An anonymous director reports

ABERDEEN ASIA-PACIFIC INCOME INVESTMENT COMPANY LIMITED ANNOUNCES NORMAL COURSE ISSUER BID

Aberdeen Asia-Pacific Income Investment Company Ltd. has received Toronto Stock Exchange approval for its intention to make a normal course issuer bid, through which the company will make open market purchases on the TSX or other Canadian alternative trading systems. During the bid, which will commence July 22, 2020, and end no later than July 21, 2021, the company may purchase up to 2,537,230 ordinary shares, which is 5 per cent of the total of the company's 50,744,616 ordinary shares issued and outstanding as at July 10, 2020. The actual number of shares purchased, the time of the purchases and the prices at which the shares will be bought will depend upon future market conditions. The company will not purchase in any 30-day period more than 1,014,892 ordinary shares, being 2 per cent of the 50,744,616 issued and outstanding ordinary shares as at July 10, 2020. The company will cancel shares purchased under the bid.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the company sought and received approval from the TSX to purchase up to 2,541,430 ordinary shares for the period July 22, 2019, to July 21, 2020, the company has purchased, as of July 10, 2020, 84,000 ordinary shares on the open market at an average price of $3.59 per share.

The company's directors believe that from time to time the purchase of ordinary shares of the company may be a worthwhile investment for the company that should benefit continuing shareholders. The company's directors believe that normal course issuer bid purchases of shares for cancellation may, by reducing the number of outstanding shares, reduce the discount that may exist between the market price of the shares and the company's net asset value per share.