<SEC-DOCUMENT>0001104659-23-046105.txt : 20230417
<SEC-HEADER>0001104659-23-046105.hdr.sgml : 20230417
<ACCEPTANCE-DATETIME>20230417145416
ACCESSION NUMBER:		0001104659-23-046105
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20230417
DATE AS OF CHANGE:		20230417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN GLOBAL INCOME FUND, INC.
		CENTRAL INDEX KEY:			0000876717
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06342
		FILM NUMBER:		23823692

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	20020702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN COMMONWEALTH INCOME FUND INC
		DATE OF NAME CHANGE:	20010601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST COMMONWEALTH FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SCHEDULE 14A</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SCHEDULE 14A INFORMATION</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of<br>
the Securities Exchange Act of 1934 (Amendment No. &#xa0;&#xa0;&#xa0;&#xa0;&#xa0;)</p>

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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>&#x2610;</font></td><td style="text-align: justify">Preliminary Proxy Statement</td>
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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>&#x2610;</font></td><td style="text-align: justify"><b>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</b></td>
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<td style="width: 0"></td><td style="width: 0.5in"><font>&#x2612;</font></td><td style="text-align: justify">Definitive Proxy Statement</td></tr>
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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>&#x2610;</font></td><td style="text-align: justify">Definitive Additional Materials</td>
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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>&#x2610;</font></td><td style="text-align: justify">Soliciting Material under &#xa7;240.14a-12</td>
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>abrdn Asia-Pacific
Income Fund, Inc.</b></font></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>abrdn Global
Income Fund, Inc.</b></font></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>abrdn Australia
Equity Fund, Inc.</b></font></p>



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

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

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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font>&#x2610;</font></td><td style="text-align: justify">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11</td>
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<p style="margin:0pt 0pt 15pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>ABRDN ASIA-PACIFIC INCOME FUND, INC.<br>ABRDN GLOBAL INCOME FUND, INC.<br>ABRDN AUSTRALIA EQUITY FUND, INC.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103</b></font></p>
<p style="margin:0pt 0pt 15pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS<br>To be held on May 25, 2023</b></font></p>
<p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">TO THE SHAREHOLDERS:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">NOTICE IS HEREBY GIVEN that the annual meeting of shareholders of each of abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc. and abrdn Australia Equity Fund, Inc. (each, a "Fund," and collectively, the "Funds") (each meeting, an "Annual Meeting," and collectively, the "Annual Meetings") will be held at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103, on the following dates and at the following times:</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Asia-Pacific Income Fund, Inc. (NYSE MKT: "FAX")&#xa0;&#xa0;May 25, 2023&#xa0;&#xa0;11:00 a.m. Eastern Time</font></p>
<p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Global Income Fund, Inc. (NYSE MKT: "FCO")&#xa0;&#xa0;May 25, 2023&#xa0;&#xa0;11:30 a.m. Eastern Time</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Australia Equity Fund, Inc. (NYSE MKT: "IAF")&#xa0;&#xa0;May 25, 2023&#xa0;&#xa0;12:00 p.m. Eastern Time</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The purpose of the Annual Meetings is to consider and act upon the following proposals (each a "Proposal") for each Fund, as applicable, and to consider and act upon such other matters as may properly come before the Annual Meetings or any adjournments or postponements thereof:</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Proposal 1: Election of Common Share Directors<br>FAX &#x2014; To elect one Class II Director, to serve for a three-year term.<br>FCO &#x2014; To elect two Class I Directors, to serve for a three-year term.<br>IAF &#x2014; To elect two Class II Directors, to serve for a three-year term.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Proposal 2: To consider the continuation of the term of one Director for FAX, one Director for FCO and two Directors for IAF under each Fund's Corporate Governance Policies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Proposal is discussed in greater detail in the enclosed Joint Proxy Statement. You are entitled to notice of, and to vote at, the Annual Meeting of a Fund if you owned shares of such Fund at the close of business on April 10, 2023 (the "Record Date"). Even if you expect to attend an Annual Meeting, please complete, date, sign and return the enclosed proxy card(s) 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 style="font-size:10pt; font-family: Times New Roman, Times, serif;">We will admit to an Annual Meeting (1) all shareholders of record on the Record Date, (2) persons holding proof of beneficial ownership on 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. All persons wishing to be admitted to an Annual Meeting must present photo identification. If you plan to attend an Annual Meeting, we ask that you call us in advance at 1-800-522-5465.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">This Notice and related proxy materials are first being mailed to shareholders on or about April 15, 2023.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings of Shareholders to Be Held on Thursday, May 25, 2023: This Notice, the Joint Proxy Statement and the form of proxy card(s) are available on the Internet at http://www.abrdn.com/en-us/cefinvestorcenter. On this website, you will be able to access the Notice, the Joint Proxy Statement, the form of proxy card(s) and any amendments or supplements to the foregoing materials that are required to be furnished to shareholders.</b></font></p>
<p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">By order of the Boards of Directors,</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Megan Kennedy, Vice President and Secretary<br>abrdn Asia-Pacific Income Fund, Inc.<br>abrdn Global Income Fund, Inc.<br>abrdn Australia Equity Fund, Inc.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>TO AVOID THE UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETINGS, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE ANNUAL MEETINGS. ACCORDINGLY, YOU ARE REQUESTED TO PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD(S) FOR THE ANNUAL MEETINGS PROMPTLY, OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD(S). NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD(S) BE RETURNED PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">April 15, 2023<br>Philadelphia, Pennsylvania</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>ABRDN ASIA-PACIFIC INCOME FUND, INC. ("FAX")<br>ABRDN GLOBAL INCOME FUND, INC. ("FCO")<br>ABRDN AUSTRALIA EQUITY FUND, INC. ("IAF")</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>(each, a "Fund" and collectively, the "Funds")</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>1900 Market Street, Suite 200<br>Philadelphia, PA 19103</b></font></p>
<p style="margin:6pt 0pt 12pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>JOINT PROXY STATEMENT</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>For the Annual Meetings of Shareholders<br>each to be held on May 25, 2023</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">This Joint Proxy Statement is furnished in connection with the solicitation of proxies by each Fund's Board of Directors (each, a "Board," and collectively, the "Boards," with members of each Board being referred to as "Directors") to be voted at the Annual Meeting of Shareholders of each Fund (each, a "Meeting," and collectively, the "Meetings") to be held at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103 on Thursday, May 25, 2023 and at any adjournments or postponements thereof. A Notice of the Meetings and a proxy card (the "Proxy Card") accompanying this Joint Proxy Statement will be mailed to shareholders of each Fund. This Joint Proxy Statement is first being mailed to shareholders on or about April 15, 2023.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The purpose of the Annual Meetings is to consider and act upon the following proposals (each a "Proposal") for each Fund, as applicable, and to consider and act upon such other matters as may properly come before the Annual Meetings or any adjournments or postponements thereof:</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Proposal 1: Election of Common Share Directors<br>FAX &#x2014; To elect one Class II Director, to serve for a three-year term.<br>FCO &#x2014; To elect two Class I Directors, to serve for a three-year term.<br>IAF &#x2014; To elect two Class II Directors, to serve for a three-year term.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Proposal 2: To consider the continuation of the term of one Director for FAX, one Director for FCO and two Directors for IAF under each Fund's Corporate Governance Policies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">All properly executed proxies received prior to a Meeting will be voted at the Meeting, or at any adjournments or postponements thereof, in accordance with the instructions marked on the Proxy Card. Unless instructions to the contrary are marked on the Proxy Card, proxies received will be voted <b>"FOR"</b> each Proposal. The persons named as proxy holders on the Proxy Card will vote in their discretion on any other matters that may properly come before each Meeting or any adjournments or postponements thereof. Any proxy may be revoked at any time prior to its exercise by submitting a properly executed, subsequently dated Proxy Card, giving written notice to Megan Kennedy, Secretary of the Fund(s), 1900 Market Street, Suite 200, Philadelphia, PA 19103, or by attending a Meeting and voting in person. Shareholders may authorize proxy voting by using the enclosed Proxy Card along with the enclosed envelope with pre-paid postage. Shareholders may also authorize proxy voting by telephone or through the Internet by following the instructions contained on the Proxy Card. Shareholders do not have dissenters' rights of appraisal in connection with any of the matters to be voted on by the shareholders at each Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The presence at each Meeting, in person or by proxy, of the holders of a majority of the stock issued and outstanding and entitled to vote 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 a Meeting, </font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abstentions and broker 'non-votes' (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular Proposal with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present at the Meeting.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">With regard to Proposal 1 and Proposal 2 for FAX and FCO, the affirmative vote of a majority of the votes of common stock cast at a meeting at which a quorum is present is necessary for the election of a common share Director, provided that, for the Funds, if the number of nominees for Director, as determined by the Secretary of the Funds, exceeds the number of Directors to be elected, the common share Directors shall be elected by the vote of a plurality of the shares of common stock. Under a plurality vote, the nominees who receive the highest number of votes up to the number of Directors to be elected will be elected even if they receive less than a majority of the votes cast. With regard to Proposal 1 for IAF, the vote of a plurality of all the votes cast at a meeting at which a quorum is present is necessary for the election of a common share Director. With respect to Proposal 2 for IAF, the vote of a majority of the votes cast at a meeting at which a quorum is present is required. For purposes of the election of Directors for FAX and FCO, withheld votes and broker 'non-votes' will not be counted as votes cast and will have no effect on the result of the vote. For purposes of the election of Directors for IAF, withheld votes will not be counted as votes cast and will have no effect on the result of the vote, but broker 'non-votes' will be voted "FOR" the Proposal.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has adopted certain corporate governance policies for each Fund (the "Corporate Governance Polices"). The Corporate Governance Policies include (i) a resignation policy which generally provides that (notwithstanding the plurality voting standard for IAF) a director who is not an "interested person" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")), of a Fund, the Funds' investment manager, abrdn Asia Limited (the "Investment Manager" or "AAL"), or, in the case of FAX and FCO, the Funds' investment sub-adviser, abrdn Investments Limited (the "Sub-Adviser" or "AIL") (each an "Independent Director," and collectively, the "Independent Directors"), in an uncontested election, who does not receive a majority of votes "FOR" his or her election at a meeting of shareholders shall be deemed to have tendered his or her resignation, subject to a Board's acceptance or rejection of such resignation, and such Board determination will be disclosed publicly to Fund shareholders; and (ii) a policy requiring that after an Independent Director has served on the Board for three consecutive terms of three years following the later of (a) engagement of the existing investment manager of the Fund or (b) the Independent Director's election to the Board, the Independent Director will be put forth for consideration by shareholders annually. With respect to clause (ii) above, Independent Directors currently serving on the Boards will be submitted to shareholders for consideration of continuation as a director on an annual basis beginning at the first annual meeting following the end of each such Director's third consecutive three-year term in office after the end of such Independent Director's current term.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">If a quorum is not present at the time a Meeting is called to order, the Chair of the Meeting may adjourn the Meeting. For FAX or FCO, if a quorum is present but there are not sufficient votes to approve a Proposal, the Chair of the Meeting or the shareholders entitled to vote at such Meeting present in person, by a majority of the votes validly cast, may adjourn the Meeting to permit further solicitation of proxies on that Proposal. 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.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We will admit to a Meeting (1) all shareholders of record on April 10, 2023 (the "Record Date"), (2) persons holding proof of beneficial ownership on 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. To gain admittance, if you are a shareholder of record or a proxy holder of a shareholder of record, you must bring a form of personal identification to the Meeting, where your name will be verified against our shareholder list. If a broker or other nominee holds your shares and you plan to attend the Meeting, you should </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>4</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">bring a recent brokerage statement showing your ownership of the shares, as well as a form of personal identification. If you are a beneficial owner and plan to vote at the Meeting, you should also bring a proxy card from your broker.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has fixed the close of business on April 10, 2023 as the Record Date for the determination of shareholders entitled to notice of, and to vote at, each Meeting and at any adjournment or postponement thereof. Shareholders on the Record Date for each Fund will be entitled to one vote for each share held for their respective Meeting. As of the Record Date, the following number of shares of each Fund were issued and outstanding:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX had outstanding 247,695,769.000 shares of common stock, par value $0.01 per share.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO had outstanding 12,540,892.000 shares of common stock, par value $0.001 per share.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF had outstanding 25,469,348.000 shares of common stock, par value $0.01 per share.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings to Be Held on Thursday, May 25, 2023, at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103. The Proxy Materials and each Fund's most recent annual report for the fiscal year ended October 31, 2022 are available on the Internet at http://www.abrdn.com/en-us/cefinvestorcenter. Each Fund will furnish, without charge, a copy of its annual report for the fiscal year ended October 31, 2022, and any more recent reports, to any Fund shareholder upon request. To request a copy, please write to the Funds c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, PA 19103, or call 1-800-522-5465. You may also call for information on how to obtain directions to be able to register to attend a Meeting.</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Proposal 1: Election of Common Share Directors</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Fund's bylaws provide that the Fund's Board be elected by holders of the Fund's shares and divided into three classes, as nearly equal in number as possible, each of which will serve for three years, with one class being elected each year. Each year the term of office of one class expires. Directors who are not Independent Directors are referred to in this Joint Proxy Statement as "Interested Directors."</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board, including the Independent Directors, upon the recommendation of the respective Board's Nominating and Corporate Governance Committee, which is composed entirely of Independent Directors, has nominated the following individuals for election as common share Directors to its Board as follows:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Asia-Pacific Income Fund, Inc.&#xa0;&#xa0;P. Gerald Malone (Class II Director, 3-year term ending 2026(1))</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Global Income Fund, Inc.&#xa0;&#xa0;P. Gerald Malone (Class I Director, 3-year term ending 2026(2))</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;&#xa0;&#xa0;Moritz Sell (Class I Director, 3-year term ending 2026)</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Australia Equity Fund, Inc.&#xa0;&#xa0;Radhika Ajmera (Class II Director, 3-year term ending 2026)</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;&#xa0;&#xa0;P. Gerald Malone (Class II Director, 3-year term ending 2026(1))</font></p>
<p style="margin:14pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(1)&#xa0;&#xa0;Despite the term of the Class II Director, pursuant to the Fund's Corporate Governance Policies described earlier in this Proxy Statement, Mr. Malone will be put forth for consideration by shareholders annually if elected.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(2)&#xa0;&#xa0;Despite the term of the Class I Director, pursuant to the Fund's Corporate Governance Policies described earlier in this Proxy Statement, Mr. Malone will be put forth for consideration by shareholders annually if elected.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">With respect to abrdn Asia-Pacific Income Fund, Inc., holders of the Fund's common shares and holders of the Fund's preferred shares will vote together on Proposal 1.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each of the nominees has indicated an intention to serve if elected and has consented to be named in this Joint Proxy Statement.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>5</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">It is the intention of the persons named on the enclosed proxy card(s) to vote "<b>FOR</b>" the election of the persons indicated above to serve as common share Directors. The Boards know of no reason why any of these nominees will be unable to serve, but in the event of any such inability, the proxies received will be voted for such substituted nominees as the affected Fund's Board may recommend.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b><i>The Board, including the Independent Directors, unanimously recommends that shareholders vote "FOR" the nominees as Directors.</i></b></font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Proposal 2: Consideration of Continuation of Term for Director under the Corporate Governance Policies</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">As stated above, the Boards have adopted Corporate Governance Policies which include a policy requiring that after an Independent Director has served on the Board for three consecutive terms of three years following the later of (a) engagement of the existing investment manager of the Fund or (b) the Independent Director's election to the Board, the Independent Director will be put forth for consideration by shareholders annually. Under the Corporate Governance Policies, Independent Directors currently serving on the Boards will be submitted to shareholders for consideration of continuation as a director on an annual basis beginning at the first annual meeting following the end of each such Board member's three-year term in office after the end of such Independent Director's current term.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board, including the Independent Directors, upon the recommendation of the Board's Nominating and Corporate Governance Committee, which is composed entirely of Independent Directors, recommends the continuation of the following individuals put forth for consideration under the Funds' Corporate Governance Policies:</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Asia-Pacific Income Fund, Inc.&#xa0;&#xa0;William J. Potter (Preferred Share Director, 3-year term ending 2024)</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Global Income Fund, Inc.&#xa0;&#xa0;William J. Potter (Class II Director, 3-year term ending 2024)</font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Australia Equity Fund, Inc.&#xa0;&#xa0;William J. Potter (Class III Director, 3-year term ending 2024)</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;&#xa0;&#xa0;Moritz Sell (Class I Director, 3-year term ending 2025)</font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">If a nominee pursuant to Proposal 2 does not receive the requisite votes, the nominee will be deemed to have tendered their resignation for consideration by the relevant Board. The Nominating and Corporate Governance Committee of each Fund shall make a recommendation to the respective Board on whether to accept or reject the resignation, or whether other action shall be taken. The respective Board shall act on the resignation, taking into account the Nominating and Corporate Governance Committee's recommendation, and shall publicly disclose its decision and the rationale behind it within 90 days from the date of the certification of the voting results. Each nominee will not participate in the Nominating and Corporate Governance Committee's recommendation or the respective Board's decision with respect to such nominee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">With respect to abrdn Asia-Pacific Income Fund, Inc., holders of the Fund's common shares and holders of the Fund's preferred shares will vote together on Proposal 2.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">It is the intention of the persons named on the enclosed proxy card(s) to vote "<b>FOR</b>" the election of the persons indicated above to continue to serve as Directors. Each Board knows of no reason why these nominees will be unable to serve, but in the event of any such inability, the proxies received will be voted for such substituted nominees as the affected Board may recommend.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>6</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b><i>The Board, including the Independent Directors, unanimously recommends that shareholders vote "FOR" the continuation of the term of the Directors under the Corporate Governance Policies.</i></b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The following tables set forth certain information regarding the nominees for election to the Boards of the Funds, Directors whose terms of office continue beyond the Meetings, and the principal officers of the Funds.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 104px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and<br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 261px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Position(s)<br>Held with <br>Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 268px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2868px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s)<br>During the Past Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Number of<br>Portfolios<br>in Fund<br>Complex*<br>Overseen<br>by Director <br>or Nominee<br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 324px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Other<br>Directorships<br>Held by <br>Director <br>or Nominee  <br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 3906px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Independent Directors or Nominees for Independent Director:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 104px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Radhika Ajmera**</b> &#x2020;<br>c/o abrdn Inc.<br>1900 Market Street,<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1964</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 261px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">IAF Class II Director; FAX, FCO Class III Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 268px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FCO Term expires 2025; FAX Term expires 2024, IAF Term expires 2023<br></b>FAX, FCO, IAF Director since 2021.</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2868px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">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 Aberdeen Asia-Pacific Income Investment Co Ltd since 2015. She is also an independent non-executive director of Aberdeen Funds since 2020 and Aberdeen Global Income Fund Inc, Aberdeen Asia-Pacific Income Fund Inc and Aberdeen 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">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">23</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 308px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">None.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>7</font></p>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 104px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and<br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 261px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Position(s)<br>Held with <br>Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 268px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2868px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s)<br>During the Past Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Number of<br>Portfolios<br>in Fund<br>Complex*<br>Overseen<br>by Director <br>or Nominee<br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 324px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Other<br>Directorships<br>Held by <br>Director <br>or Nominee  <br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 104px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>P. Gerald Malone**</b> &#x2020;<br>c/o abrdn Inc.<br>1900 Market Street,<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1950</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 261px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Chair of the Board;<br>FAX, IAF Class II Director; FCO Class I Director</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 268px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX, IAF, FCO Terms expire 2023.<br></b>FAX Director since 2001; FCO Director since 2005; IAF Director since 2008.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 2868px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">28</font></p></td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 324px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Director of Bionik Laboratories Corporation (U.S. healthcare company) since 2018.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 104px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Moritz Sell**</b> &#x2020;<br>c/o abrdn Inc.<br>1900 Market Street,<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1967</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 261px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX Preferred Share Director; IAF, FCO Class I Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 268px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX, IAF Term expires 2025; FCO Term expires 2023.<br></b>IAF Director since 2004.<br>FAX, FCO Director since 2018.</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2868px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Mr. Sell currently serves as a Principal at Edison Holdings GmbH (commercial real estate and venture capital) (since October 2015). In addition, Mr. Sell serves as a Senior Advisor for Markston International LLC, an independent investment manager (since January 2014).</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">3</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 324px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Swiss Helvetia Fund (since June 2017) and High Income Securities Fund (since June 2018).</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>8</font></p>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and<br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 261px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Position(s)<br>Held with <br>Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 268px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2868px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s)<br>During the Past Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Number of<br>Portfolios<br>in Fund<br>Complex*<br>Overseen<br>by Director <br>or Nominee<br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 324px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Other<br>Directorships<br>Held by <br>Director <br>or Nominee <br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 104px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>William J. Potter**</b> &#x2020;<br>c/o abrdn Inc.<br>1900 Market Street,<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1948</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 261px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX Preferred Share Director; IAF Class III Director; FCO Class II Director</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 268px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX, IAF, FCO Terms expire 2024.<br></b>IAF Director since 1985; FAX Director since 1986; FCO Director since 1992.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 2868px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Mr. Potter has been the Chairman of Arsenal Square Holdings (consulting and advisory) since 2018, a Director of Alexandria Bancorp (international banking and trustee services) since 1989, a Director of the National Foreign Trade Council (international trade) 1983-2017, director of Howell Biopharma Ltd (healthcare) since 2018, director and chairman of Arrow Robotics Ltd (technology) since 2018, and advisory board member of Nuvve Holding Corporation (technology) since 2020. He also serves on the boards or advisory boards of a number of private companies and charities including the Queen Elizabeth September 11<sup>th</sup> Garden and the National Foundation for Cancer Research.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">3</font></p></td>
<td colspan="1" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 308px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">None.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>9</font></p>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and<br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 261px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Position(s)<br>Held with <br>Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 268px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2868px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s)<br>During the Past Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Number of<br>Portfolios<br>in Fund<br>Complex*<br>Overseen<br>by Director <br>or Nominee<br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 324px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Other<br>Directorships<br>Held by <br>Director <br>or Nominee  <br>for Director</b></font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="23" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 3906px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Interested Director:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Stephen Bird&#x2020;&#x2020;</b> <br>c/o abrdn Inc.<br>1900 Market St., Suite 200,<br>Philadelphia, PA 19103<br>Year of Birth: 1967</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 261px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">IAF Class III Director, FAX Class I Director, FCO Class II Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 268px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>IAF, FCO Terms expire 2024; FAX Term expires 2025<br></b>Director since 2021</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2868px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Mr. Bird joined the Board of abrdn 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&#x2014;where he was director of UK operations from 1996 to 1998&#x2014;and at British Steel.</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">28</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 308px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">None.</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:4pt 0pt 4pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">*&#xa0;&#xa0;The Fund Complex consists of abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Japan Equity Fund, Inc., The India Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., abrdn Income Credit Strategies Fund, abrdn Global Dynamic Dividend Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Global Infrastructure Income Fund, abrdn Funds (which consists of 19 portfolios) and abrdn ETFs (which consists of 3 portfolios).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">**&#xa0;&#xa0;Member of the Nominating and Corporate Governance Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">&#x2020;&#xa0;&#xa0;Member of the Audit Committee.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">&#x2020;&#x2020;&#xa0;&#xa0;Deemed to be an Interested Director of the Funds because of his affiliation with the Funds' Investment Manager and/or Sub-Adviser, as applicable.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>10</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>ADDITIONAL INFORMATION ABOUT THE DIRECTORS</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board believes that each Director's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Directors lead to the conclusion that the Directors possess the requisite experience, qualifications, attributes and skills to serve on their respective Board. Each Board believes that the Directors' ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with AAL and AIL, as applicable, other service providers, counsel and independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion. Each Board has also considered the contributions that each Director can make to the respective Board on which he or she serves and to the Fund(s).</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">A Director's ability to perform his or her duties effectively may have been attained through the Director's executive, business, consulting, and/or legal positions; experience from service as a Director of the Fund(s) and other funds/portfolios in the abrdn complex, other investment funds, public companies, or non-profit entities or other organizations; educational background or professional training or practice; and/or other life experiences. In this regard, the following specific experience, qualifications, attributes and/or skills apply as to each Director in addition to the information set forth in the table above: Mr. Bird, Chief Executive Officer of abrdn and prior Chief Executive Officer of other public companies; Mr. Malone, legal background and public service leadership experience, board experience with other public and private companies, and executive and business consulting experience; Mr. Potter, financial services, investment management and merchant banking experience, executive and consulting experience, and board experience with public companies and non-profit organizations; Ms. Ajmera, financial background in fund management; and Mr. Sell, director and executive experience at an investment banking and trading firm and board experience with another closed-end fund outside of the abrdn complex.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. In its periodic self-assessment of the effectiveness of the Board, each Board considers the complementary individual skills and experience of the individual Directors in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund. References to the qualifications, attributes and skills of Directors are presented pursuant to disclosure requirements of the Securities and Exchange Commission ("SEC") and do not constitute holding out a Board or any Director as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on a Board by reason thereof.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>OFFICERS</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:7pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 113px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and <br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:7pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 262px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Positions(s) Held <br>With Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:7pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 253px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served*</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:7pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 820px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s) During the Past Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:5pt .7pt 6pt 0pt; width: 113px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Kenneth Akintewe**<br></b>c/o abrdn Asia Limited <br>21 Church Street<br>#01-01 Capital Square Two<br>Singapore 049480<br>Year of Birth: 1980</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:5pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:5pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2014</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:5pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Head of Asian Sovereign Debt on the Asian Fixed Income Team at abrdn. Mr. Akintewe joined abrdn in 2002.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 113px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Joseph Andolina**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1978</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Chief Compliance Officer and Vice President&#x2014;Compliance</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2017</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Chief Risk Officer&#x2014;Americas 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 US Counsel since 2012.</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>11</font></p>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and <br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Positions(s) Held <br>With Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served*</b></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s) During the Past Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Mark Baker**<br></b>c/o abrdn Asia Limited <br>21 Church Street<br>#01-01 Capital Square Two<br>Singapore 049480<br>Year of Birth: 1981</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2019</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Head of Fixed Income&#x2014;Hong Kong on the Asian Fixed Income Team at abrdn. Mr. Baker joined abrdn in 2012</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Katherine Corey**<br></b>c/o abrdn Inc.<br>1900 Market St, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1985</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO and IAF Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2023</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Legal Counsel, Product Governance US for abrdn Inc. Ms. Corey joined abrdn Inc. as U.S. Counsel in 2013.</font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Chris Demetriou**<br></b>c/o abrdn Investments Limited<br>280 Bishopsgate<br>London EC2M 4AG<br>Year of Birth: 1983</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2020</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Chief Executive Officer&#x2014;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" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Sharon Ferrari**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1977</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Treasurer and Chief Financial Officer</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Treasurer and Chief Financial Officer since 2023. Fund officer since 2009</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Director Product Management for abrdn Inc. Ms. Ferrari joined abrdn Inc. as a Senior Fund Administrator in 2008.</font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Katie Gebauer**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1986</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2023</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Chief Compliance Officer&#x2014;ETFs and serves as the Chief Compliance Officer for abrdn ETFs Advisors LLC. Ms. Gebauer joined abrdn Inc. in 2014.<br></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Alan Goodson**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2009</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Executive Director, Product &amp; Client Solutions&#x2014;Americas for abrdn Inc, overseeing Product Management and Governance, Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000.</font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Heather Hasson**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1982</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2022</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Product Solutions and Implementation Manager, Product Governance US for abrdn. Ms. Hasson joined abrdn Inc. as a Fund Administrator in 2006</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Robert Hepp**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1986</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2022</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Product Governance Manager, Product Governance US at abrdn. Mr. Hepp joined abrdn in 2016.</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>12</font></p>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name, Address and <br>Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 262px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Positions(s) Held <br>With Fund(s)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 253px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Term of Office <br>and Length of <br>Time Served*</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 820px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Principal Occupation(s) During the Past Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Megan Kennedy**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President, Secretary</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2008</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Director, Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. as a Senior Fund Administrator in 2005.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Andrew Kim** <br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1983</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2022</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Product Governance Manager, Product Governance US for abrdn Inc. Mr. Kim joined abrdn Inc. in 2013.</font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 113px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Brian Kordeck**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1978</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2022</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Product Manager, Product Governance US for abrdn. Mr. Kordeck joined abrdn Inc. in 2013.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Michael Marsico**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1980</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2022</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Senior Product Manager, Product Governance US for abrdn Inc. Mr. Marsico joined abrdn Inc. in 2014.</font></p></td>
<td colspan="1">&#xa0;</td>
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<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 113px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Adam McCabe**<br></b>abrdn Asia Limited<br>21 Church Street<br>#01-01 Capital Square Two<br>Singapore 049480<br>Year of Birth: 1979</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2011</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Head of Fixed Income&#x2014;Asia Pacific at abrdn. Mr. McCabe joined abrdn in 2009 following the acquisition of certain asset management businesses from Credit Suisse.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 113px; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Christian Pittard**<br></b>c/o abrdn Investments Limited<br>280 Bishopsgate<br>London EC2M 4AG<br>Year of Birth: 1973</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2009</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Group Head of Product Opportunities and a Director of abrdn PLC since 2010. Mr. Pittard joined abrdn from KPMG in 1999.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 113px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Lucia Sitar**<br></b>c/o abrdn Inc.<br>1900 Market Street, Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1971</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 262px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">FAX, FCO, IAF Vice President</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 253px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Since 2008</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 820px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">Currently, Vice President and Head of Product Management and Governance for abrdn Inc. since 2020. Previously, Ms. Sitar was 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" style="background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4pt 0pt 4pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">*&#xa0;&#xa0;Officers hold their positions with the Fund(s) until a successor has been duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;">**&#xa0;&#xa0;Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>13</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=13,FOLIO='13',FILE='23-12262-14.ba.qxp',USER='',CD='Apr 17 09:20 2023' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Ownership of Securities</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Set forth in the table below is the dollar range of equity securities in each Fund and the aggregate dollar range of equity securities in the abrdn Family of Investment Companies (as defined below) beneficially owned by each Director or nominee as of October 31, 2022.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 117px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name of Director or Nominee</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 98px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Dollar Range of Equity<br>Securities Owned<br>in Fund(1)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 171px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Aggregate Dollar Range of Equity<br>Securities in All Funds Overseen by<br>Director or Nominee in the Family of<br>Investment Companies(2)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 386px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Independent Directors/Nominees:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">P. Gerald Malone</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 142px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">50,001 &#x2014; $100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">William J. Potter</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 142px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">50,001 &#x2014; $100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Moritz Sell</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 142px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">50,001 &#x2014; $100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Radhika Ajmera</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 142px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">50,001 &#x2014; $100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 386px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Interested Director:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Stephen Bird</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Over $100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX: $1 &#x2014; $10,000</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 117px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF: $1 &#x2014; $10,000</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 171px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 0px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(1)&#xa0;&#xa0;This information has been furnished by each Director as of October 31, 2022. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) promulgated under the Securities Exchange Act of 1934, as amended (the "1934 Act").</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(2)&#xa0;&#xa0;"Family of Investment Companies" means those registered investment companies that share abrdn or an affiliate as the investment adviser and that hold themselves out to investors as related companies for purposes of investment and investor services.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">As of October 31, 2022, each Fund's Directors and officers, in the aggregate, owned less than 1% of that Fund's outstanding equity securities. As of October 31, 2022, none of the Independent Directors or their immediate family members owned any shares of the Investment Manager or Sub-Adviser or of any person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Investment Manager or Sub-Adviser.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Mr. Pittard and Ms. Ferrari serve as executive officers of the Funds. As of October 31, 2022, Mr. Pittard and Ms. Ferrari did not own shares of the Funds' common stock.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>14</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>BOARD AND COMMITTEE STRUCTURE</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board is currently composed of four Independent Directors and one Interested Director, Stephen Bird. Each Fund's bylaws provide that the Board to be elected by holders of a Fund's common stock shall be divided into three classes, as nearly equal in number as possible, each of which will serve for three years, with one class being elected each year.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has appointed Mr. Malone, an Independent Director, as Chair. The Chair presides at meetings of the Directors, participates in the preparation of the agenda for meetings of the Board, and acts as a liaison between the Directors and management between Board meetings. Except for any duties specified herein, the designation of the Chair does not impose on such Director any duties, obligations or liability that is greater than the duties, obligations or liability imposed on such person as a member of the Board, generally.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board holds regular quarterly meetings each year to consider and address matters involving the respective Fund. Each Board also may hold special meetings to address matters arising between regular meetings. The Independent Directors also meet outside the presence of management in executive session at least quarterly and have engaged separate, independent legal counsel to assist them in performing their oversight responsibilities.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has established a committee structure that includes an Audit Committee, and a Nominating and Corporate Governance Committee (each discussed in more detail below) to assist each Board in the oversight and direction of the business affairs of the respective Fund, and from time to time may establish informal ad hoc committees or working groups to review and address the practices of the respective Fund with respect to specific matters. The Committee system facilitates the timely and efficient consideration of matters by the Directors, and facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund's activities and associated risks. The standing Committees currently conduct an annual review of their charters, which includes a review of their responsibilities and operations. Each Nominating and Corporate Governance Committee and each Board as a whole also conduct an annual self-assessment of the performance of the Board, including consideration of the effectiveness of the Board's Committee structure. Each Committee is comprised entirely of Independent Directors. Each Committee member is also "independent" within the meaning of the New York Stock Exchange ("NYSE") MKT listing standards. Each Board reviews its structure regularly and believes that its leadership structure, including having a super-majority of Independent Directors, coupled with an Independent Director as Chair, is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances efficient and effective oversight.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><i>Audit Committee</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee, established in accordance with Section 3(a)(58)(A) of the 1934 Act, is responsible for the selection and engagement of the Fund's independent registered public accounting firm (subject to ratification by the Fund's Independent Directors), pre-approves and reviews both the audit and non-audit work of the Fund's independent registered public accounting firm, and reviews compliance of the Fund with regulations of the SEC and the Internal Revenue Service, and other related matters. The members of each Audit Committee are Messrs. P. Gerald Malone, William J. Potter and Moritz Sell and Ms. Radhika Ajmera.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has adopted an Audit Committee Charter for its Audit Committee, the current copy of which is available on each Fund's respective website at http://abrdnfax.com, http://www.abrdnfco.com and http://www.abrdniaf.com.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><i>Nominating and Corporate Governance Committee; Consideration of Potential Director Nominees</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Nominating and Corporate Governance Committee recommends nominations for membership on the Board and reviews and evaluates the effectiveness of the Board in its role in governing the Fund and overseeing the management of the Fund. It evaluates candidates' qualifications for Board membership and, with respect to </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>15</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">nominees for positions as Independent Directors, their independence from the Investment Manager and Sub-Adviser, as appropriate, and other principal service providers. Each Nominating and Corporate Governance Committee generally meets twice annually to identify and evaluate nominees for director and makes its recommendations to its respective Board at the time of each Board's December meeting. Each Nominating and Corporate Governance Committee also periodically reviews director compensation and will recommend any appropriate changes to the Boards as a group. Each Nominating and Corporate Governance Committee also reviews and may make recommendations to its respective Board relating to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing the management of the Fund. The members of each Nominating and Corporate Governance Committee are Messrs. P. Gerald Malone, William J. Potter and Moritz Sell and Ms. Radhika Ajmera.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has adopted a Nominating and Corporate Governance Committee Charter, a copy of which is on each Fund's respective website at http://abrdnfax.com, http://www.abrdnfco.com and http://www.abrdniaf.com.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Nominating and Corporate Governance Committee may take into account a wide variety of factors in considering prospective director candidates, including (but not limited to): (i) availability (including availability to attend to Board business on short notice) and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board; (ii) relevant industry and related experience; (iii) educational background; (iv) reputation; (v) financial expertise; (vi) the candidate's ability, judgment and expertise; (vii) overall diversity of the Board's composition; and (viii) commitment to the representation of the interests of the Fund and its shareholders. Each Nominating and Corporate Governance Committee also considers the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, such as business, financial or family relationships with the Investment Manager or Sub-Adviser or their affiliates, as appropriate. Each Nominating and Corporate Governance Committee will consider potential director candidates, if any, recommended by its Fund shareholders provided that the proposed candidates: (i) satisfy any minimum qualifications of the Fund for its directors; (ii) are not "interested persons" of the Fund, as that term is defined in the 1940 Act; and (iii) are "independent" as defined in the listing standards of any exchange on which the Fund's shares are listed.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">While the Nominating and Corporate Governance Committees have not adopted a particular definition of diversity or a particular policy with regard to the consideration of diversity in identifying candidates, when considering a candidate's and a Board's diversity, the Committees generally consider the manner in which each candidate's leadership, independence, interpersonal skills, financial acumen, integrity and professional ethics, educational and professional background, prior director or executive experience, industry knowledge, business judgment and specific experiences or expertise would complement or benefit the Board and, as a whole, contribute to the ability of the Board to oversee the Fund. Each Committee may also consider other factors or attributes as they may determine appropriate in their judgment. Each Committee believes that the significance of each candidate's background, experience, qualifications, attributes or skills must be considered in the context of the Board as a whole.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Fund's bylaws contain provisions regarding minimum qualifications for directors. These include a requirement that, to qualify as a nominee for a directorship, each candidate, at the time of nomination, other than persons who were directors at the time of the adoption of the minimum qualifications, must possess at least the following specific minimum qualifications: (i) a nominee shall have at least five years' experience in any of investment management, economics, public accounting or Australian business; (ii) a nominee shall have a college undergraduate or graduate degree in economics, finance, business administration, accounting or engineering, or a professional degree in law, engineering, or medicine, from an accredited university or college in the United States, Australia, the United Kingdom, Canada or New Zealand, or the equivalent degree from an equivalent institution of higher learning in another country; and (iii) a nominee shall not have violated any provision of the U.S. federal or state securities laws, or comparable laws of another country.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>16</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Fund's bylaws also contain advance notice provisions and general procedures with respect to the submission of proposals, including the nomination of directors. Shareholders who intend to propose potential director candidates must substantiate compliance with these requirements. Notice of shareholder proposals must be provided to the Fund's Secretary not earlier than the 150<sup>th</sup> day and not later than 5:00 p.m., Eastern Time, on the 120<sup>th</sup> day prior to the first anniversary of the date of the preceding year's proxy statement. Any shareholder may obtain a copy of the Funds' bylaws by calling the Investor Relations department of abrdn Inc., the Funds' investor relations services provider, toll-free at 1-800-522-5465, or by sending an e-mail to abrdn Inc. at InvestorRelations@abrdn.com.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><i>Board Oversight of Risk Management</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Funds are subject to a number of risks, including, among others, investment, compliance, operational and valuation risks. Risk oversight forms part of each Board's general oversight of the respective Fund and is addressed as part of various Board and Committee activities. Each Board has adopted, and periodically reviews, policies and procedures designed to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. Day-to-day risk management functions are subsumed within the responsibilities of AAL, who carries out each Fund's investment management and business affairs and oversee other service providers in connection with the services they provide to each Fund, and also by AIL, as applicable, and other service providers in connection with the services they provide to the Funds. Each of the Investment Manager, the Sub-Adviser, the Funds' administrator, as applicable, and the Funds' other service providers have their own, independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. As part of its regular oversight of each Fund, the respective Board, directly and/or through a Committee, interacts with and reviews reports from, among others, AAL and AIL, as applicable, and each Fund's other service providers (including the Funds' transfer agent), the Funds' Chief Compliance Officer, and the Funds' independent registered public accounting firm, legal counsel to the Funds, as appropriate, relating to the operations of the Funds. The Boards also require AAL to report to the Boards on other matters relating to risk management on a regular and as-needed basis. The Boards recognize that it may not be possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. Each 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 style="font-size:10pt; font-family: Times New Roman, Times, serif;"><i>Board Retirement Policy</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Board has adopted a retirement policy that seeks to balance the need for fresh perspectives against the benefits that the experience and institutional memory of existing Director may provide and seeks to enhance the overall effectiveness of the Board. Each Board's policy states that no Director candidate shall be presented to shareholders of the Fund for election at any meeting that is scheduled to occur after he or she has reached the age of 75. In addition, each Director shall automatically be deemed to retire from the Board at the next annual shareholders' meeting following the date he or she reaches the age of 75 years, even if his or her tenure of office has not expired on that date. Where no annual shareholders meeting is held, the retiring Director is deemed to retire at the conclusion of the next regular quarterly Board meeting following the date he or she reaches the age of 75.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><i>Board and Committee Meetings in Fiscal Year 2022</i></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">During the Funds' fiscal year ended October 31, 2022, the Boards of FAX, FCO and IAF each held four regular meetings. The Audit Committees of FAX, FCO and IAF each held three meetings; the Nominating and Corporate Governance Committees of FAX, FCO and IAF each held one meeting; and the Leverage Committees of FAX, FCO and IAF held one meeting. During the fiscal year ended October 31, 2022, each incumbent Director attended at least 75% of the aggregate number of meetings of the Board and of Committees of the Board on which he or she served.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>17</font></p>
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<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Communications with the Board of Directors</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Shareholders who wish to communicate with Board members with respect to matters relating to the Funds may address their written correspondence to the Boards as a whole or to individual Board members c/o abrdn Inc., the Funds' administrator, at 1900 Market Street, Suite 200, Philadelphia, PA 19103, or via e-mail to the Director(s) c/o abrdn Inc. at investor.relations@abrdn.com.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Director Attendance at Annual Meetings of Shareholders</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Funds have not established a policy with respect to Director attendance at annual meetings of shareholders.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>REPORTS OF THE AUDIT COMMITTEES; INFORMATION REGARDING THE FUNDS' INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee has selected, and each Fund's Independent Directors have ratified the selection of, KPMG LLP ("KPMG"), 1601 Market Street, Philadelphia, PA 19103, an independent registered public accounting firm, to audit the financial statements of the Funds for the fiscal year ending October 31, 2023. Representatives from KPMG are not expected to be present at the Meetings to make a statement or respond to questions from shareholders. If requested by any shareholder by two (2) business days before the Meetings, a representative from KPMG will be present by telephone at the Meetings to respond to appropriate questions and will have an opportunity to make a statement if he or she chooses to do so.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee has received from KPMG the written disclosures and the letter required by the Public Company Accounting Oversight Board ("PCAOB") regarding KPMG's communications with the Audit Committee concerning independence, and have discussed with KPMG its independence. Each Audit Committee has also reviewed and discussed the audited financial statements with Fund management and KPMG, and discussed matters with KPMG required to be discussed by the applicable requirements of the PCAOB and the SEC. Based on the foregoing, each Audit Committee recommended to its Board that the Fund's audited financial statements be included in the respective Fund's Annual Report to Shareholders for the fiscal year ended October 31, 2022.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The following table sets forth the aggregate fees billed for professional services rendered by KPMG during the Funds' two most recent fiscal years ended October 31:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 105px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 237px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>2022</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 237px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 105px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FCO</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>IAF</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FCO</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>IAF</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 105px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Audit Fees(1)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">90,660</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">125,780</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">62,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">85,587</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">81,656</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">57,033</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 105px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Audit-Related Fees(2)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">50,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 105px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Tax Fees(3)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,720</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 105px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">All Other Fees(4)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 105px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Total</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">98,380</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">125,780</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">62,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">93,567</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">139,636</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">65,013</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(1)&#xa0;&#xa0;"Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(2)&#xa0;&#xa0;"Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(3)&#xa0;&#xa0;"Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax returns, review of excise tax distribution calculations and federal excise tax return.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>18</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=18,FOLIO='18',FILE='23-12262-14.ba.qxp',USER='',CD='Apr 17 09:20 2023' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">(4)&#xa0;&#xa0;"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees," "Audit-Related Fees" and "Tax Fees."</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">All of the services described in the table above were pre-approved by the relevant Audit Committees.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to each Fund and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to each Fund's Investment Manager, and any service provider to a Fund controlling, controlled by or under common control with each Fund's Investment Manager that provided ongoing services to the Fund ("Covered Service Provider"), if the engagement relates directly to the operations and financial reporting of the Fund. The following table shows the amount of fees that KPMG billed during the Funds' last two fiscal years for non-audit services to the Funds, the Investment Manager, and Covered Service Providers:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 36px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Fund</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Fiscal Year Ended</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 97px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Total Non-<br>Audit Fees<br>Billed to Fund*</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 127px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Total Non-Audit Fees<br>billed to the Investment<br>Manager and<br>Covered Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the Fund)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 125px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Total Non-Audit Fees<br>billed to the Investment<br>Manager and<br>Covered Service<br>Providers (all other<br>engagements)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Total</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2022</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,547,556</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,555,536</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FCO</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2022</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">7,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,547,556</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,555,536</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2022</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,108,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 85px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">October 31, 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 68px; text-align: right;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,547,556</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">1,555,536</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">*&#xa0;&#xa0;"Total Non-Audit Fees billed to Fund" for both fiscal years represent "Tax Fees" and "All Other Fees" billed to Funds in their respective amounts from the previous table.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee has adopted an Audit Committee Charter that provides that the Audit Committee shall annually select, retain or terminate, and recommend to the Audit Committee members of the Board and ratified by the entire Board, who are not "interested persons" (as that term is defined in Section 2(a)(19) of the 1940 Act), of the Fund for their ratification, the selection, retention or termination, the Fund's independent auditor and, in connection therewith, evaluate the terms of the engagement (including compensation of the auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Investment Manager or Sub-Adviser, if applicable, and receive the independent auditor's specific representations as to its independence, delineating all relationships between the independent auditor and the Fund, consistent with the Independent Standards Board ("ISB") Standard No. 1. Each Audit Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Fund management or the Investment Manager that the Fund, Investment Manager or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Fund and to consider whether such services are consistent with the independent auditor's independence.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Each Audit Committee has considered whether the provision of non-audit services that were rendered to the Investment Manager or Sub-Adviser, if applicable, and any entity controlling, controlled by, or under common control with these entities that provides ongoing services to the relevant Fund that were not pre-approved pursuant </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>19</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=19,FOLIO='19',FILE='23-12262-14.ba.qxp',USER='',CD='Apr 17 09:20 2023' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>COMPENSATION</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The following table sets forth information regarding compensation of Directors by each Fund and by the Fund Complex of which the Funds are a part for the fiscal year ended October 31, 2022. Officers of the Funds and Directors who are interested persons of the Funds do not receive any compensation directly from the Funds or any other fund in the Fund Complex for performing their duties as officers or Directors, respectively.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name of Director</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="11" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 232px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Aggregate Compensation<br>from Funds for<br>Fiscal Year Ended<br>October 31, 2022</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 122px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Total Compensation<br>From Funds and Fund<br>Complex Paid<br>To Directors*</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 115px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FAX</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>FCO</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>IAF</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 122px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 115px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b><font style="text-decoration:underline">Independent Directors:</font></b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 152px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 115px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Radhika Ajmera</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">43,918</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">41,584</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">41,584</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 93px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">300,264</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 115px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">P. Gerald Malone</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">62,920</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">59,752</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">51,513</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 93px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">583,729</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 115px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">William J. Potter</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">44,585</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">43,245</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">42,251</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 93px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">130,082</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 115px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Moritz Sell</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">51,587</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">48,418</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">48,418</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 93px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">148,424</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 115px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b><font style="text-decoration:underline">Interested Director:</font></b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 152px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 115px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Stephen Bird</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 21px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 93px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">*&#xa0;&#xa0;See the "Directors" table for the number of funds within the Fund Complex that each Director serves.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Delinquent Section 16(a) Reports</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Funds, require the Funds' officers and Directors, certain officers and directors of the Investment Manager and Sub-Adviser, affiliates of the Investment Manager and Sub-Adviser, and persons who beneficially own more than 10% of the Funds' outstanding securities (collectively, the "Reporting Persons") to electronically file reports of ownership of the Funds' securities and changes in such ownership with the SEC and the NYSE American.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Based solely on the Funds' review of such forms filed on EDGAR or written representations from Reporting Persons that all reportable transactions were reported, to the knowledge of the Funds, during the fiscal year ended October 31, 2022, the Funds' Reporting Persons timely filed all reports they were required to file under Section 16(a), except that: (i) Robert Hepp and Andrew Kim each filed a late Form 3 filing following their respective appointments as Vice Presidents of the Funds; (ii) Ai Hua Aik filed a late Form 3 filing following her appointment as a director of Funds' investment manager; and (iii) Grant Hotson and Neil Slater each filed a late Form 3 filing following their respective appointments as directors of the sub-adviser for FCO and FAX.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Relationship of Directors or Nominees with the Investment Manager, Sub-Adviser and Administrator</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Asia Limited serves as the Investment Manager to the Funds pursuant to management agreements dated as of April 3, 2009 for FAX, as of June 7, 2006 for FCO, and as of March 8, 2004 for IAF. The Investment Manager is a Singapore corporation with its registered office located at 21 Church Street, #01-01 Capital Square Two, Singapore 049480. abrdn Investments Limited serves as the Sub-Adviser to FAX and FCO pursuant to sub-advisory agreements dated November 1, 2015 and March 1, 2012, respectively. The Sub-Adviser, with its registered office at 10 Queen's Terrace, Aberdeen, Scotland AB10 1YG, is a corporation organized under the laws of Scotland and </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>20</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">a U.S. registered investment adviser. The Investment Manager and Sub-Adviser are each wholly-owned subsidiaries of abrdn (Holdings) PLC, a Scottish company. The registered offices of abrdn (Holdings) PLC are located at 10 Queen's Terrace, Aberdeen, Scotland AB10 1XL. abrdn (Holdings) PLC is a wholly-owned subsidiary of abrdn plc ("abrdn"), which has registered offices at 1 George Street, Edinburgh, Scotland EH2 2LL.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">In rendering investment advisory services, the Investment Manager and Sub-Adviser may use the resources of investment advisor subsidiaries of abrdn. 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 U.S. clients of the abrdn plc affiliates, including the Funds, as associated persons of the Investment Manager. No remuneration is paid by the Funds with respect to the memorandum of understanding/personnel sharing arrangements.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">abrdn Inc., an affiliate of the Investment Manager and Sub-Adviser, serves as the Funds' administrator. abrdn Inc. is a Delaware corporation with its principal business office located at 1900 Market Street, Suite 200, Philadelphia, PA 19103. abrdn Inc. also provides investor relations services to the Funds under an investor relations services agreement. Messrs. Andolina, Demetriou, Goodson and Mmes. Kennedy and Sitar, who serve as officers of the Funds, are also directors and/or officers of abrdn Inc.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>EACH FUND'S BOARD RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THE NOMINEES FOR DIRECTOR FOR THE RELEVANT FUND.</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Times New Roman, Times, serif;"><b>ADDITIONAL INFORMATION</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Expenses.</b> The expense of preparation, printing and mailing of the enclosed proxy card and accompanying Notice and Joint Proxy Statement will be borne proportionately by each Fund. Each Fund will reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation material to the beneficial owners of the shares of that Fund. In order to obtain the necessary quorum at each Meeting, supplementary solicitation may be made by mail, telephone, telegraph or personal interview. Such solicitation may be conducted by, among others, officers, Directors and employees of the Funds, the Investment Manager, the Sub-Adviser (in the case of FAX and FCO) or the Funds' administrator.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">AST Fund Solutions, LLC ("AST") has been retained to assist in the solicitation of proxies and will receive an estimated fee of $2,500 (FAX), $1,000 (FCO) and $2,800 (IAF) and be reimbursed for its reasonable expenses, which are estimated to be $1,500-$2,000 for FAX, $1,000-$1,500 for FCO and $1,000-$1,500 for IAF.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Solicitation and Voting of Proxies.</b> Solicitation of proxies is being made primarily by the mailing of this Joint Proxy Statement with its enclosures on or about April 15, 2023. As mentioned above, AST has been engaged to assist in the solicitation of proxies. As the date of the Meetings approach, certain shareholders of a Fund may receive a call from a representative of AST, if the Fund has not yet received their vote. Authorization to permit AST to execute proxies may be obtained by telephonic instructions from shareholders of a Fund. Proxies that are obtained telephonically will be recorded in accordance with procedures that management of each of the Funds believes are reasonably designed to ensure that the identity of the shareholder casting the vote is accurately determined and that the voting instructions of the shareholder are accurately determined.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Beneficial Owners.</b> Based upon filings made with the SEC, as of December 31, 2022, the following table shows certain information concerning persons who may be deemed beneficial owners of 5% or more of a class of </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>21</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">shares of FAX, IAF and FCO because they possessed or shared voting or investment power with respect to FAX, IAF or FCO's shares:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 36px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Fund</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 53px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Class</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 150px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Name and Address</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 98px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Number of Shares <br>Beneficially Owned</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:8pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 96px; text-align: center;">
<font style="font-size:8pt; font-family: Times New Roman, Times, serif;"><b>Percentage of <br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Preferred</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 150px; background-color: #cceeff; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Voya Financial Inc.<br>230 Park Ave<br>New York, NY 10169</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 82px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">600,000</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">30.00</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 36px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">FAX</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 53px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Common</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 150px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">First Trust Portfolios L.P.*<br>First Trust Advisors L.P.*</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 82px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">16,791,871</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">6.78</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 150px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Charger Corporation*</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 98px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 96px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 53px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 150px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">120 East Liberty Drive, Suite 400<br>Wheaton, IL 60187</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">IAF</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 53px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Common</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 150px; background-color: #cceeff; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">First Trust Portfolios L.P.**<br>First Trust Advisors L.P.**</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 82px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">3,332,504</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">13.23</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 0pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 36px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 53px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 150px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Charger Corporation**</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 98px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 96px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 36px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 53px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 150px; background-color: #cceeff; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">120 East Liberty Drive<br>Wheaton, IL 60187</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 98px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; width: 96px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:2pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">*&#xa0;&#xa0;These entities jointly filed a Schedule 13G for the share amount and percentage shown.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">**&#xa0;&#xa0;These entities jointly filed a Schedule 13G for the share amount and percentage shown.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Shareholder Proposals.</b> Any Rule 14a-8 shareholder proposal to be considered for inclusion in a Fund's proxy statement and form of proxy for the annual meetings of shareholders to be held in 2024 should be received by the Secretary of the relevant Fund no later than December 17, 2023. There are additional requirements regarding proposals of shareholders, and a shareholder contemplating submission of a proposal for inclusion in a Fund's proxy materials is referred to Rule 14a-8 under the 1934 Act.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">If a shareholder intends to present a proposal, including the nomination of a director, at the Annual Meeting of Shareholders of FCO or IAF to be held in 2024 and desires to have the proposal included in the Funds' proxy statement and form of proxy for that meeting, the shareholder must deliver the proposal to the Secretary of the Funds at the office of the Funds, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such proposal must be received by the Secretary no later than November 18, 2023. If a shareholder intends to present a proposal, including the nomination of a director, at the Annual Meeting of Shareholders of FAX to be held in 2024 and desires to have the proposal included in the Fund's proxy statement and form of proxy for that meeting, the shareholder must deliver the proposal to the Secretary of the Fund at the office of the Fund, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such proposal must be received by the Secretary no later than November 25, 2023.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Shareholders wishing to present proposals, including the nomination of a director, at the Annual Meeting of Shareholders of FCO and IAF to be held in 2024 which they do not wish to be included in the Funds' proxy materials must send written notice of such proposals to the Secretary of the Funds at the office of the Fund, 1900 Market Street Suite 200, Philadelphia, Pennsylvania 19103, and such notice must be received by the Secretary no sooner than October 8, 2023 and no later than 5:00 p.m., Eastern Time, on November 18, 2023 in the form prescribed from time to time in the Funds' bylaws and shareholders wishing to present proposals, including the nomination of a director, at the Annual Meeting of Shareholders of FAX to be held in 2024 which they do not wish to be included in the Fund's proxy materials must send written notice of such proposals to the Secretary of the Fund at the office of the Fund, 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and such notice must be received </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>22</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">by the Secretary no sooner than October 17, 2023 and no later than 5:00 p.m., Eastern Time, on November 25, 2023 in the form prescribed from time to time in the Funds' bylaws; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 150<sup>th</sup> day prior to the date of such annual meeting and not later than the close of business on the later of the 120<sup>th</sup> day prior to the date of such annual meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of such meeting is first made.</font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETINGS AND WHO WISH TO HAVE THEIR SHARES VOTED ARE REQUESTED TO DATE AND SIGN THE ENCLOSED PROXY CARD(S) AND RETURN THEM IN THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Delivery of Joint Proxy Statement</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Unless the Funds have received contrary instructions from shareholders, only one copy of this Joint Proxy Statement may be mailed to households, even if more than one person in a household is a shareholder of record. If a shareholder needs an additional copy of this Joint Proxy Statement, please contact the Funds at 1-800-522-5465. If any shareholder does not want the mailing of this Joint Proxy Statement to be combined with those for other members of its household, please contact the Funds in writing at: 1900 Market Street, Suite 200, Philadelphia, PA 19103 or call the Funds at 1-800-522-5465.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><b>Other Business</b></font></p>
<p style="margin:0pt 0pt 6pt 0pt;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Management knows of no business to be presented at the Meetings, other than the Proposals set forth in this Joint Proxy Statement, but should any other matter requiring the vote of shareholders arise, the proxies will vote thereon according to their discretion.</font></p>
<p style="margin:6pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">By order of the Boards of Directors,</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><img src="j231226214_ba003.jpg">
</p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Megan Kennedy, Vice President and Secretary<br>abrdn Asia-Pacific Income Fund, Inc.<br>abrdn Global Income Fund, Inc.<br>abrdn Australia Equity Fund, Inc.</font></p>
</div>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>23</font></p>
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                                            VOTE IS IMPORTANT</b></font></p></td></tr>
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    ON THE INTERNET <br>
    Log on to:<br>
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    <td style="text-align: center; padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
    IN PERSON <br>
    Attend Shareholder Meeting <br>
    1900 Market Street, Suite&#xa0;200 <br>
    Philadelphia, PA 19103 <br>
    on May&#xa0;25, 2023</b></font></td></tr>
  </table>

<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

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<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font>&#xa0;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td valign="top" style="padding:0in 0in 0in 0in;width:21.46%;"><p style="margin:0in 0in .0001pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PROXY</b></font></p>    </td>
<td valign="top" style="padding:0in 0in 0in 0in;width:57.1%;"><p style="margin:0in 0in .0001pt;text-align:center;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ABRDN ASIA-PACIFIC INCOME FUND, INC.</b></font></p>    </td>
<td valign="top" style="padding:0in 0in 0in 0in;width:21.44%;"><p style="margin:0in 0in .0001pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>    </td>   </tr>  </table>
<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ANNUAL
MEETING OF SHAREHOLDERS</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO
BE HELD ON MAY 25, 2023</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#xa0;</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>THIS
PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</b>. The undersigned shareholder(s) of abrdn Asia-Pacific Income Fund, Inc. (the &#x201c;Fund&#x201d;),
revoking previous proxies, hereby appoints Megan Kennedy, Andrew Kim&#xa0;&#xa0; and Robert Hepp, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of abrdn Asia-Pacific Income Fund, Inc., which the undersigned is entitled
to vote, at the Annual Meeting of Shareholders to be held on Thursday, May 25, 2023, at 11:00 a.m. Eastern Time, at the offices of abrdn
Inc., located at 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated on the
reverse side. <b>Please refer to the Proxy Statement for a discussion of these matters.</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>In
their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting
or any adjournment thereof. </b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Receipt
of the Notice of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &#x201c;FOR&#x201d; the nominees for Directors.</b></font></p>

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<td style="width: 67%; text-align: left">&#xa0;</td><td style="text-align: justify; width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>VOTE
                                            VIA THE INTERNET:&#xa0; www.proxy-direct.com<br>
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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>FAX_33187_032323_Pref</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PLEASE
SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</b></font></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">xxxxxxxxxxxxxx</font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border: Black 1pt solid; text-align: center; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">code</font></td>
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<p style="font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">EVERY
SHAREHOLDER&#x2019;S VOTE IS IMPORTANT</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Important
Notice Regarding the Availability of Proxy Materials for the </b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>abrdn
Asia-Pacific Income Fund, Inc.</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Shareholders
Meeting to be held on May 25, 2023, at 11:00 a.m. (Eastern Time)</b></font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">The
Proxy Statement for this meeting is available at: <font style="color: blue"><font style="text-decoration:underline">http://abrdnfax.com</font></font></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">YOU
NEED NOT RETURN THIS PROXY CARD</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-variant: normal; font-weight: normal">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 <font style="background-color: Yellow">[15], 2023</font> and upon all other such matters as may properly come before the meeting
or any adjournment thereof</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="white-space: nowrap; font-size: 6pt; text-align: left; width: 4.8in; vertical-align: middle">&#xa0;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&#xa0;&#xa0;&#xa0;&#xa0;</b></font></td>
<td style="border: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; width: 0.25in; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>X</b></font></td>
<td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td></tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif"><img src="tm2312262d5_proxyimg006.jpg" alt="" style="width: 30px; height: 29px"></font></td>
  <td style="vertical-align: middle; text-align: left; width: 9%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Proposals </b></font></td>
  <td style="white-space: nowrap; vertical-align: middle; text-align: left; width: 86%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><b>THE BOARD OF DIRECTORS
  UNANIMOUSLY RECOMMENDS A VOTE &#x201c;FOR&#x201d; THE NOMINEES FOR DIRECTORS IN THE PROPOSALS.</b></font></td></tr>
</table>


<p style="font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="padding-top: 5pt; width: 0"></td><td style="padding-top: 5pt; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</font></td><td style="padding-top: 5pt; text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
                                            elect one  Class II Director of the Fund, for a three-year term until the 2026 Annual Meeting
                                            of Shareholders.</font></td></tr></table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
  <tr>
    <td style="width: 23%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
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  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. P. Gerald Malone</font></td>
    <td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td>&#xa0;</td></tr>
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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</font></td><td style="text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To consider the continuation of the term of one Director under the Fund&#x2019;s Corporate Governance Policies.</font></td></tr>
</table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

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<tr>
<td style="width: 51%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
<td style="text-align: center; width: 3%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
<td style="text-align: center; width: 6%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
<td style="text-align: center; width: 6%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
<td style="width: 34%"><font style="font-size: 6pt">&#xa0;</font></td></tr>
<tr>
<td style="white-space: nowrap; padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. William J. Potter (Preferred Share Director, 3-year term ending 2024)</font></td>
<td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="text-align: center; padding: 0in; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td>&#xa0;</td></tr>
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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 6pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"> </p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><img src="tm2312262d5_proxyimg007.jpg" alt="" style="width: 28px; height: 27px"></b></font></td>
  <td style="vertical-align: middle; text-align: left; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized
  Signatures &#x2014; This section must be completed for your vote to be counted.&#x2014; Sign and Date Below</b></font></td></tr>

</table>

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    <td style="white-space: nowrap; padding: 0in; vertical-align: top; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Note</b>:</font></td>
    <td style="padding: 0in; width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s)
    appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor,
    guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full
    title under the signature.</font></td></tr>
  </table>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

<table border="0" cellspacing="0" cellpadding="0" style="width: 99%; border-collapse: collapse; margin-left: 1.5pt">
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    <td style="width: 29%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1.5pt none; border-left-style: none; padding: 0in; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Date (mm/dd/yyyy) &#x2014; Please print date below</font></b></td>
    <td style="width: 2%; vertical-align: top; padding: 0in"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
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    <td style="width: 2%; vertical-align: top; padding: 0in"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="width: 32%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1.5pt none; border-left-style: none; padding: 0in; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Signature 2 &#x2014; Please keep signature within the box</font></b></td></tr>
  <tr>
    <td style="border-right: windowtext 1.5pt solid; border-bottom-style: none; border-left: windowtext 1.5pt solid; padding: 0in; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td></tr>
  <tr>
    <td style="text-align: center; border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding: 0in; border-bottom-style: none; border-top-style: none"><b><font style="font: bold small Arial; font-size: 12pt">/</font><font style="font-family: Arial; font-weight: bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font><font style="font: bold small Arial; font-size: 12pt">/</font></b></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
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    <td style="border: windowtext 1.5pt solid; padding: 0in; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; vertical-align: top; border-top-style: none; padding: 0in; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
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<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

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                                            bar code</font></p>    </td>   </tr>  </table>
<p style="margin: 0in 0in 0pt"><font style="font-size: 1pt; font-family: Arial;">&#xa0;</font></p>
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<td style="padding: 0in; width: 28.34%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxxxxxxxx</font></p>    </td>
<td style="padding: 0in; width: 25%; width: 25%;"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">FAX2 33187</font></p>    </td>
<td style="padding: 0in; width: 9.16%"><p style="margin: 0in 0in 0pt; text-align: center"></p>    </td>
<td style="padding: 0in; width: 14.18%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxx</font></p>    </td>
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                                            VOTE IS IMPORTANT</b></font></p></td></tr>
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    Log on to:<br>
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    Call 1-800-337-3503 <br>
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    <td style="padding: 0in; text-align: center; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
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    Vote, sign and date this Proxy <br>
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    <td style="padding: 0in; text-align: center; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
    IN PERSON <br>
    Attend Shareholder Meeting <br>
    1900 Market Street, Suite&#xa0;200 <br>
    Philadelphia, PA 19103 <br>
    on May&#xa0;25, 2023</b></font></td></tr>
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<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

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<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse">
<tr>
<td valign="top" style="padding: 0in; width: 21.46%"><p style="margin: 0in 0in 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PROXY</b></font></p>    </td>
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<td valign="top" style="padding: 0in; width: 21.44%"><p style="margin: 0in 0in 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>    </td>   </tr>  </table>
<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ANNUAL
MEETING OF SHAREHOLDERS</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO
BE HELD ON MAY 25, 2023</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#xa0;</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>THIS
PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</b>. The undersigned shareholder(s) of abrdn Asia-Pacific Income Fund, Inc. (the &#x201c;Fund&#x201d;),
revoking previous proxies, hereby appoints Megan Kennedy, Andrew Kim&#xa0;&#xa0; and Robert Hepp, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of abrdn Asia-Pacific Income Fund, Inc., which the undersigned is entitled
to vote, at the Annual Meeting of Shareholders to be held on Thursday, May 25, 2023, at 11:00 a.m. Eastern Time, at the offices of abrdn
Inc., located at 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated on the
reverse side. <b>Please refer to the Proxy Statement for a discussion of these matters.</b></font></p>

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their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting
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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>&#xa0;</b></font></p>

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are given, the votes entitled to be cast by the undersigned will be cast &#x201c;FOR&#x201d; the nominees for Directors.</b></font></p>

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<td style="width: 67%; text-align: left">&#xa0;</td><td style="text-align: justify; width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>VOTE
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                                            VOTE VIA THE TELEPHONE:&#xa0; 1-800-337-3503</b></font></td>
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<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>FAX_33187_032323</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PLEASE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">xxxxxxxxxxxxxx</font></td><td style="border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">code</font></td>
                                                                                           <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 83%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>

<p style="font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">EVERY
SHAREHOLDER&#x2019;S VOTE IS IMPORTANT</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Important
Notice Regarding the Availability of Proxy Materials for the </b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>abrdn
Asia-Pacific Income Fund, Inc.</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Shareholders
Meeting to be held on May 25, 2023, at 11:00 a.m. (Eastern Time)</b></font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">The
Proxy Statement for this meeting is available at: <font style="color: blue"><font style="text-decoration:underline">http://abrdnfax.com</font></font></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">YOU
NEED NOT RETURN THIS PROXY CARD</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><font style="font: normal 8.5pt Arial, Helvetica, Sans-Serif">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 <font style="background-color: Yellow">[15], 2023</font> and upon all other such matters as may properly come before the meeting
or any adjournment thereof</font><font style="font: normal 8pt Arial, Helvetica, Sans-Serif">.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="white-space: nowrap; font-size: 6pt; text-align: left; width: 4.8in; vertical-align: middle">&#xa0;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&#xa0;&#xa0;&#xa0;&#xa0;</b></font></td>
<td style="border: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; width: 0.25in; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>X</b></font></td>
<td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td></tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif"><img src="tm2312262d5_proxyimg006.jpg" alt="" style="width: 30px; height: 29px"></font></td>
  <td style="vertical-align: middle; text-align: left; width: 9%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Proposals </b></font></td>
  <td style="white-space: nowrap; vertical-align: middle; text-align: left; width: 86%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><b>THE BOARD OF DIRECTORS
  UNANIMOUSLY RECOMMENDS A VOTE &#x201c;FOR&#x201d; THE NOMINEES FOR DIRECTORS IN THE PROPOSALS.</b></font></td></tr>
</table>


<p style="font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="padding-top: 5pt; width: 0"></td><td style="padding-top: 5pt; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</font></td><td style="padding-top: 5pt; text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
                                            elect one  Class II Director of the Fund, for a three-year term until the 2026 Annual Meeting
                                            of Shareholders.</font></td></tr></table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
  <tr>
    <td style="width: 23%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
    <td style="width: 59%"><font style="font-size: 6pt">&#xa0;</font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. P. Gerald Malone</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td>&#xa0;</td></tr>
  </table>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</font></td><td style="text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To consider the continuation of the term of one Director under the Fund&#x2019;s Corporate Governance Policies.</font></td></tr>
</table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify"></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td style="width: 61%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
<td style="text-align: center; width: 3%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
<td style="text-align: center; width: 6%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
<td style="text-align: center; width: 6%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
<td style="width: 24%"><font style="font-size: 6pt">&#xa0;</font></td></tr>
<tr>
<td style="white-space: nowrap; padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. William J. Potter (Preferred Share Director, 3-year term ending 2024)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td>&#xa0;</td></tr>
</table>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 6pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"> </p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><img src="tm2312262d5_proxyimg007.jpg" alt="" style="width: 28px; height: 27px"></b></font></td>
  <td style="vertical-align: middle; text-align: left; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized
  Signatures &#x2014; This section must be completed for your vote to be counted.&#x2014; Sign and Date Below</b></font></td></tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
  <tr>
    <td style="white-space: nowrap; padding: 0in; vertical-align: top; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Note</b>:</font></td>
    <td style="padding: 0in; width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s)
    appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor,
    guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full
    title under the signature.</font></td></tr>
  </table>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

<table border="0" cellspacing="0" cellpadding="0" style="width: 99%; border-collapse: collapse; margin-left: 1.5pt">
  <tr>
    <td style="border-bottom: windowtext 1.5pt none; width: 29%; vertical-align: top; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Date (mm/dd/yyyy) &#x2014; Please print date below</font></b></td>
    <td style="padding: 0in; width: 2%; vertical-align: top"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-bottom: windowtext 1.5pt none; width: 32%; vertical-align: top; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Signature 1 &#x2014; Please keep signature within the box</font></b></td>
    <td style="padding: 0in; width: 2%; vertical-align: top"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-bottom: windowtext 1.5pt none; width: 32%; vertical-align: top; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Signature 2 &#x2014; Please keep signature within the box</font></b></td></tr>
  <tr>
    <td style="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding: 0in; border-bottom-style: none; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td></tr>
  <tr>
    <td style="border-right: windowtext 1.5pt solid; text-align: center; border-left: windowtext 1.5pt solid; padding: 0in; border-bottom-style: none; border-top-style: none"><b><font style="font: bold small Arial; font-size: 12pt">/</font><font style="font-family: Arial; font-weight: bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font><font style="font: bold small Arial; font-size: 12pt">/</font></b></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td></tr>
  <tr>
    <td style="border: windowtext 1.5pt solid; padding: 0in; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding: 0in; vertical-align: top; border-left-style: none; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
    <td style="border-right: windowtext 1.5pt solid; border-bottom: windowtext 1.5pt solid; padding: 0in; vertical-align: top; border-left-style: none; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td></tr>
  </table>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border-style: none; border-collapse: collapse"><tr><td valign="top" style="border: windowtext 1pt solid; padding: 0in; width: 100%; width: 100%;"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scanner
                                            bar code</font></p>    </td>   </tr>  </table>
<p style="margin: 0in 0in 0pt"><font style="font-size: 1pt; font-family: Arial;">&#xa0;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse">
<tr>
<td valign="bottom" style="padding: 0in; width: 6.66%"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font><p style="margin: 0in 0in 0pt"></p>    </td>
<td style="padding: 0in; width: 28.34%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxxxxxxxx</font></p>    </td>
<td style="padding: 0in; width: 25%; width: 25%;"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">FAX 33187</font></p>    </td>
<td style="padding: 0in; width: 9.16%"><p style="margin: 0in 0in 0pt; text-align: center"></p>    </td>
<td style="padding: 0in; width: 14.18%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxx</font></p>    </td>
<td valign="bottom" style="padding: 0in; width: 16.66%"><p style="margin: 0in 0in 0pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p></td></tr></table>


<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>



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

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

<!-- Field: Page; Sequence: 5 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

<p style="margin: 0"></p>

<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0in; vertical-align: top">&#xa0;</td>
    <td colspan="2" style="padding: 0in; vertical-align: top"><p style="font: 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>EVERY
                                            VOTE IS IMPORTANT</b></font></p></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top">&#xa0;</td>
    <td colspan="2" style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><b>EASY
    VOTING OPTIONS:</b></font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="padding: 0in; vertical-align: top"><font style="font-size: 10pt">&#xa0;</font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top; width: 57%">&#xa0;</td>
    <td style="padding: 0in; text-align: left; vertical-align: bottom; width: 12%"><font style="font-family: Arial, Helvetica, Sans-Serif"><img src="tm2312262d5_proxyimg001.jpg" alt=""></font></td>
    <td style="padding: 0in; text-align: center; vertical-align: top; width: 29%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
    ON THE INTERNET <br>
    Log on to:<br>
     <font style="color: blue"><font style="text-decoration:underline">www.proxy-direct.com</font></font> <br>
    or scan the QR code <br>
    Follow the on-screen instructions <i><br>
    available 24 hours</i></b></font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top">&#xa0;</td>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td>
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    Call 1-800-337-3503 <br>
    Follow the recorded instructions <i><br>
    available 24 hours</i></b></font></td></tr>
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    <td style="padding: 0in; text-align: center; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
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    Vote, sign and date this Proxy <br>
    Card and return in the <br>
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    <td style="padding: 0in; text-align: center; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
    IN PERSON <br>
    Attend Shareholder Meeting <br>
    1900 Market Street, Suite&#xa0;200 <br>
    Philadelphia, PA 19103 <br>
    on May&#xa0;25, 2023</b></font></td></tr>
  </table>

<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

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<p style="margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse">
<tr>
<td valign="top" style="padding: 0in; width: 21.46%"><p style="margin: 0in 0in 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PROXY</b></font></p>    </td>
<td valign="top" style="padding: 0in; width: 57.1%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ABRDN GLOBAL INCOME FUND, INC.</b></font></p>    </td>
<td valign="top" style="padding: 0in; width: 21.44%"><p style="margin: 0in 0in 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>    </td>   </tr>  </table>
<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ANNUAL
MEETING OF SHAREHOLDERS</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO
BE HELD ON MAY 25, 2023</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#xa0;</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>THIS
PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</b>. The undersigned shareholder(s) of abrdn Global Income Fund, Inc. (the &#x201c;Fund&#x201d;),
revoking previous proxies, hereby appoints Megan Kennedy, Andrew Kim&#xa0;&#xa0; and Robert Hepp, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of abrdn Global Income Fund, Inc., which the undersigned is entitled
to vote, at the Annual Meeting of Shareholders to be held on Thursday, May 25, 2023, at 11:30 a.m. Eastern Time, at the offices of abrdn
Inc., located at 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated on the
reverse side. <b>Please refer to the Proxy Statement for a discussion of these matters.</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>In
their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting
or any adjournment thereof. </b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Receipt
of the Notice of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &#x201c;FOR&#x201d; the nominees for Directors.</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"></font></p>

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<td style="width: 67%; text-align: left">&#xa0;</td><td style="text-align: justify; width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>VOTE
                                            VIA THE INTERNET:&#xa0; www.proxy-direct.com<br>
                                            VOTE VIA THE TELEPHONE:&#xa0; 1-800-337-3503</b></font></td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#xa0;</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>FCO_33187_032323</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PLEASE
SIGN, DATE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</b></font></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">xxxxxxxxxxxxxx</font></td><td style="border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">code</font></td>
                                                                                           <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 83%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>

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

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

<p style="font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">EVERY
SHAREHOLDER&#x2019;S VOTE IS IMPORTANT</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Important
Notice Regarding the Availability of Proxy Materials for the </b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>abrdn
Global Income Fund, Inc.</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Shareholders
Meeting to be held on May 25, 2023, at 11:30 a.m. (Eastern Time)</b></font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">The
Proxy Statement for this meeting is available at: <font style="color: blue"><font style="text-decoration:underline">http://www.abrdnfco.com</font></font></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">YOU
NEED NOT RETURN THIS PROXY CARD</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><font style="font: normal 8.5pt Arial, Helvetica, Sans-Serif">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 <font style="background-color: Yellow">[15], 2023</font> and upon all other such matters as may properly come before the meeting
or any adjournment thereof</font><font style="font: normal 8pt Arial, Helvetica, Sans-Serif">.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="white-space: nowrap; font-size: 6pt; text-align: left; width: 4.8in; vertical-align: middle">&#xa0;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&#xa0;&#xa0;&#xa0;&#xa0;</b></font></td>
<td style="border: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; width: 0.25in; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>X</b></font></td>
<td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif"><img src="tm2312262d5_proxyimg006.jpg" alt="" style="width: 30px; height: 29px"></font></td>
  <td style="vertical-align: middle; text-align: left; width: 9%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Proposals </b></font></td>
  <td style="white-space: nowrap; vertical-align: middle; text-align: left; width: 86%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><b>THE BOARD OF DIRECTORS
  UNANIMOUSLY RECOMMENDS A VOTE &#x201c;FOR&#x201d; THE NOMINEES FOR DIRECTORS IN THE PROPOSALS.</b></font></td></tr>
</table>


<p style="font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="padding-top: 5pt; width: 0"></td><td style="padding-top: 5pt; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</font></td><td style="padding-top: 5pt; text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To elect two Class I Directors of the Fund, for a three-year term until the 2026 Annual Meeting of Shareholders.</font></td></tr></table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
  <tr>
    <td style="width: 23%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
    <td style="width: 59%"><font style="font-size: 6pt">&#xa0;</font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. P. Gerald Malone</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td>&#xa0;</td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02. Moritz
    Sell</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td><font style="font-size: 9pt">&#xa0;</font></td></tr>
  </table>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</font></td><td style="text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To consider the continuation of the term of one Director under the Fund&#x2019;s Corporate Governance Policies.</font></td></tr>
</table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify"></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td style="width: 61%; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&#xa0;</font></td>
<td style="padding-right: 1pt; text-align: center; width: 3%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
<td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">AGAINST</font></td>
<td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">ABSTAIN</font></td>
<td style="width: 24%"><font style="font-size: 6pt">&#xa0;</font></td></tr>
<tr>
<td style="white-space: nowrap; padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. William J. Potter (Class II Director, 3-year term ending 2024)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding: 0in; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td>&#xa0;</td></tr>
</table>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

<p style="font: 6pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"> </p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><img src="tm2312262d5_proxyimg007.jpg" alt="" style="width: 28px; height: 27px"></b></font></td>
  <td style="vertical-align: middle; text-align: left; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized
  Signatures &#x2014; This section must be completed for your vote to be counted.&#x2014; Sign and Date Below</b></font></td></tr>

</table>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="white-space: nowrap; padding: 0in; vertical-align: top; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Note</b>:</font></td>
    <td style="padding: 0in; width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s)
    appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor,
    guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full
    title under the signature.</font></td></tr>
  </table>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

<table border="0" cellspacing="0" cellpadding="0" style="width: 99%; border-collapse: collapse; margin-left: 1.5pt">
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    <td style="border-bottom: windowtext 1.5pt none; width: 29%; vertical-align: top; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Date (mm/dd/yyyy) &#x2014; Please print date below</font></b></td>
    <td style="padding: 0in; width: 2%; vertical-align: top"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
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    <td style="padding: 0in; width: 2%; vertical-align: top"><font style="font-size: xx-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
    <td style="border-bottom: windowtext 1.5pt none; width: 32%; vertical-align: top; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none; border-bottom-style: solid"><b><font style="font: bold xx-small Arial; font-size: 7pt">Signature 2 &#x2014; Please keep signature within the box</font></b></td></tr>
  <tr>
    <td style="border-right: windowtext 1.5pt solid; border-left: windowtext 1.5pt solid; padding: 0in; border-bottom-style: none; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
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  <tr>
    <td style="border-right: windowtext 1.5pt solid; text-align: center; border-left: windowtext 1.5pt solid; padding: 0in; border-bottom-style: none; border-top-style: none"><b><font style="font: bold small Arial; font-size: 12pt">/</font><font style="font-family: Arial; font-weight: bold">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font><font style="font: bold small Arial; font-size: 12pt">/</font></b></td>
    <td style="border-right: windowtext 1.5pt none; padding: 0in; vertical-align: top; border-top-style: none; border-bottom-style: none; border-left-style: none; border-right-style: solid"><font style="font-size: x-small; font-family: Arial; font-size: 1pt">&#xa0;</font></td>
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    <td style="border: windowtext 1.5pt solid; padding: 0in; border-top-style: none"><font style="font-size: xx-small; font-family: Arial; font-size: 5pt">&#xa0;</font></td>
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<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#xa0;</p>

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                                            bar code</font></p>    </td>   </tr>  </table>
<p style="margin: 0in 0in 0pt"><font style="font-size: 1pt; font-family: Arial;">&#xa0;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse">
<tr>
<td valign="bottom" style="padding: 0in; width: 6.66%"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font><p style="margin: 0in 0in 0pt"></p>    </td>
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<td style="padding: 0in; width: 25%; width: 25%;"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">FCO 33187</font></p>    </td>
<td style="padding: 0in; width: 9.16%"><p style="margin: 0in 0in 0pt; text-align: center"></p>    </td>
<td style="padding: 0in; width: 14.18%"><p style="margin: 0in 0in 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxx</font></p>    </td>
<td valign="bottom" style="padding: 0in; width: 16.66%"><p style="margin: 0in 0in 0pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p></td></tr></table>


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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
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<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
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    <td style="padding: 0in; vertical-align: top">&#xa0;</td>
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                                            VOTE IS IMPORTANT</b></font></p></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top">&#xa0;</td>
    <td colspan="2" style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><b>EASY
    VOTING OPTIONS:</b></font></td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-size: 10pt">&#xa0;</font></td>
    <td colspan="2" style="padding: 0in; vertical-align: top"><font style="font-size: 10pt">&#xa0;</font></td></tr>
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    ON THE INTERNET <br>
    Log on to:<br>
     <font style="color: blue"><font style="text-decoration:underline">www.proxy-direct.com</font></font> <br>
    or scan the QR code <br>
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    <td style="padding: 0in; text-align: center; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>VOTE
    IN PERSON <br>
    Attend Shareholder Meeting <br>
    1900 Market Street, Suite&#xa0;200 <br>
    Philadelphia, PA 19103 <br>
    on May&#xa0;25, 2023</b></font></td></tr>
  </table>

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detach at perforation before mailing.</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse">
<tr>
<td valign="top" style="padding: 0in; width: 21.46%"><p style="margin: 0in 0in 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PROXY</b></font></p>    </td>
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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ANNUAL
MEETING OF SHAREHOLDERS</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO
BE HELD ON MAY 25, 2023</b></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#xa0;</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>THIS
PROXY IS BEING SOLICITED BY THE BOARD OF DIRECTORS</b>. The undersigned shareholder(s) of abrdn Australia Equity Fund, Inc. (the &#x201c;Fund&#x201d;),
revoking previous proxies, hereby appoints Megan Kennedy, Andrew Kim&#xa0;&#xa0; and Robert Hepp, or any one of them true and lawful
attorneys with power of substitution of each, to vote all shares of abrdn Australia Equity Fund, Inc., which the undersigned is entitled
to vote, at the Annual Meeting of Shareholders to be held on Thursday, May 25, 2023, at 12:00 p.m. Eastern Time, at the offices of abrdn
Inc., located at 1900 Market Street, Suite 200, Philadelphia, Pennsylvania 19103, and at any adjournment thereof as indicated on the
reverse side. <b>Please refer to the Proxy Statement for a discussion of these matters.</b></font></p>

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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>In
their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the meeting
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<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Receipt
of the Notice of the Annual Meeting and the accompanying Proxy Statement is hereby acknowledged. If this Proxy is executed but no instructions
are given, the votes entitled to be cast by the undersigned will be cast &#x201c;FOR&#x201d; the nominees for Directors.</b></font></p>

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<td style="width: 67%; text-align: left">&#xa0;</td><td style="text-align: justify; width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>VOTE
                                            VIA THE INTERNET:&#xa0; www.proxy-direct.com<br>
                                            VOTE VIA THE TELEPHONE:&#xa0; 1-800-337-3503</b></font></td>
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<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>IAF_33187_032323</b></font></p>

<p style="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PLEASE
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<td style="font-family: Arial, Helvetica, Sans-Serif; width: 12%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">xxxxxxxxxxxxxx</font></td><td style="border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">code</font></td>
                                                                                           <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 83%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>

<p style="font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">EVERY
SHAREHOLDER&#x2019;S VOTE IS IMPORTANT</font></p>

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<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Important
Notice Regarding the Availability of Proxy Materials for the </b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>abrdn
Australia Equity Fund, Inc.</b></font></p>

<p style="font: 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Shareholders
Meeting to be held on May 25, 2023, at 12:00 p.m. (Eastern Time)</b></font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">The
Proxy Statement for this meeting is available at: <font style="color: blue"><font style="text-decoration:underline">http://www.abrdniaf.com</font></font></font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,</font></p>

<p style="font: bold 12pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">YOU
NEED NOT RETURN THIS PROXY CARD</font></p>

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<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

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<p style="font: bold 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Please
detach at perforation before mailing.</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#xa0;</font></p>

<p style="font: 10pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"><font style="font: normal 8.5pt Arial, Helvetica, Sans-Serif">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 <font style="background-color: Yellow">[15], 2023</font> and upon all other such matters as may properly come before the meeting
or any adjournment thereof</font><font style="font: normal 8pt Arial, Helvetica, Sans-Serif">.</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="white-space: nowrap; font-size: 6pt; text-align: left; width: 4.8in; vertical-align: middle">&#xa0;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:&#xa0;&#xa0;&#xa0;&#xa0;</b></font></td>
<td style="border: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; width: 0.25in; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>X</b></font></td>
<td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#xa0;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif"><img src="tm2312262d5_proxyimg006.jpg" alt="" style="width: 30px; height: 29px"></font></td>
  <td style="vertical-align: middle; text-align: left; width: 9%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Proposals </b></font></td>
  <td style="white-space: nowrap; vertical-align: middle; text-align: left; width: 86%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt"><b>THE BOARD OF DIRECTORS
  UNANIMOUSLY RECOMMENDS A VOTE &#x201c;FOR&#x201d; THE NOMINEES FOR DIRECTORS IN THE PROPOSALS.</b></font></td></tr>
</table>


<p style="font: bold 9pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="padding-top: 5pt; width: 0"></td><td style="padding-top: 5pt; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</font></td><td style="padding-top: 5pt; text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To elect two Class II Directors of the Fund, for a three-year term until the 2026 Annual Meeting of Shareholders.</font></td></tr></table>

<p style="font: 3pt Arial Narrow, Helvetica, Sans-Serif; margin: 0pt 139.7pt 0pt 0.25in; text-align: justify">&#xa0;</p>

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    <td style="padding-right: 1pt; text-align: center; width: 6%; vertical-align: top; padding-left: 1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">FOR</font></td>
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    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. Radhika
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    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top">&#xa0;</td>
    <td>&#xa0;</td></tr>
  <tr>
    <td style="padding: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02. P. Gerald
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    <td style="padding: 0in 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="padding: 0in 1pt; text-align: center; vertical-align: top">&#xa0;</td>
    <td><font style="font-size: 9pt">&#xa0;</font></td></tr>
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<td style="width: 0"></td><td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</font></td><td style="text-align: justify; padding-right: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To consider the continuation of the terms of two Directors under the Fund&#x2019;s Corporate Governance Policies.</font></td></tr>
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<td style="white-space: nowrap; padding-top: 0in; padding-right: 0in; padding-left: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01.
William J. Potter (Class III Director, 3-year term ending 2024)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font></td>
<td style="padding-top: 0in; padding-right: 1pt; padding-left: 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding-top: 0in; padding-right: 1pt; padding-left: 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td><font style="font-size: 9pt">&#xa0;</font></td></tr>
<tr>
<td style="padding-top: 0in; padding-right: 0in; padding-left: 0in; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02.
Moritz Sell (Class I Director, 3-year term ending 2025)</font></td>
<td style="padding-top: 0in; padding-right: 1pt; padding-left: 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td style="padding-top: 0in; padding-right: 1pt; padding-left: 1pt; text-align: center; vertical-align: top"><font style=" font-size: 9pt">&#x2610;</font></td>
<td><font style="font-size: 9pt">&#xa0;</font></td></tr>
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  <td style="text-align: justify; width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><img src="tm2312262d5_proxyimg007.jpg" alt="" style="width: 28px; height: 27px"></b></font></td>
  <td style="vertical-align: middle; text-align: left; width: 95%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Authorized
  Signatures &#x2014; This section must be completed for your vote to be counted.&#x2014; Sign and Date Below</b></font></td></tr>

</table>

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    <td style="white-space: nowrap; padding: 0in; vertical-align: top; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Note</b>:</font></td>
    <td style="padding: 0in; width: 97%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s)
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    guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full
    title under the signature.</font></td></tr>
  </table>

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