NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

20 June 2023

For Immediate Release

abrdn Diversified Income and Growth plc
Strategic Review

The Board of abrdn Diversified Income and Growth plc ("ADIG" or the "Company") announces that it has commenced a strategic review to consider how the Company can best deliver value to shareholders.

ADIG's investment strategy, which was refreshed and refocussed in 2020, seeks to provide income and capital appreciation over the long term through investment in a globally diversified multi-asset portfolio. Under proactive portfolio management by the investment team led by Nalaka De Silva, the Company has delivered a NAV total return of 19.6 per cent. over the period from September 2020 to 31 March 2023, including total dividends of 13.96p. This has also included the increased diversification of the portfolio into private markets exposures that are more challenging for many investors to access directly. On the publication of the Company's interim results, the Board noted the Company remains well positioned to deliver attractive total returns over the medium term.

However, despite the investment team delivering steady investment performance, above their new strategy's target and in exceptionally volatile markets, the Board notes that the Company's shares have traded at a material discount to their net asset value for a prolonged period of time. The Board has put in place a number of initiatives to address this, including share buybacks, but notes that the wide discount persists. The Board is also conscious of the lack of opportunities to grow the Company with the current discount, which limits the scope for the Board and its investment team to pursue the widest possible range of attractive investments.

The Board will immediately consult with shareholders and welcomes their views on the best strategic option for the Company. The Company will update the market on the progress of the strategic review in due course, noting that at this stage there can be no certainty as to the final conclusions and/or outcome of the review.

Davina Walter, Chairman of the Company commented:

"While the Board is encouraged by the management of the Company's portfolio, the Company's shares continue to trade at a persistently deep discount to net asset value. It is the Board's view therefore that a strategic review of the Company is required to consider how we can best optimise value for shareholders. As part of this exercise, we will consider all options, including, but not limited to, a combination with an existing investment trust. Our focus will now be on seeking feedback from shareholders, commencing productive discussions with relevant parties and updating the market on the outcome of the review in due course."

For further information, please contact:

abrdn Diversified Income and Growth plc

Davina Walter (Chairman)                             Via Buchanan

Dickson Minto Advisers

Douglas Armstrong                                     +44 (0)20 7649 6823

Buchanan

Helen Tarbet / Henry Wilson                         +44 (0)20 7466 5000

George Beale/ Verity Parker                         ADIG@buchanancomms.co.uk

Important Information

This announcement is released by the Company and the information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.

Legal Entity Identifier (LEI): 2138003QINEGCHYGW702