ABRDN EQUITY INCOME TRUST PLC

Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74

8 November 2023

Amendment to Management Fee

The Board of abrdn Equity Income Trust plc ("the Company") is pleased to announce that it has negotiated a change to the terms of the management fee payable by the Company to the Manager.

With effect from 1 October 2023, the Company's management fee will be charged at a flat fee of 0.55 per cent. per annum of the Company's Net Asset Value ("NAV").

Prior to 1 October 2023, the Company's management fee was charged at a rate of 0.65 per cent. per annum of the Company's NAV up to £175 million and at a rate of 0.55 per cent. per annum of the Company's NAV above £175 million.

Based on the net assets of the Company as at 6 November 2023 of £142.7 million, the change will amount to a 15.4% reduction in the fee payable as compared to the existing fee arrangement.

Save for this change, all other terms and conditions contained in the Company's Management Agreement dated 4 July 2014 (as amended and novated) remain unchanged.

Paul Evitt

abrdn Holdings Limited

Company Secretary

Tel: 0131 372 2200