Share buyback authority

ABRDN EQUITY INCOME TRUST PLC

Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74

25 August 2022

Share buy-back authority

abrdn Equity Income Trust plc (the "Company") is amending its disclosure policy to include on a regulatory information services ("RIS") details of its share buyback powers which it renews annually. It is expected similar announcements will be made every time the share buyback authority is renewed.

The Company announces that it has authority to repurchase a maximum of 7,200,217 of its ordinary shares (being its outstanding shareholder authority). Such authority lasts until conclusion of the next annual general meeting ("AGM") of the Company or, if earlier, the expiry of 15 months from 04 February 2022, being the date of the last AGM, unless the authority is renewed at any other general meeting prior to such time (but the Company may make a contract to purchase shares prior to such expiry which will be executed wholly or partly after such expiry or a purchase pursuant to any such contract). The buyback may be funded from the Company's resources (including cash, portfolio sales and borrowing facilities). The maximum price that may be paid for a share in accordance with the authority is the higher of (a) 5% above the average of the mid-market values of the shares for the 5 business days before the purchase is made and (b) the higher of the price of the last independent trade in the shares and the highest then current independent bid for the shares on the London stock Exchange.  No maximum aggregate consideration payable for all shares purchased under the authority has been determined by the Company. The Company is unable to pay a price for any shares pursuant to the buy-back which would equate to the net asset value or a premium on the net asset value.

The Company has appointed J.P. Morgan Securities plc to act as its broker in respect of any buybacks.

The buy-backs will be undertaken pursuant the Company's discount management policy.

This arrangement is in accordance with Chapter 12 of the FCA Listing Rules and the Company's general authority to repurchase shares.

For further information please contact:-

Kerry Higgins

Aberdeen Asset Management PLC

Company Secretary

Tel: 0131 372 2200