Exhibit 99.(d)(3)(a)
EXHIBIT A*
SUBADVISORY AGREEMENT
AMONG
ABRDN INC., ABRDN FUNDS
AND ABRDN INVESTMENTS LIMITED
The Subadviser is entitled to the percentage of the advisory fee received after fee waivers and expense reimbursements, if any, by the Adviser for the relevant Fund as detailed below:
| Funds of the Trust | Subadvisory Fees | |||
| abrdn Emerging Markets Fund | 45 | % | ||
| abrdn Emerging Markets ex-China Fund | 90 | % | ||
| abrdn Infrastructure Debt Fund | 90 | % | ||
| abrdn Emerging Markets Dividend Active ETF | 90 | % | ||
| abrdn International Small Cap Active ETF | 90 | % | ||
* Effective February 28, 2022.
[Signature Page to Exhibit A to Subadvisory Agreement among the Trust, abrdn Inc. and AAML]
| TRUST: | ||
| ABRDN FUNDS | ||
| By: | /s/ Lucia Sitar | |
| Name: | Lucia Sitar | |
| Title: | Vice President | |
| ADVISER: | ||
| ABRDN INC. (FORMERLY, ABERDEEN ASSET MANAGEMENT INC.) | ||
| By: | /s/ Lucia Sitar | |
| Name: | Lucia Sitar | |
| Title: | Vice President | |
| SUB-ADVISER: | ||
| ABERDEEN ASSET MANAGERS LIMITED | ||
| By: | /s/ Fiona McGowan | |
| Name: | Fiona McGowan | |
| Title: | Authorised Signatory | |