<SEC-DOCUMENT>0001104659-22-051281.txt : 20220427
<SEC-HEADER>0001104659-22-051281.hdr.sgml : 20220427
<ACCEPTANCE-DATETIME>20220427165249
ACCESSION NUMBER:		0001104659-22-051281
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20220526
FILED AS OF DATE:		20220427
DATE AS OF CHANGE:		20220427

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:		22860599

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	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>a22-13570_5def14a.htm
<DESCRIPTION>DEF 14A
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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;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;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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<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;">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;">o</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;">Preliminary Proxy Statement</font></p>    </td>   </tr>
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<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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<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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<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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<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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<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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<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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<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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<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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<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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<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>
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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;">No fee required.</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;">o</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;">Fee paid previously with preliminary materials.</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;">Fee computed on table in exhibit required by Item 25(b) per Exchange   Act Rules 14a6(i)(1) and 0-11</font></p>    </td>   </tr>  </table>
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<p style="margin:0pt 0pt 14pt 0pt;" align="center"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:11pt;"><b>NOTICE OF THE ANNUAL MEETING OF STOCKHOLDERS<BR>MAY 26, 2022</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="left"><font face="Times New Roman, Times, serif" 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, Times, serif" 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") (the "Annual Meeting"), will be held in a virtual meeting format only on May 26, 2022, at 10:00 a.m., Eastern time, for the following purposes:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 2025 Annual Meeting of Stockholders and until such Director's successor is duly elected and qualified.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The proposed election of the Directors 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 11, 2022 (the "Record Date").</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Due to the public health impact of the coronavirus pandemic (COVID-19) and to support the health and well-being of our stockholders, you will not be able to attend the Annual Meeting in person. All stockholders are 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 vote at the virtual Annual Meeting if you choose to attend. Even if you expect to attend the Annual Meeting, please complete, date, sign and return the enclosed proxy card in the enclosed postage-paid envelope or authorize your proxy by telephone or through the Internet.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">This year's Annual Meeting will be a completely virtual meeting of stockholders, which will be conducted solely online via live webcast. You will be able to attend and participate in the Annual Meeting online, vote your shares electronically and submit your questions prior to and during the Annual Meeting by visiting: www.meetnow.global/MW4M55J at the Annual Meeting date and time described in the accompanying proxy statement. To participate in the Annual Meeting, you will need to log on using the control number from your proxy card or Annual Meeting notice. The control number can be found in the shaded box. There is no physical location for the Annual Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">You may vote electronically during the Annual Meeting by following the instructions available on the Annual Meeting website during the Annual Meeting.</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Registering to Attend the Virtual Annual Meeting as a Beneficial Owner</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">We will admit to the Annual Meeting (1) all stockholders of record on the Record Date, (2) persons holding proof of beneficial ownership at the Record Date, such as a letter or account statement from the person's broker, (3) persons who have been granted proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the virtual Annual Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services, the Fund's proxy tabulator. You may forward an email from your intermediary or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration for the Annual Meeting must be labeled as "Legal Proxy" and be received no later than 5:00 p.m., Eastern Time, three (3) business days prior to the meeting date. You will receive a confirmation email from Computershare of your registration and a control number that will allow you to vote at the Annual Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">This notice and related proxy materials are first being sent to stockholders on or about April 27, 2022.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be Held on May 26, 2022: This Notice and the Proxy Statement are available on the Internet at </b><b><u>https://www.aberdeenjeq.com/en-us</u></b><b>. On this website, you will be able to access the Notice, the Proxy Statement and any amendments or supplements to the foregoing material that are required to be furnished to stockholders.</b></font></p>
<p style="margin:6pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><img src="j22135706_ba001.jpg">
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Megan Kennedy</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Vice President and Secretary of the Fund</i></font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>TO AVOID THE UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING VIRTUALLY, 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, Times, serif" style="font-size:10pt;">April 27, 2022</font></p>
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<p style="margin:0pt 0pt 5pt 0pt;" align="center"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:11pt;"><b>PROXY STATEMENT</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>INTRODUCTION</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 of the Fund (the "Meeting"), to be held in a virtual meeting format, on May 26, 2022, at 10:00 a.m., Eastern time, and at any postponements or adjournments thereof. A Notice of Annual Meeting of Stockholders and proxy card accompany this Proxy Statement. This Proxy Statement and proxy card are first being sent to stockholders on or about April 27, 2022 to stockholders of record as of April 11, 2022.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The purpose of the Meeting is to seek stockholder approval of the following proposals (each a "Proposal"):</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 2025 Annual Meeting of Stockholders and until such Director's successor is duly elected and qualified.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">All properly executed proxy cards received in time for the Meeting will be voted as specified in the applicable proxy card or, if no specification is made, FOR each of the Proposals. The persons named as proxy holders on the proxy card will vote in their discretion on any other matters that may properly come before the Meeting or any adjournments or postponements thereof. Any stockholder giving a proxy card in advance of the Meeting has the power to revoke it by executing a superseding proxy card or by attending the Meeting 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, Times, serif" 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, votes against and abstentions 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, Times, serif" style="font-size:10pt;">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 the Director for the Fund, any abstentions 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, Times, serif" style="font-size:10pt;">On September 16, 2015, the Fund announced that the Board 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 stockholders 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 stockholders annually. The failure to obtain a majority of votes cast will trigger the resignation policy described above.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">If a quorum is not present in person or by proxy at the time the Meeting is called to order, the chair of the Meeting may adjourn the Meeting without notice other than announcement at the Meeting until the requisite amount of stock entitled to vote at the Meeting shall be present. Absent the establishment of a subsequent record date and the giving of notice to the holders of record thereon, the adjourned Meeting must take place not more than 120 days after the record date. At such adjourned Meeting, any business may be transacted which might have been transacted at the original Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board has fixed the close of business on April 11, 2022, as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting and at any adjournments or postponement 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 13,408,536 shares of common stock.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's management knows of no business other than that mentioned in the Notice of Meeting that 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, Times, serif" style="font-size:10pt;"><b>Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting to Be Held on May 26, 2022:</b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> The Proxy Materials and the Fund's most recent annual report are available on the Internet at https://www.aberdeenjeq.com/en-us. 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 abrdn Inc.'s principal executive offices, c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, attention: Aberdeen Japan Equity Fund, Inc.: Investor Relations, or by calling collect at 1-800-522-5465.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:11pt;"><b>THE FUND'S BOARD UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE "FOR" PROPOSAL 1.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:11pt;"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">(i)&nbsp;&nbsp;Rahn Porter, as a Class II Director, to serve until the 2025 Annual Meeting of Stockholders and until his successor is duly elected and qualified.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(ii)&nbsp;&nbsp;Stephen Bird, as a Class II Director, to serve until the 2025 Annual Meeting of Stockholders and until his successor is duly elected and qualified.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The terms of the nominees for Director will expire on the date of the Annual Meeting of Stockholders of the Fund in the year stated above or the date that their successor is elected and qualified. If the nominees 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 the nominees. 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 determining the presence of a quorum at the Meeting, votes against and abstentions will be treated as shares that are present at the Meeting. For purposes of Proposal 1, abstentions 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, Times, serif" style="font-size:10pt;">The nominees for Director of the Fund have consented to be named in this Proxy Statement and to serve as Directors of the Fund if elected. The Board has no reason to believe that 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 may recommend.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">The following table sets forth information concerning the nominees for Directors of the Fund, as well as the other current Directors of the Fund. One Director, Mr. Bird, 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>
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<tr>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee/Directors,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Owned in<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities Owned<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in all Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen or to be<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="612" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3963" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Independent Nominee for Director:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">Rahn K. Porter**&dagger;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market St.,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, <BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1954</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Mr. Porter is the Principal at RPSS Enterprise (consulting) since 2019. He was the Chief Financial and Administrative Officer of The Colorado Health Foundation from 2013 to 2019.</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="44" 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, Times, serif" 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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" 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, Times, serif" style="font-size:8pt;">50,000-$100,000</font></p></td>
<td colspan="1" width="20" 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, Times, serif" style="font-size:8pt;">19</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="612" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Director of CenturyLink Investment Management Company since 2006; Director of Blackridge Financial, Inc. from 2004 to 2019.and Former Director of Aberdeen Singapore Fund, Inc. from 2007 to 2018.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
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<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="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee/Directors,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Owned in<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities Owned<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in all Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen or to be<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="612" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3963" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Interested Nominee for Director:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">Stephen Bird&dagger;&dagger;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market St.,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, <BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1967</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Mr. Bird joined the Board of SLA plc in July 2020 as Chief Executive-Designate, and was formally appointed Chief Executive Officer in September 2020. Previously, Mr. Bird served as chief executive officer of global consumer banking at Citigroup from 2015, retiring from the role in November 2019. His responsibilities encompassed all consumer and commercial banking businesses in 19 countries, including retail banking and wealth management, credit cards, mortgages, and operations and technology supporting these businesses. Prior to this, Mr. Bird was chief executive for all of Citigroup's Asia Pacific business lines across 17 markets in the region, including India and China. Mr. Bird joined Citigroup in 1998, and during his 21 years with the company he held a number of leadership roles in banking, operations and technology across its Asian and Latin American businesses. Before this, he held management positions in the UK at GE Capital&#151;where he was director of UK operations from 1996 to 1998&#151;and at British Steel.</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="44" 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, Times, serif" style="font-size:8pt;">2019</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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" 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, Times, serif" style="font-size:8pt;">0-$10,000</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" 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, Times, serif" style="font-size:8pt;">100,000</font></p></td>
<td colspan="1" width="20" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">+</font></p></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, Times, serif" style="font-size:8pt;">26</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="612" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">None.</font></p></td>
<td colspan="1">&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>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee/Directors,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Owned in<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities Owned<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in all Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen or to be<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="612" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="3963" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Independent Directors:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">Radhika Ajmera**&dagger;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market St.,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, <BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1964</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Ms. Ajmera was appointed Chair of abrdn Japan Equity Fund Inc. in 2017, having served as a director since 2014. She has been an independent non-executive director of abrdn Asia-Pacific Income Investment Co Ltd since 2015. She is also an independent non-executive director of abrdn Funds since 2020 and abrdn Global Income Fund Inc. abrdn Asia-Pacific Income Fund Inc. and abrdn Australia Equity Fund Inc. since 2021. She has over 20 years' experience in fund management, predominantly in emerging markets. She has also held a number of UK closed end fund non-executive directorships. Ms. Ajmera is a graduate of the London School of Economics.</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="44" 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, Times, serif" style="font-size:8pt;">2014</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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" 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, Times, serif" style="font-size:8pt;">0-$10,000</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" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="80" 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, Times, serif" style="font-size:8pt;">10,001-50,000</font></p></td>
<td colspan="1" width="20" 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, Times, serif" style="font-size:8pt;">21</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="612" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">None.</font></p></td>
<td colspan="1">&nbsp;</td>
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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>8</font></p>
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<tr>
<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee/Directors,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Owned in<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities Owned<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in all Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen or to be<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="612" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">Anthony S. Clark**&dagger;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market St.,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, <BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1953</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="2863" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Mr. Clark has been the Managing Member of Innovation Capital Management LLC, a registered investment adviser, since January 2016. Previously, Mr. Clark was Chief Investment Officer of the Pennsylvania State Employees' Retirement System, Deputy Chief Investment Officer of the Pension Benefit Guaranty Corporation, and Director of Global Equities in the Investment Department of the Howard Hughes Medical Institute. Mr. Clark is a Chartered Financial Analyst (CFA).</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="44" 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, Times, serif" style="font-size:8pt;">2015</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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" 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, Times, serif" style="font-size:8pt;">0-$10,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" 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, Times, serif" style="font-size:8pt;">0-$10,000</font></p></td>
<td colspan="1" width="20" 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, Times, serif" 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="612" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Director of The Taiwan Fund, Inc. since 2017</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
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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>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<td colspan="3" width="112" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee/Directors,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2863" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Principal Occupation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Employment During<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Since(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Owned in<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund(2)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities Owned<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in all Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen or to be<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director or <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Nominee in Family<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Investment<BR></b></font><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:8pt;"><b>Number<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>of Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Director(3)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="612" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Other<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Directorships<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">P. Gerald Malone **&dagger;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, <BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1950</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="2863" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Mr. Malone is, by profession, a lawyer of over 40 years. Currently, he is a non-executive director of a number of U.S. companies, including Medality Medical (medical technology company) and Bionik Laboratories Corp. (US healthcare company) since 2018. He is also Chair of many of the open and closed end funds in the Fund Complex. He previously served as Independent Chairman of UK companies Crescent OTC Ltd (pharmaceutical services) until February 2018; and fluidOil Ltd. (oil services) until June 2018; U.S. company Rejuvenan llc (wellbeing services) until September 2017 and as chairman of UK company Ultrasis plc (healthcare software services company) until October 2014. Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997.</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="44" 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, Times, serif" style="font-size:8pt;">2021</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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" 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, Times, serif" 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, Times, serif" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" 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, Times, serif" style="font-size:8pt;">100,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:8pt;">+</font></p></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, Times, serif" style="font-size:8pt;">26</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="612" bgcolor="#cceeff" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Director of Bionik Laboratories Corporation (US healthcare company) since 2018.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">*&nbsp;&nbsp;The "Fund Complex" consists of: the Fund, Aberdeen Income Credit Strategies Fund, Aberdeen Asia-Pacific Income Fund, Inc., Aberdeen Global Income Fund, Inc., Aberdeen Australia Equity Fund, Inc., Aberdeen Emerging Markets Equity Income Fund, Inc., The India Fund, Inc., Aberdeen Global Dynamic Dividend Fund, Aberdeen Total Dynamic Dividend Fund, Aberdeen Global Premier Properties Fund, Aberdeen Standard Global Infrastructure Income Fund, Aberdeen Funds (which consists of 17 portfolios) and abrdn ETFs (which consists of 3 portfolios).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">**&nbsp;&nbsp;Member of the Nominating and Corporate Governance Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">&dagger;&nbsp;&nbsp;Member of the Audit and Valuation Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">&dagger;&dagger;&nbsp;&nbsp;Deemed to be an Interested Director of the Fund because of his affiliation with the Fund's Investment Manager.</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 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">The Board of Directors is currently composed of four Independent Directors and one Interested Director, Stephen Bird.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 abrdn (Asia) Limited ("ASIAL" or the "Investment Manager" formerly "Aberdeen Standard Investments (Asia) Limited")), the Fund's investment manager, other services providers, counsel, and independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion. The Board has also considered the contributions that each Director can make to the Board and Fund.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 abrdn 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. Malone&#151;legal background and public service leadership experience, board experience with other public and private companies, and executive and business consulting experience; 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 Standard complex; and Mr. Bird&#151;Chief Executive Officer of abrdn and prior Chief Executive Officer of other public companies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">Based on the information furnished by each of the Independent Directors as of April 12, 2022 neither any of the Independent Directors nor any immediate family member of the Independent 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, Times, serif" style="font-size:10pt;">The Fund's Board held four regular meetings during its fiscal year ended October 31, 2021. Each current Director attended at least seventy-five percent of the aggregate number of meetings of the Board and any Committee of which they were 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, Mr. Porter attended the meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 </font></p>
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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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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Messrs. Clark, Malone and Porter and Ms. Ajmera. Mr. Porter has been designated as the Fund's "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, Times, serif" 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 within this document.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Malone and Porter and Ms. Ajmera. The Fund's Nominating and Compensation Committee met three times during its last fiscal year.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" 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 fulfil 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, Times, serif" style="font-size:10pt;"><b>Diversity Policy</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" 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, Times, serif" 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>12</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" 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, Times, serif" style="font-size:10pt;"><b>Stockholder Communications</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 or to <u>investor.relations@abrdn.com</u>. 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 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:11pt;"><b>OFFICERS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officers of the Fund <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officer of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" 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, Times, serif" 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="1547" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Officers</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Alan Goodson*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1974</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Director, Vice President and Head of Product &amp; Client Solutions&#151;Americas for abrdn Inc., overseeing Product Management &amp; Governance, Product Development and Client Services for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Joseph Andolina*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1978</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;">Chief Compliance Officer, and Vice President&#151;<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Compliance</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2017</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Chief Risk Officer-Americas for abrdn Inc. and serves as the Chief Compliance Officer for abrdn Inc.. Prior to joining the Risk and Compliance Department, he was a member of abrdn Inc.'s Legal Department, where he served as U.S. Counsel since 2012.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Chris Demetriou*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market St., Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1983</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2020</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Chief Executive Officer&#151;UK, EMEA and Americas. Mr. Demetriou joined abrdn Inc. in 2013, as a result of the acquisition of SVG, a FTSE 250 private equity investor based in London.</font></p></td>
<td colspan="1">&nbsp;</td>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officers of the Fund <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officer of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" 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, Times, serif" 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="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Sharon Ferrari*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1977</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2014</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Manager&#151;US for abrdn Inc. Ms. Ferrari joined abrdn Inc. as a Senior Fund Administrator in 2008.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Heather Hasson*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1982</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Manager, Product Governance US for abrdn. Ms. Hasson joined abrdn Inc. as a Fund Administrator in 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
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<td colspan="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Robert Hepp*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1986</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2022</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Governance Manager, Product Governance US for abrdn. Mr. Hepp joined abrdn, Inc. in 2016.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Megan Kennedy*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1974</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Secretary and Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Director, Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005.</font></p></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Andrew Kim*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1983</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2022</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Governance Manager, Product Governance US for abrdn. Mr. Kim joined abrdn Inc. in 2013.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Brian Kordeck*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1978</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2022</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Manager, Product Governance US for abrdn. Mr. Kordeck joined abrdn in 2013.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Chern-Yeh Kwok<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1976</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2022</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Deputy Head of Equities&#151;Asia Pacific &amp; Head of Equities&#151;Japan. Mr. Kwok joined abrdn in 2005.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Michael Marsico*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1980</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2022</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Senior Product Manager, Product Governance US for abrdn. Mr. Marsico joined abrdn in 2014.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Andrea Melia*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1969</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Treasurer and Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Vice President and Senior Director, Product Management&#151;Americas for abrdn Inc. Ms. Melia joined abrdn Inc. in 2009.</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>14</font></p>
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<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officers of the Fund <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address and <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Positions Held <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Officer of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>the Fund Since</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" 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, Times, serif" 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="3" width="114" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Christian Pittard*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1973</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="171" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="67" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="1195" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Group Head of Product Opportunities at abrdn and Director of Aberdeen Asset Management PLC since 2010. Mr. Pittard joined abrdn from KPMG in 1999.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="114" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Lucia Sitar*<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">c/o abrdn Inc.<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">1900 Market Street, Suite 200,<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Philadelphia, PA 19103<BR></font><font face="Times New Roman, Times, serif" style="font-size:8pt;">Year of Birth: 1971</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="67" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1195" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;">Currently, Vice President and Head of Product Management and Governance&#151;Americas since 2021 Previously, Ms. Sitar served as Managing U.S. Counsel for abrdn Inc. Ms. Sitar joined abrdn Inc. as U.S. Counsel in July 2007.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:4pt 0pt 4pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">*&nbsp;&nbsp;As of October 31, 2021, each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">Effective December 8, 2020, each non-affiliated Director receives fees, paid by the Fund, of $3,000 for each Directors' quarterly meeting, $1,500 for each Directors' ad hoc meeting attended by telephone and an annual fee of $25,000. The Chair of the Board of Directors receives an additional $15,000 annually. The Chair of the Fund's Audit Committee receives an additional $6,000 annually.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The officers of the Fund did not receive any compensation from the Fund. As of April 11, 2022, four of the Fund's Directors are independent. abrdn Inc. ("ASI"), the Fund's administrator, which pays the compensation and certain expenses of the officers of ASI 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, Times, serif" 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="81" 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, Times, serif" style="font-size:8pt;"><b>Name of Director</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="center" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Compensation <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>From The Fund(1)</b></font></td>
<td colspan="1">&nbsp;</td>
<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, Times, serif" style="font-size:8pt;"><b>Total Compensation <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>From The Fund and Fund <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Complex Paid <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>to Directors(1)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="358" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Independent Directors</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" 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 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="104" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">56,297</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="107" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">215,692</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Anthony Clark</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">36,698</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 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 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="107" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">39,698</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Gerald Malone</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="104" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">18,234</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="107" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">487,092</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Rahn K. Porter</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">45,598</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 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 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="107" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">202,499</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="358" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Interested Director</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Stephen Bird</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="104" 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, Times, serif" style="font-size:10pt;">0</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, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="107" 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, Times, serif" style="font-size:10pt;">0</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>

<p style="margin:2pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(1)&nbsp;&nbsp;Paid through fiscal year end October 31, 2021.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">abrdn (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. ASIAL is a wholly-owned subsidiary of Aberdeen Asset Management PLC ("Aberdeen PLC"), a Scottish company, located at 10 Queen's Terrace, Aberdeen, Scotland AB10 1YG. Aberdeen PLC became a direct subsidiary of Standard Life plc as a result of a merger of the two companies, which changed its name to Standard Life Aberdeen plc ("Standard Life Aberdeen"). The Investment Manager is an indirect wholly owned subsidiary of abrdn plc (formerly Standard Life Aberdeen plc).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In rendering investment advisory services, ASIAL may use the resources of investment advisor subsidiaries of abdrn. These affiliates have entered into a memorandum of understanding/personnel sharing procedures pursuant to which investment professionals from each affiliate may render portfolio management and research services to US clients of the abrdn affiliates, including the Fund, as associated persons of the investment manager. No remuneration is paid by the Fund with respect to the memorandum of understanding/personnel sharing arrangements.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">abrdn Inc., an affiliate of the Investment Manager, serves as the Fund's administrator. ASI is a Delaware corporation with its principal business office located at 1900 Market Street, Suite 200, Philadelphia, PA 19103. ASI also provides investor relations services to the Fund under an investor relations services agreement. Messrs. Andolina, Demetriou, Goodson and Mmes. Kennedy, Melia and Sitar, who serve as officers of the Fund, are also directors and/or officers of ASI.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">Section 16(a) of the Exchange 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, Times, serif" style="font-size:10pt;">Based solely upon the Fund's review of the copies of such forms filed on EDGAR or written representations from the Directors and officers of the Fund and the filings by the beneficial holders of greater than 10% of a Fund's shares, to the knowledge of the Fund, for the fiscal year ended October 31, 2021, the filings required by the Exchange Act were made on a timely basis.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">At a meeting held on December 14, 2021, the Board, including a majority of the Directors who are not "interested persons," as defined under the 1940 Act, selected KPMG LLP ("KPMG") to act as the independent registered public accounting firm for the Fund for the fiscal year ending October 31, 2022. Although it is not expected that a representative of KPMG 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, Times, serif" style="font-size:10pt;">The Fund's financial statements for the fiscal year ended October 31, 2021 were audited by KPMG. 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 KPMG 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 KPMG its independence with respect to the Fund. The Fund knows of no direct financial or material indirect financial interest of KPMG in the Fund. The Audit Committee has discussed with KPMG the matters required to be discussed by the applicable requirements of the PCAOB and the SEC. Based on the foregoing review and discussions, the Audit Committee of the Fund has recommended to the Board that the audited financial </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>16</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">statements of the Fund for the fiscal year ended October 31, 2021 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, Times, serif" style="font-size:10pt;">Rahn K. Porter, Chair of the Audit Committee<BR>Radhika Ajmera, Member of the Audit Committee<BR>Anthony S. Clark, Member of the Audit Committee<BR>Gerald Malone, Member of the Audit Committee</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Audit Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The aggregate fees billed by KPMG for professional services rendered in connection with the annual audit and review of the Fund's financial statements for the fiscal year ended October 31, 2020 was $48,582, and for the fiscal year ended October 31, 2021 was $50,039.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Audit-Related Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The aggregate fees billed by KPMG and the former independent public accounting firm 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, 2020 and 2021 were $0 and $0, respectively.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Tax Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The aggregate fees billed by KPMG for professional services rendered by KPMG 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 year ended October 31, 2020 was $8,240, and for the fiscal year ended October 31, 2021 was $8,500.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Other Fees</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">There were no other fees billed by KPMG for services rendered to the Fund for the fiscal years ended October 31, 2020 and 2021.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Audit Committee has considered whether the provision of non-audit services that were rendered to the Investment Manager and any entity controlling, controlled by, or under common control with these entities that provides ongoing services to the Fund that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence and has concluded that it is independent.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Audit Committee Pre-approval</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 KPMG or the former independent public accounting firm billed the Fund fees for the fiscal years ended October 31, 2020 and 2021 were pre-approved by the Fund's Audit Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The aggregate fees billed by KPMG for non-audit services rendered to abrdn (Asia) Limited, the Fund's investment manager or any entity controlling, controlled by, or under common control with ASIAL that provided ongoing services to the Fund ("Covered Service Providers") for the fiscal year ended October 31, 2020 and October 31, 2021, were respectively, $365,465 and $410,245.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 KPMG and has concluded it is.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>17</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:11pt;"><b>THE DIRECTORS, INCLUDING ALL OF THE INDEPENDENT DIRECTORS, RECOMMEND THAT STOCKHOLDERS OF THE FUND VOTE "FOR" PROPOSAL 1.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:11pt;"><b>ADDITIONAL INFORMATION:</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;"><i>Principal Holders.</i></font><font face="Times New Roman, Times, serif" 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>
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<td colspan="3" width="181" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name and Address of Beneficial Owner</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Number of <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Shares of Common <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Stock and Nature of<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Beneficial Ownership</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Percent of Common <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Stock Outstanding(1)</b></font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">1607 Capital Partners, LLC<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">13 S. 13<sup>th</sup> Street, Suite 400<BR></font><font face="Times New Roman, Times, serif" 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="89" 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, Times, serif" style="font-size:10pt;">3,141,083</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</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="89" 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, Times, serif" style="font-size:10pt;">23.4</font></p></td>
<td colspan="1" width="24" 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, Times, serif" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<td colspan="3" width="181" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">Allspring Global Investments LLC<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">420 Montgomery Street<BR></font><font face="Times New Roman, Times, serif" 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="89" 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, Times, serif" style="font-size:10pt;">2,355,402</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</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="89" 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, Times, serif" style="font-size:10pt;">17.6</font></p></td>
<td colspan="1" width="24" 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, Times, serif" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<td colspan="3" width="181" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">Lazard Asset Management LLC<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">30 Rockefellar Plaza<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">New York, NY 10112</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="89" 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, Times, serif" style="font-size:10pt;">1,458,227</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</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="89" 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, Times, serif" style="font-size:10pt;">10.9</font></p></td>
<td colspan="1" width="24" 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, Times, serif" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<tr>
<td colspan="3" width="181" align="left" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">City of London Investment Management <BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">Company Limited<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">77 Gracechurch Street<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">London EC3V 0AS<BR></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">England</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="89" 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, Times, serif" style="font-size:10pt;">1,206,352</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 8pt 0pt;">
&nbsp;</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="89" 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, Times, serif" style="font-size:10pt;">9.0</font></p></td>
<td colspan="1" width="24" 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, Times, serif" style="font-size:10pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Security Ownership of Management.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> As of April 12, 2022, 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, Times, serif" style="font-size:10pt;"><b>MISCELLANEOUS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 ASI or its affiliates. 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 2pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>STOCKHOLDER PROPOSALS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Any proposal by a stockholder of the Fund intended to be included in the proxy materials for the year 2023 annual meeting of stockholders of the Fund must be received by the Fund, c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, not later than December 28, 2022.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>18</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" 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 2023 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 abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, not earlier than 90 days prior and not later than 60 days prior to May 26, 2023.</font></p>
<p style="margin:15pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">By order of the Board of Directors,</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><img src="j22135706_ba002.jpg">
</p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Megan Kennedy</font></p>
<p style="margin:0pt 0pt 12pt 0pt;" align="left"><font face="Times New Roman, Times, serif" 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, Times, serif" style="font-size:10pt;">1900 Market Street, Suite 200<BR>Philadelphia, PA 19103<BR>April 27, 2022</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>19</font></p>
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<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="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">EVERY STOCKHOLDER&#146;S VOTE IS IMPORTANT</font></b></p>
<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">EASY   VOTING OPTIONS:</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="71" height="72" src="g135705bgi001.gif"></font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE ON THE INTERNET</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Log on to:</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" color="blue" face="Arial" style="color:blue;font-size:9.0pt;font-weight:bold;">www.proxy-direct.com</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">or scan the QR code</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Follow the on-screen instructions</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">available 24 hours</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="61" height="80" src="g135705bgi002.gif"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE BY PHONE</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Call 1-800-337-3503</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Follow the recorded instructions</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">available 24 hours</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.08%;">
<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="58" height="37" src="g135705bgi003.gif"></font><br><br></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">VOTE BY MAIL</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Vote, sign and date this Proxy</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Card and return in the</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">postage-paid envelope</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="61" height="62" src="g135705bgi004.jpg"></font><br><br></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">VIRTUAL MEETING</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">at the following Website</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" color="blue" face="Arial" style="color:blue;font-size:8.5pt;font-weight:bold;">www.meetnow.global/MW4M55J</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">on May 26, 2022 at 10:00 a.m. <br>   Eastern time.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">To participate in the Virtual Meeting,<br>   enter the 14-digit control number from<br>   the shaded box on this card.</font></b></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Please detach at perforation before mailing.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ABERDEEN JAPAN EQUITY FUND, INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TO BE HELD ON MAY 26, 2022</font></b></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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">THIS PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</font></b><font size="1" face="Arial" style="font-size:9.0pt;">.&#160; The undersigned stockholder(s) of Aberdeen Japan Equity Fund, Inc. (the &#147;Fund&#148;), revoking previous proxies, hereby appoints Lucia Sitar, Megan Kennedy and Andrew Kim, or any one of them true and lawful attorneys with power of substitution of each, to vote all shares of Aberdeen Japan Equity Fund, Inc., which the undersigned is entitled to vote, at the Annual Meeting of Stockholders to be held virtually at the following Website: <b><u><font color="#2819ef" style="color:#2819EF;font-weight:bold;">www.meetnow.global/MW4M55J</font></u></b> on May 26, 2022, at 10:00 a.m. Eastern time, and at any adjournment thereof as indicated on the reverse side.&#160; To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card.&#160; <b>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">In their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting or any adjournment thereof.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Receipt of the Notice of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged.&#160; If this Proxy is executed but no instructions are given, the votes entitled to be cast by the undersigned will be cast &#147;FOR&#148; the nominees for director.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">VOTE VIA THE INTERNET: www.proxy-direct.com</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">VOTE VIA THE TELEPHONE:   1-800-337-3503</font></b></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">JEQ_32079_043021</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">PLEASE SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><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="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">EVERY STOCKHOLDER&#146;S VOTE IS IMPORTANT</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Aberdeen Japan Equity Fund, Inc.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:11.5pt;font-weight:bold;">Annual Meeting of Stockholders to be held virtually on May 26, 2022, at 10:00 a.m. (Eastern Time)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:11.5pt;font-weight:bold;">The Notice of Annual Meeting, Proxy Statement and Proxy card for this meeting are available at:</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" color="blue" face="Arial" style="color:blue;font-size:12.0pt;font-weight:bold;">https://www.aberdeenJEQ.com</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">YOU NEED NOT RETURN THIS PROXY CARD</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Please detach at perforation before mailing.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">In their discretion, the proxy holders are authorized to vote upon the matters set forth in the Notice of Meeting and Proxy Statement dated April 27, 2022 and upon all other such matters as may properly come before the meeting or any adjournment or postponement thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&#160;&#160;&#160; </font></b><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Proposals</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; THE   NOMINEES FOR DIRECTOR IN THE PROPOSALS.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">1.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">To   consider and vote upon the election of two Class II Directors of the Fund, to   serve until the 2025 Annual Meeting of Stockholders and until such Director&#146;s   successor is duly elected and qualified.</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">FOR</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">AGAINST</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">ABSTAIN</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:3.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">01. Rahn Porter</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">02. Stephen Bird</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">2.</font></p>    </td>
<td width="95%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">To   transact such other business as may properly come before the Annual Meeting   or any adjournments or postponements thereof.</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="95%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:95.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="25" height="27" src="g135705bgi006.gif"></font></p>    </td>
<td width="95%" colspan="6" style="padding:0in 0in 0in 0in;width:95.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Authorized Signatures &#151; This section must   be completed for your vote to be counted.&#151; Sign and Date Below</font></b></p>    </td>   </tr>
<tr height="0">
<td width="35" style="border:none;"></td>
<td width="77" style="border:none;"></td>
<td width="108" style="border:none;"></td>
<td width="46" style="border:none;"></td>
<td width="51" style="border:none;"></td>
<td width="60" style="border:none;"></td>
<td width="330" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Note</font></b><font size="1" face="Arial" style="font-size:8.0pt;">: Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it.&#160; When shares are held jointly, each holder should sign.&#160; When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.5pt;">
<tr>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:29.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Date (mm/dd/yyyy) &#151; Please print date below</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:33.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Signature 1 &#151; Please keep signature within the box</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" nowrap valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:36.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Signature 2 &#151; Please keep signature within&nbsp; the box</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border:solid windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:29.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="5" face="Arial" style="font-size:20.0pt;">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.9%;">
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" 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:33.98%;">
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.98%;">
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" 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:36.0%;">
<p style="margin:0in 0in .0001pt;"><font size="5" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><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;">
<tr>
<td width="100%" colspan="3" valign="top" style="border:solid windowtext 1.0pt;padding:1.45pt 0in 2.9pt 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Scanner bar code</font></p>    </td>   </tr>
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;">xxxxxxxxxxxxxx</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;">JEQ 32079</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.32%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:14.0pt;">xxxxxxxx</font></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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