlington, VA 22207<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1760" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Mr. Clark served as Chief Investment Officer of the Pennsylvania State Employees' Retirement System from 2010 to 2013. Prior to that, Mr. Clark was Deputy Chief Investment Officer of the Pension Benefit Guaranty Corporation (PBGC) and Director of Global Equities in the Investment Department of the Howard Hughes Medical Institute.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2015</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">0</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">0</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="562" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Martin J. Gruber(4)<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">229 S. Irving Street<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ridgewood, N.J. 07450<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1937</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1760" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Mr. Gruber has been a Professor Emeritus and Scholar in Residence, Leonard N. Stern School of Business, New York University, since 2010. He was previously Professor of Finance, from 1965 to 2010.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1992</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">50,001-100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">50,001-$100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="578" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Trustee, National Bureau of Economic Research, since 2005.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<tr>
<td colspan="3" width="136" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominees/Directors,<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1760" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="578" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">David G. Harmer&dagger;<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10911 </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Ashurst Way<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Highlands Ranch, CO 80130<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1943</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1760" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Prior to retiring, Mr. Harmer was the Director of Community and Economic Development, City of Ogden, from 2005 to 2008.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1997</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="562" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">None.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Richard J. Herring<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">c/o Aberdeen Asset Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1760" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Mr. Herring is the Jacob Safra Professor of International Banking and Professor, Finance Department, at The Wharton School, University of Pennsylvania, since 1972. He is also the Founding Director, Wharton Financial Institutions Center, since 1994; a member of the Systemic Risk Council and the FDIC's Systemic Resolution Advisory Council. Previously he was Co-chair of the Shadow Financial Regulatory Committee, from 2000 to 2016; and Executive Director of the Financial Economists Roundtable, from 2008 to 2016.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="578" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Trustee, Deutsche Asset Management Funds (and certain predecessor funds), since 1990; Independent Director of Barclays Bank, Delaware, since 2010.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<tr>
<td colspan="3" width="136" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominees/Directors,<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1760" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Securities in all<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Funds Overseen<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>or to be<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director or<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Companies(2)(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="74" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="578" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="136" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Rahn K. Porter&dagger;<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">944 E. Rim Road<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Franktown, CO 80116<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1954</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1760" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Mr. Porter has been the Chief Financial Officer of The Colorado Health Foundation since 2013. He previously was the Interim Chief Executive Officer from 2014 to 2015. He was Senior Vice President and Treasurer, Qwest Communications International Inc., from 2008 to 2011. He also served as Senior Vice President and Treasurer, Qwest Communications International Inc. (telecommunications) from 2008 to 2011.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2007</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="81" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">50,001-100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="578" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Director, CenturyLink Investment Management Company (formerly Qwest Asset Management Company) since 2006; Director, BlackRidge Financial, Inc., since 2005.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4pt 0pt 4pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(1)&nbsp;&nbsp;Each director serves for a three year term. The current term for Ms. Ajmera and Messrs. Clark, Gruber, Harmer, Herring and Porter ends at the annual stockholder meeting in 2018, 2016, 2018, 2016, 2017 and 2016, respectively.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(2)&nbsp;&nbsp;The information as to beneficial ownership is based on statements furnished to the Fund by the Directors. The dollar value of shares is based upon the market price as of March 31, 2016. "Family of Investment Companies" includes the Fund and other registered investment companies advised by Aberdeen Asset Management Asia Limited or its affiliates which hold themselves out to investors as related companies for purposes of investment and investor services.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(3)&nbsp;&nbsp;As of March 31, 2016, Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Chile Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Latin America Equity Fund, Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc., Aberdeen Singapore Fund, Inc., Aberdeen Japan Equity Fund, Inc., The Asia-Tigers Fund, Inc., The India Fund, Inc., Aberdeen Greater China Fund, Inc., the Aberdeen Funds and the Aberdeen Investment Funds are U.S. registered funds that have a common investment manager and/or investment adviser with the Fund, or an investment adviser that is affiliated with the investment manager and/or investment adviser of the Fund, and may thus be deemed to be part of the same "Fund Complex" as the Fund. Messrs. Gruber, Harmer, Herring and Porter also serve as Directors of Aberdeen Singapore Fund, Inc.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">(4)&nbsp;&nbsp;The Board of Directors determined that Mr. Gruber's experience and knowledge of the Fund, financial expertise and knowledge of closed-end fund dynamics provided a basis for Mr. Gruber's continued service as a Director of the Fund under the retirement policy of the Fund established in December 2012.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&dagger;&nbsp;&nbsp;Nominee for Director.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Additional Information about the Board of Directors</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board believes that each Director's experience, qualifications, attributes and/or skills on an individual basis and in combination with those of the other Directors on the Board lead to the conclusion that each Director should serve on the Board. The Board believes that each Director's ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with Aberdeen Asset Management Asia Limited ("AAMAL"), the Fund's investment manager, other services providers, counsel, and independent auditors; and to </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">exercise effective business judgment in the performance of their duties, support this conclusion. The Board has also considered the contributions that each Director can make to the Board and Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">A Director's ability to contribute effectively may have been attained through the Director's executive, business, consulting, and/or academic positions; experience from service as a Director of the Fund and other funds/portfolios in the Aberdeen fund complex, other investment funds, public companies, non-profit entities or other organizations; educational background or professional training or practice; and/or other life experiences. In this regard, the following specific experience, qualifications, attributes and/or skills apply as to each Director. Ms. Ajmera&#151;financial background in fund management; Mr. Clark&#151;financial background in investment management for public pension plans and a private foundation; Mr. Gruber&#151;financial background as Professor Emeritus and Scholar in Residence and previously a professor of finance at the Leonard N. Stern School of Business, fund leadership role as chairman of the board of directors for another fund within the Aberdeen complex, as well as board experience with other investment companies; Mr. Harmer&#151;business background, accounting expertise and executive management experience as a president, chairman chief financial officer, corporate controller and a director of various private and governmental entities and director of another fund within the Aberdeen complex; Mr. Herring&#151;financial background as professor of finance and board experience with other closed-end investment companies and public companies and director of another fund within the Aberdeen complex; and Mr. Porter&#151;business background and executive management and financial expertise as vice president and chief financial officer of public and private entities and director of another fund within the Aberdeen complex.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board believes that the significance to the Fund of each Director's experience, qualifications, attributes and/or skills is an individual matter (meaning that it may vary by individual) and that these factors are best evaluated at the Board level, with no particular factor being indicative of effectiveness. In addition, in its periodic self-assessment of its effectiveness, the Board considers the complementary individual skills and experience to oversee the business of the Fund. References to the experience, qualifications, attributes and/or skills of Directors are presented pursuant to disclosure requirements of the Securities and Exchange Commission (the "Commission"), do not constitute holding out the Board or any Director as having any special expertise or experience, and should not be considered to impose any greater responsibility or liability on any such person or on the Board by reason thereof.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Based on the information furnished by each of the Directors as of March 31, 2016, neither any of the Directors nor any immediate family member of the Directors owned any securities of the investment manager, or any of its affiliates, of the Fund as of such date.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Board held four regular meetings and two special telephonic meetings during its fiscal year ended October 31, 2015. Each current Director attended at least seventy-five percent of the aggregate number of meetings of the Board and any Committee of which he was a member. For annual or special stockholder meetings, Directors may but are not required to attend the meetings; and for the Fund's last annual stockholder meeting, no Directors attended the meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which is responsible for reviewing financial and accounting matters. The members of the Fund's Audit Committee are independent as defined in Sections 303A.02 and 303A.07(a) of the New York Stock Exchange's (the "NYSE") Listed Company Manual, as may be modified or supplemented. The Fund has adopted a formal, written Audit Committee Charter, a copy of which is available at www.aberdeenjeq.com. The current members of the Fund's Audit Committee are Messrs. Clark, Gruber, Harmer, Herring and Porter and Ms. Ajmera. Mr. Porter has been designated as the Fund's </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">"audit committee financial expert," as defined in Item 3 of Form N-CSR, and is presumed to be financially sophisticated for purposes of Section 802B(2) of the NYSE US LLC Company Guide.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Audit Committee met two times during its fiscal year. The report of the Fund's Audit Committee, along with certain disclosures regarding fees paid to the Fund's independent registered public accounting firm, are set forth on pages 14 and 15 of this Proxy Statement.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board has a Nominating and Compensation Committee, which is responsible for recommending individuals to the Board for nomination as members of the Board and its committees. The Fund's Nominating and Compensation Committee is composed of Directors who are not interested persons of the Fund and comply with the independence requirements of the NYSE listing standards for Nominating and Compensation Committee members. The Fund's Nominating and Compensation Committee's actions are governed by the Fund's Nominating and Compensation Committee Charter, a copy of which is available at www.aberdeenjeq.com. The current members of the Fund's Nominating and Compensation Committee are Messrs. Clark, Gruber, Harmer, Herring and Porter and Ms. Ajmera. The Fund's Nominating and Compensation Committee met once during its last fiscal year.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Process of Evaluation of Independent Director Candidates</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Nominating and Compensation Committee identifies individuals qualified to serve as Independent Directors on the Board and on committees of the Board and recommends such qualified individuals for nomination by the Fund's Independent Directors as candidates for election as Independent Directors, advises the Board with respect to Board composition, procedures and committees, monitors and makes recommendations on corporate governance matters and policies and procedures of the Board and any Board committees and oversees periodic evaluations of the Board and its committees. Persons recommended by the Fund's Nominating and Compensation Committee as candidates for nomination as Independent Directors are required to possess such knowledge, experience, skills, expertise and diversity so as to enhance the Board's ability to manage and direct the affairs and business of the Fund, including, when applicable, to enhance the ability of committees of the Board to fulfill their duties and/or to satisfy any independence requirements imposed by law, regulation or any listing requirements of the NYSE. While the Independent Directors of the Fund expect to be able to continue to identify from their own resources an ample number of qualified candidates for the Board as they deem appropriate, they will consider nominations from stockholders to the Board. Nominations from stockholders should be in writing and sent to the Independent Directors as described herein. Assuming that appropriate biographical and background material is provided for Independent Director candidates recommended by stockholders, the Board will evaluate those candidates by following substantially the same process, and applying substantially the same criteria, as for candidates identified by the Independent Directors of the Fund.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Diversity Policy</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's policy on Board diversity provides that while diversity and variety of experiences and viewpoints represented on the Board should always be considered, a nominee for Director should not be chosen nor excluded solely or largely because of race, color, gender, national origin or sexual orientation or identity. In selecting a nominee for Director, the Fund's Nominating and Compensation Committee focuses on skills, expertise or background that would complement the existing Board, recognizing that the Fund's business and operations are diverse and global in nature.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Board Leadership Structure and Risk Oversight</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund is focused on its corporate governance practices and values independent Board oversight as an essential component of strong corporate performance to enhance stockholder value. The Fund's commitment to independent oversight is demonstrated by the fact that all of its Directors are independent. In addition, all of the </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">members of the Board's committees are independent. The Board acts independently of management and regularly holds independent director sessions of the Board without members of management present.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. The Fund's investment manager and other service providers also employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. In addition, the Fund's Chief Compliance Officer compiles a risk assessment for the Fund which is reviewed by the Board. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board interacts with and reviews reports from, among others, the Fund's investment manager, the Fund's administrator, the Fund's Chief Compliance Officer, the Fund's independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Fund and applicable risk controls. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Stockholder Communications</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Stockholders may send communications to the Board. Stockholders should send communications intended for the Board by addressing the communication directly to the Board (or individual Board members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board members) and by sending the communication to either the Fund's office or directly to such Board member(s) at the address specified for each Director above. Other stockholder communications received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management's discretion based on the matters contained therein.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Officers of the Fund</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Officers of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation(s) During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
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<td colspan="15" width="1946" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Officers</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Alan Goodson*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1974</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Head of Product-US, overseeing Product Management, Product Development and Investor Services for Aberdeen's registered and unregistered investment companies in the United States and Canada. Mr. Goodson is a Director and Vice President of Aberdeen Asset Management Inc. and joined Aberdeen in 2000.</font></p></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Jeffrey Cotton*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1977</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="197" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Chief Compliance Officer, Vice President&#151;Compliance</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1560" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Vice President and Head of Compliance&#151;Americas for Aberdeen Asset Management Inc. Mr. Cotton joined Aberdeen in 2010. Prior to joining Aberdeen, Mr. Cotton was a Senior Compliance Officer at Old Mutual Asset Management (2009-2010) supporting its affiliated investment advisers and mutual fund platform.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>11</font></p>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Officers of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation(s) During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="1946" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Officers (continued)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Andrea Melia*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1969</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Treasurer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Head of Fund Administration-US and Vice President for Aberdeen Asset Management Inc. since 2009.</font></p></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Megan Kennedy*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1974</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="197" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Secretary and Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1560" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Head of Product Management for Aberdeen Asset Management Inc. since 2009. Ms. Kennedy joined Aberdeen Asset Management Inc. in 2005.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<tr>
<td colspan="3" width="121" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Bev Hendry*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">December 2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Co-Head of Americas and Chief Financial Officer for Aberdeen Asset Management Inc. since July 2014. He first joined Aberdeen in 1987 and helped establish Aberdeen's business in the Americas in Fort Lauderdale. Mr. Hendry left Aberdeen in 2008 when the company moved its headquarters to Philadelphia. Mr. Hendry re-joined Aberdeen from Hansberger Global Investors in Fort Lauderdale, Florida, where he worked as Chief Operating Officer for six years.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Jennifer Nichols*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1978</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="197" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1560" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Global Head of Legal for Aberdeen Asset Management PLC since 2012. Ms. Nichols is Vice President and Director for Aberdeen Asset Management Inc. Ms. Nichols joined Aberdeen Asset Management Inc. in 2006.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Christian Pittard*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">c/o Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1973</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Group Head of Product Opportunities and Director of Aberdeen Asset Managers Limited. Previously, Mr. Pittard was a Director and Vice President (from 2006 to 2008), Chief Executive Officer (from 2005 to 2006) and employee (since 2005) of AAMI.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Lucia Sitar*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1971</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="197" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="68" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1560" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Vice President and Managing U.S. Counsel for Aberdeen Asset Management Inc. Ms. Sitar joined Aberdeen Asset Management Inc. in 2007.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Sharon Ferrari*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1977</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Treasurer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">March 2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Senior Fund Administration Manager-US for Aberdeen Asset Management Inc. since 2013. Ms. Ferrari joined Aberdeen Asset Management Inc. as a Senior Fund Administrator in 2008.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
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<tr>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Officers of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Principal Occupation(s) During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="1946" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Officers (continued)</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="121" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Heather Hasson*<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Aberdeen Asset<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Management Inc.<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Attn: US Legal<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">1735 Market Street, 32nd Floor,<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Year of Birth: 1982</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="197" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Assistant Secretary</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">September 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1560" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">Currently, Senior Product Manager for Aberdeen Asset Management Inc. since 2009. Ms. Hasson joined Aberdeen Asset Management Inc. as a Fund Administrator in 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">*&nbsp;&nbsp;Messrs. Goodson, Cotton, Hendry, and Pittard and Mses. Nichols, Melia, Kennedy, Sitar, Hasson and Ferrari hold officer position(s) in one or more of the following: Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Chile Fund, Inc., Aberdeen Israel Fund, Inc., Aberdeen Indonesia Fund, Inc., Aberdeen Latin America Equity Fund, Inc., Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc., Aberdeen Singapore Fund, Inc., Aberdeen Japan Equity Fund, Inc., The Asia-Tigers Fund, Inc., The India Fund, Inc., Aberdeen Greater China Fund, Inc., the Aberdeen Funds and Aberdeen Investment Funds, all of which may be deemed to be a part of the same "Fund Complex."</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Transactions with and Remuneration of Officers and Directors</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fee remuneration for Directors of the Fund not affiliated with the Fund's investment manager was $135,269.18 and $80,438 for the fiscal years ended October 31, 2015 and 2014, respectively. Effective July 1, 2015, each such non-affiliated Director receives fees, paid by the Fund, of $2,000 for each Directors' meeting attended in person, $1,000 for each Directors' meeting attended by telephone, $1,000 for each audit committee meeting attended in person or by telephone and an annual fee of $15,000. The Chairman of the Board of Directors receives an additional $5,000 annually. The Chairman of the Fund's Audit Committee receives an additional $3,000 annually.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The officers of the Fund did not receive any compensation from the Fund. As of March 31, 2016, all of the Fund's Directors are independent. AAMI, which pays the compensation and certain expenses of the officers of AAMI who serve as officers of the Fund, receives administration fees from the Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Set forth below is a chart showing the aggregate fee compensation paid by the Fund (in U.S. dollars) to each of its Directors during the Fund's most recent fiscal year, as well as the total fee compensation paid to each Director by the Fund and by other registered investment companies in the Fund Complex for their services as Directors of such investment companies during their respective fiscal years. In all cases, there were no pension or retirement benefits accrued as part of the Fund's expenses.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="91" align="left" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name of Director</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Compensation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="138" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Total Compensation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund and Fund<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex Paid<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>to Directors(1)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="367" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Independent Directors</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Radhika Ajmera</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Anthony Clark(2)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,219</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,219</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Martin J. Gruber</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">53,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">David G. Harmer</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="91" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name of Director</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Aggregate Compensation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="138" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Total Compensation<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>From The Fund and Fund<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Complex Paid<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>to Directors(1)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Richard J. Herring</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="91" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rahn K. Porter</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="101" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">28,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">54,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1)&nbsp;&nbsp;Paid through fiscal year end October 31, 2015.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2)&nbsp;&nbsp;Mr. Clark became a Director of the Fund effective September 8, 2015 and therefore received only partial compensation over the fiscal year ended October 31, 2015.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>INVESTMENT MANAGER AND ADMINISTRATOR OF THE FUND</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Aberdeen Asset Management Asia Limited serves as the investment manager to the Fund and its principal office is located 21 Church Street #01-01, Capital Square Two, Singapore 049480. AAMI serves as the administrator to the Fund and its principal office is located at 1735 Market Street, 32nd Floor, Philadelphia, PA 19103.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Fund, requires the Fund's officers and Directors, certain officers and directors of the investment manager, affiliates of the investment manager and persons who own more than ten percent of a registered class of the Fund's equity securities, to file reports of ownership and changes in ownership with the Commission and the NYSE.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Based solely upon the Fund's review of the copies of such forms received by it and written representations from the Directors and officers of the Fund, certain officers and directors of the investment manager, affiliates of the investment manager and the filings by the beneficial holders greater than 10% of a Fund's shares, to the knowledge of the Fund, for the fiscal year ended October 31, 2015, forms were filed on a timely basis, except as follows. Puay-ju Kang, Ian Macdonald, Andrew Narracott, Victor Rodriguez and Lim Sock-Hwei, and, each a director of the investment manager, filed a Form 3 Initial Statement of Beneficial Ownership of Securities subsequent to the 10-day period specified in the Form.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>REPORT OF THE AUDIT COMMITTEE</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At a meeting held on December 15, 2015, the Board of the Fund, a Maryland corporation (the "Fund"), including a majority of the Directors who are not "interested persons," as defined under the 1940 Act, selected PricewaterhouseCoopers LLP ("PWC") to act as the independent registered public accounting firm for the Fund for the fiscal year ending October 31, 2016. Although it is not expected that a representative of PWC will attend the Meeting, a representative will be available by telephone to make a statement to the stockholders, if the representative wishes to do so, and to respond to stockholder questions, if any.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's financial statements for the fiscal year ended October 31, 2015 were audited by PWC. The Audit Committee of the Fund has reviewed and discussed the audited financial statements of the Fund with management of the Fund. The Audit Committee of the Fund has received the written disclosures and the letter from PWC required by The Public Company Accounting Oversight Board ("PCAOB") Rule 3526 (PCAOB Rule 1, Communication with Audit Committees Concerning Independence), as may be modified or supplemented, and have discussed with PWC its independence with respect to the Fund. The Fund knows of no direct financial or material indirect financial interest of PWC in the Fund. The Audit Committee has discussed with PWC the matters required to be discussed by SAS 61 and PCAOB AS 16, as may be modified or supplemented. Based on the foregoing review and discussions, the Audit Committee of the Fund has recommended to the Board that the audited financial statements of the Fund </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">for the fiscal year ended October 31, 2015 be included in the Fund's most recent annual report filed with the Commission.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Rahn K. Porter, Chairman of the Audit Committee<BR>Radhika Ajmera, Member of the Audit Committee<BR>Anthony S. Clark, Member of the Audit Committee<BR>Martin J. Gruber, Member of the Audit Committee<BR>David G. Harmer, Member of the Audit Committee<BR>Richard J. Herring, Member of the Audit Committee</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PWC for professional services rendered in connection with the annual audit and review of the Fund's financial statements for the fiscal years ended October 31, 2015 and 2014 were $65,180 and $65,180, respectively.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit-Related Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PWC for assurance and related services related to the performance of the audit or review of the financial statements for the fiscal years ended October 31, 2015 and 2014 were $0 and $0, respectively.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Tax Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PWC for professional services rendered by PWC for tax compliance, tax advice and tax planning (consisting of a review of the Fund's income tax returns and tax distribution requirements) for the fiscal years ended October 31, 2015 and 2014 were $9,570 and $10,695, respectively.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Other Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">There were no other fees billed by PWC for services rendered to the Fund for the fiscal years ended October 31, 2015 and 2014.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>Audit Committee Pre-approval</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Audit Committee's policy is to pre-approve all auditing and non-auditing services to be provided to the Fund by the Fund's registered public accounting firm. All of the audit and the tax services described above for which PWC billed the Fund fees for the fiscal years ended October 31, 2015 and 2014 were pre-approved by the Fund's Audit Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The aggregate fees billed by PWC for non-audit services rendered to Aberdeen Asset Management Asia Limited, the Fund's investment manager ("AAMAL") or any entity controlling, controlled by, or under common control with AAMAL that provided ongoing services to the Fund ("Covered Service Providers") for the fiscal year ended October 31, 2015 were $2,731,778. The aggregate fees billed by PWC for non-audit services rendered to AAMAL and any Covered Service Providers for the fiscal year ended October 31, 2014 were $2,300,584.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Audit Committee of the Fund has considered whether the provision of non-audit services rendered to the Fund's investment manager and affiliates of the investment manager of the Fund is compatible with maintaining the independence of PWC and has concluded it is.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Principal Holders.</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> Set forth below is information with respect to persons who, to the knowledge of the management of the Fund, owned beneficially more than 5% of the Fund's outstanding shares of common stock as of the Record Date. The information is based on publicly available Schedule 13D, 13F and 13G disclosures filed with the Commission.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="152" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Name and Address of Beneficial Owner</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Number of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Shares of Common<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Stock and Nature of<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Beneficial Ownership</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Percent of Common<BR></b></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;"><b>Stock Outstanding(1)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1607 Capital Partners, LLC<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13 S. 13th Street, Suite 400<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Richmond, VA 23219</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</td>
<td colspan="1" width="90" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,549,366</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</td>
<td colspan="1" width="90" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18.7</font></p></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="152" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Wells Fargo &amp; Company<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">420 Montgomery Street<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">San Francisco, CA 94104</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,085,484</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(3)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</td>
<td colspan="1" width="90" align="right" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15.3</font></p></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></p></td>
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<font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Lazard Asset Management LLC<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30 Rockefellar Plaza<BR></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">New York, NY 10112</font></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,475,614</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(4)</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10.8</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></p></td>
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<p style="margin:2pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1)&nbsp;&nbsp;The information provided in this column regarding the percent of common stock outstanding is based on the publicly available Schedule 13D, 13F and 13G disclosures filed with the Commission as of the Record Date.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2)&nbsp;&nbsp;The above information is based on a Schedule 13G/A filed with the Commission on February 16, 2016, which indicates that 1607 Capital Partners, LLC has sole voting power and sole dispositive power with respect to its 2,549,366 shares of common stock.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(3)&nbsp;&nbsp;The above information is based on a Schedule 13F-HR filed with the Commission on February 9, 2016, which indicates that Wells Fargo &amp; Company has sole voting power and sole dispositive power with respect to its 1,598,349 shares of common stock and sole dispositive power and no voting power with respect to 487,135 shares of common stock.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(4)&nbsp;&nbsp;The above information is based on a Schedule 13F-HR filed with the Commission on February 12, 2016, which indicates that Lazard Asset Management LLC has sole voting power and sole dispositive power with respect to its 1,475,614 shares of common stock.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Security Ownership of Management.</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> As of the record date, the Fund's Directors and officers owned, in the aggregate, less than 1% of the Fund's outstanding shares of common stock.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>MISCELLANEOUS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Proxies will be solicited by mail and may be solicited in person or by telephone or internet by officers of the Fund or personnel of AAMI. The Fund has retained AST Fund Solutions, LLC ("AST") to assist in the proxy solicitation. The fee for such services is estimated at $3,500, plus reimbursement of expenses. The expenses connected with the solicitation of proxies by AST and with any proxies which may be solicited by the Fund's officers or agents in person or by telephone will be borne by the Fund. The Fund will reimburse banks, brokers and other persons holding the Fund's shares registered in their names or in the names of their nominees for their expenses incurred in sending proxy material to and obtaining proxies from the beneficial owners of such shares.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It is important that you promptly submit your vote as a stockholder of the Fund. In the event that sufficient votes in favor of the proposal set forth in the Notice of the Meeting for the Fund are not received by June 22, 2016, the chairman of the Meeting or the persons named as proxies in the proxy card may propose one or more adjournments of the Meeting to permit further solicitation of proxies. If submitted to a vote of stockholders, any such adjournment will require the affirmative vote of the holders of a majority of the shares present in person or by proxy at the session of the Meeting and voting on that proposal. The persons named as proxies in the proxy card </font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">will vote in favor of such adjournment those proxies which they are entitled to vote in favor of the proposal for which further solicitation of proxies is to be made. They will vote against any such adjournment those proxies required to be voted against such proposal. The costs of any such additional solicitation and of any adjourned session will be borne by the Fund.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><b>STOCKHOLDER PROPOSALS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Any proposal by a stockholder of the Fund intended to be included in the proxy materials for the year 2017 annual meeting of stockholders of the Fund must be received by the Fund, c/o Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103, not later than January 8, 2017.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's By-laws require that any proposal by a stockholder of the Fund intended to be presented at the 2017 annual meeting of stockholders but not intended to be included in the proxy materials for that meeting must be received by the Fund, c/o Aberdeen Asset Management Inc., 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103, not earlier than 90 days prior and not later than 60 days prior to June 22, 2017.</font></p>
<p style="margin:15pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">/s/ Megan Kennedy</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Megan Kennedy</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Vice President and Secretary of the Fund</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1735 Market Street, 32nd Floor<BR>Philadelphia, PA 19103<BR>May 6, 2016</font></p>
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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="4" color="#231f20" face="Arial" style="color:#231F20;font-size:14.0pt;font-weight:bold;position:relative;top:-.5pt;">&nbsp;</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="4" color="#231f20" face="Arial" style="color:#231F20;font-size:14.0pt;font-weight:bold;position:relative;top:-.5pt;">ABERDEEN JAPAN EQUITY   FUND,&nbsp;INC.</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">c/o Aberdeen Asset Management Inc., 1735   Market Street, 32</font></b><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;font-weight:bold;position:relative;top:-7.0pt;">nd</font></b><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;position:relative;top:-4.0pt;">&nbsp;</font></b><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">Floor, Philadelphia, PA 19103</font></b></p>
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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">Proxy Solicited on Behalf of the Board of   Directors for the</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">Annual Meeting of Stockholders on</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">June&nbsp;22, 2016</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.5pt;">The undersigned stockholder of Aberdeen Japan   Equity Fund,&nbsp;Inc., a Maryland corporation (the &#147;Fund&#148;), hereby appoints   Alan Goodson, Megan Kennedy and Heather Hasson, or any of them, as proxies of   the undersigned, with full power of substitution, to attend the Annual   Meeting of Stockholders (the &#147;Meeting&#148;) of the Fund, to be held at the   offices of Aberdeen Asset Management Inc., 1735 Market Street, 32</font><font size="2" face="Arial" style="font-size:10.0pt;position:relative;top:-3.0pt;">nd</font><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.5pt;position:relative;top:-3.5pt;">&nbsp;</font><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.5pt;">Floor, Philadelphia, PA 19103, on June&nbsp;22,   2016 at 11:00 a.m., Philadelphia time, and any and all adjournments or   postponements thereof, to cast on behalf of the undersigned all the votes   that the undersigned is entitled to cast at the Meeting and otherwise to   represent the undersigned at the Meeting with all the powers possessed by the   undersigned if personally present at the Meeting.</font></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.5pt;font-weight:bold;">The votes entitled to be cast by   the undersigned will be cast in accordance with the instructions given by the   undersigned stockholder, but if this proxy is executed and no instructions   are given, the votes entitled to be cast by the undersigned will be cast IN   FAVOR OF Proposal 1 as set forth in this proxy card. In addition, the votes   entitled to be cast by the undersigned will be cast, in the discretion of the   proxy holder on such other business as may properly come before the Meeting   or any adjournments or postponements thereof.&nbsp;   The undersigned hereby revokes any and all proxies with respect to   such Shares heretofore given by the undersigned. The undersigned acknowledges   receipt of the Notice of Annual Meeting of Stockholders and the accompanying   Proxy Statement, the terms of which are incorporated by reference.</font></b></p>
<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="line-height:107%;margin:0in 0in 8.0pt;"><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;line-height:107%;">1.1</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="6" color="#231f20" face="Arial" style="color:#231F20;font-size:24.0pt;font-weight:bold;">ABERDEEN JAPAN EQUITY FUND,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">June&nbsp;22, 2016</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;">e-Consent makes it easy to go paperless. With   e-Consent, you can quickly access your proxy material, statements and other   eligible documents online, while reducing costs, clutter and paper waste.   Enroll today via www.amstock.com to enjoy online access.</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">INTERNET AVAILABILITY OF PROXY MATERIAL</font></u></b><font color="#231f20" face="Arial" style="color:#231F20;">:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;">The Notice of Meeting and Proxy Statement</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" color="#231f20" face="Arial" style="color:#231F20;font-size:18.0pt;">Please sign, date and mail</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" color="#231f20" face="Arial" style="color:#231F20;font-size:18.0pt;">your proxy card in the</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" color="#231f20" face="Arial" style="color:#231F20;font-size:18.0pt;">as possible.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial"><img width="12" height="28" src="g93571cai001.gif"></font><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;Please detach along perforated line and mail in the envelope provided.&nbsp;</font><font size="1" face="Arial"><img width="12" height="28" src="g93571cai001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;"><img width="16" height="12" src="g93571cai002.gif"><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;">00000033300000000000 8</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;">062216</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;position:relative;top:.5pt;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 1 BELOW.</font></b></p>    </td>   </tr>
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<td width="100%" colspan="8" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;font-weight:bold;">PLEASE SIGN, DATE AND RETURN   PROMPTLY IN THE ENCLOSED ENVELOPE.&nbsp;   PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE&nbsp;</font></b><font color="#231f20" face="Wingdings" style="color:#231F20;">x</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in .25in .0001pt 16.55pt;text-align:justify;text-indent:-9.35pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 12.95pt;text-align:justify;text-indent:-9.35pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">1.&nbsp;To elect   each of David Harmer and Rahn Porter as Class&nbsp;II Directors of the Fund   to serve until the 2019 Annual Meeting of Stockholders of the Fund and   Anthony Clark as Class&nbsp;III Director of the Fund to serve until the 2017   Annual Meeting of Stockholders of the Fund and until his successor is duly   elected and qualifies:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">FOR</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">AGAINST</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">ABSTAIN</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">David Harmer</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;II Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Rahn Porter</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;II Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Anthony Clark</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;III Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;">To change the address on your account, please   check the box at right and indicate your new address in the address space   above.&nbsp; Please note that changes to the   registered name(s)&nbsp;on the account may not be submitted via this method.</font></p>    </td>
<td width="6%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.66%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cai003.gif"></font></b></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="16" style="border:none;"></td>
<td width="292" style="border:none;"></td>
<td width="47" style="border:none;"></td>
<td width="111" style="border:none;"></td>
<td width="124" style="border:none;"></td>
<td width="30" style="border:none;"></td>
<td width="41" style="border:none;"></td>
<td width="47" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;">
<tr>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">Signature of Stockholder</font></p>    </td>
<td width="21%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Date:</font></p>    </td>
<td width="10%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Signature of Stockholder</font></p>    </td>
<td width="22%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Date:</font></p>    </td>
<td width="8%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="2%" style="padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.16%;">
<p style="margin:0in 0in .0001pt;"><img width="16" height="12" src="g93571cai002.gif"></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:0in 0in .0001pt 19.45pt;text-align:justify;text-indent:-19.45pt;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">Note:&nbsp;&nbsp;</font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">Please sign exactly as your name or names appear   on this Proxy. When shares are held jointly, each holder should sign.&nbsp; When signing as executor, administrator,   attorney, trustee or guardian, please give full title as such. If the signer   is a corporation, please sign full corporate name by duly authorized officer,   giving full title as such. If signer is a partnership, please sign in   partnership name by authorized person.</font></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><img width="16" height="12" src="g93571cai002.gif"></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="6" color="#231f20" face="Arial" style="color:#231F20;font-size:24.0pt;font-weight:bold;">ABERDEEN JAPAN EQUITY FUND,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">June&nbsp;22, 2016</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="28%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" bgcolor="#CCCCCC" style="background:#CCCCCC;border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:43.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">PROXY VOTING INSTRUCTIONS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">INTERNET</font></u></b><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;font-weight:bold;"> - </font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">Access &#147;<b>www.voteproxy.com</b>&#148; and follow the on-screen instructions   or scan the QR code with your smartphone. Have your proxy card available when   you access the web page.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;"><img width="58" height="58" src="g93571cei001.jpg"></font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" rowspan="15" valign="top" style="padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">TELEPHONE</font></u></b><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;font-weight:bold;"> - </font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">Call toll-free <b>1-800-PROXIES   </b>(1-800-776-9437) in the United States or <b>1-718-921-8500 </b>from foreign countries   from any touch-tone telephone and follow the instructions.&nbsp; Have your proxy card available when you   call and use the Company Number and Account Number shown on your proxy card.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">Vote online/phone until 11:59 PM EST the day before the   meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">MAIL</font></u></b><b><font color="#231f20" face="Arial" style="color:#231F20;font-weight:bold;">&nbsp; -&nbsp; </font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">Sign, date and mail your proxy card in the envelope provided   as soon as possible.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">IN PERSON</font></u></b><b><font color="#231f20" face="Arial" style="color:#231F20;font-weight:bold;"> - </font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">You may vote your shares in person by attending the Annual   Meeting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">GO GREEN</font></u></b><b><font color="#231f20" face="Arial" style="color:#231F20;font-weight:bold;">&nbsp; - </font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:9.0pt;">e-Consent makes it easy to go paperless.&nbsp; With e-Consent, you can quickly access your   proxy material, statements and other eligible documents online, while reducing   costs, clutter and paper waste. Enroll today via www.amstock.com to enjoy   online access.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">COMPANY NUMBER</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;font-weight:bold;">ACCOUNT NUMBER</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" bgcolor="#C8C9CB" style="background:#C8C9CB;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:1.0pt;">
<tr>
<td width="6%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="86%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:86.64%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" color="#231f20" face="Arial" style="color:#231F20;font-size:10.0pt;font-weight:bold;">NOTICE   OF INTERNET AVAILABILITY OF PROXY MATERIAL</font></u></b><font color="#231f20" face="Arial" style="color:#231F20;">: The Notice of Meeting and Proxy Statement are available at   http://www.astproxyportal.com/ast/14192</font></p>    </td>
<td width="6%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:6.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial"><img width="9" height="21" src="g93571cei002.gif"></font><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;Please detach along perforated line and mail in the envelope provided <u>IF</u> you are not voting via telephone or the Internet.&nbsp;</font><font size="1" face="Arial"><img width="9" height="21" src="g93571cei003.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.16%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;"><img width="16" height="12" src="g93571cei004.gif"><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;">00000033300000000000 8</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" color="#231f20" face="Arial" style="color:#231F20;font-size:12.0pt;">062216</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
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<td width="100%" colspan="8" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;position:relative;top:.5pt;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; PROPOSAL 1 BELOW.</font></b></p>    </td>   </tr>
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<td width="100%" colspan="8" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;font-weight:bold;">PLEASE SIGN, DATE AND RETURN   PROMPTLY IN THE ENCLOSED ENVELOPE.&nbsp;   PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE&nbsp;</font></b><font color="#231f20" face="Wingdings" style="color:#231F20;">x</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in .25in .0001pt 16.55pt;text-align:justify;text-indent:-9.35pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in .25in .0001pt 12.95pt;text-align:justify;text-indent:-9.35pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">1.&nbsp;To elect   each of David Harmer and Rahn Porter as Class&nbsp;II Directors of the Fund   to serve until the 2019 Annual Meeting of Stockholders of the Fund and   Anthony Clark as Class&nbsp;III Director of the Fund to serve until the 2017   Annual Meeting of Stockholders of the Fund and until his successor is duly   elected and qualifies:</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">FOR</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">AGAINST</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:5.5pt;">ABSTAIN</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.68%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">David Harmer</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;II Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.68%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Rahn Porter</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;II Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.68%;">
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.95pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Anthony Clark</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">Class&nbsp;III Director</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.82%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.62%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:47.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;text-align:justify;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:7.0pt;">To change the address on your account, please   check the box at right and indicate your new address in the address space   above.&nbsp; Please note that changes to the   registered name(s)&nbsp;on the account may not be submitted via this method.</font></p>    </td>
<td width="6%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.66%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-weight:bold;"><img width="19" height="19" src="g93571cei005.gif"></font></b></p>    </td>
<td width="49%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="16" style="border:none;"></td>
<td width="292" style="border:none;"></td>
<td width="47" style="border:none;"></td>
<td width="111" style="border:none;"></td>
<td width="124" style="border:none;"></td>
<td width="30" style="border:none;"></td>
<td width="41" style="border:none;"></td>
<td width="47" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;">
<tr>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.36%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.45pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">Signature of Stockholder</font></p>    </td>
<td width="21%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Date:</font></p>    </td>
<td width="9%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Signature of Stockholder</font></p>    </td>
<td width="21%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">&nbsp;Date:</font></p>    </td>
<td width="9%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="2%" style="padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.16%;">
<p style="margin:0in 0in .0001pt;"><img width="16" height="12" src="g93571cei004.gif"></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.5%;">
<p style="margin:0in 0in .0001pt 18.7pt;text-align:justify;text-indent:-18.7pt;"><b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;font-weight:bold;">Note:&nbsp;&nbsp;</font></b><font size="1" color="#231f20" face="Arial" style="color:#231F20;font-size:6.0pt;">Please sign exactly as your name or names appear   on this Proxy. When shares are held jointly, each holder should sign.&nbsp; When signing as executor, administrator,   attorney, trustee or guardian, please give full title as such. If the signer   is a corporation, please sign full corporate name by duly authorized officer,   giving full title as such. If signer is a partnership, please sign in   partnership name by authorized person.</font></p>    </td>
<td width="3%" style="padding:0in 0in 0in 0in;width:3.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><img width="16" height="12" src="g93571cei004.gif"></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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