Aberdeen Government Markets Income Fund · NYSE:MGF
Aberdeen Government Markets Income Fund — MFS Government Markets Income Trust — Proxy Contest (May 2026)
40 slides from Aberdeen Government Markets Income Fund's proxy contest presentation, May 26, 2026
Slide 1: Aberdeen Government Markets Income Fund (MGF) and Aberdeen Intermediate Income Fund (MIN)
Aberdeen Government Markets Income Fund (MGF) and Aberdeen Intermediate Income Fund (MIN) April 2026 The following presentation outlines a fund concept presently under internal consideration with the intention of obtaining preliminary feedback on such a product. The fund concept is not available for
Slide 2: Contents
Contents 2 01 Organization overview 02 Investment team 03 Investment process 04 Appendices
Slide 3: Proposed summary term sheet: Government Markets Income Fund (MGF)
Proposed summary term sheet: Government Markets Income Fund (MGF) 3 Source: Aberdeen, April 2026 * All private credit is directly originated, and Aberdeen does not contemplate using a third party manager **Subject to approval by the proposed Fund’s Board to maintain the current distribution rate. Pl
Slide 4: Proposed summary term sheet: Intermediate Income Fund (MIN)
Proposed summary term sheet: Intermediate Income Fund (MIN) 4 Source: Aberdeen, April 2026 * All private credit is directly originated, and Aberdeen does not contemplate using a third party manager **Subject to approval by the proposed Fund’s Board to maintain the current distribution rate. Please s
Slide 5: Organizational overview
Claberdeen Investments Organizational overview
Slide 6: Aberdeen Investments is a global specialist asset manager
Delivering across asset class About us Our spirit is our strength By harnessing our knowledge and focusing on our core strengths, we can deliver for our clients. Aberdeen Investments is a global specialist asset manager 6 Source: Aberdeen, 31 December 2025. Figures may appear not to add due to round
Slide 7: Why Aberdeen US Fixed Income?
Why Aberdeen US Fixed Income? 7 * As evidenced by our track record compared to the relevant benchmark, Bloomberg Barclays Municipal Bond Index. Strong track record of consistent results in varying market conditions* • Multi - sector credit manager dating back to 1994, with asset allocation policy th
Slide 8: Investment team
Claberdeen Investments Investment team
Slide 9: A leader in global credit – public and private
A leader in global credit – public and private Specialist in emerging markets, sustainability and insurance Credit confidence across market cycles Access to specialist strategies Outcomes driven Aberdeen Investments Fixed Income 9 Source: Aberdeen, 31 December 2025 . * AUM figures shown include allo
Slide 10: Aberdeen Investments Fixed Income structure
Aberdeen Investments Fixed Income structure Leader in global credit – public and private Source: Aberdeen, October 2025 1 Approx. 45 individuals within fixed income have research responsibilities, including portfolio managers. Marianne Zangerl Deputy Head of Fixed Income and Head of ESG, Fixed Incom
Slide 11: US Fixed Income resources
US Fixed Income resources 11 Source: Aberdeen, December 2025. Experienced and specialised portfolio management team Leveraging a global research footprint and assets class expertise Integration and insights gathered through daily interaction and formalised meeting structures covering: - FI House vie
Slide 12: U.S. Investment Grade credit strategy suite
U.S. Investment Grade credit strategy suite 12 Flexible and customizable, to meet specific client expectations Source: Aberdeen, December 2025. Our strategies Global Bond U.S. Corporate U.S. Credit Buy and Maintain Benchmark Bloomberg Global Aggregate Index Bloomberg Barclays U.S. Corporate Index Bl
Slide 13: Investment process
Claberdeen Investments Investment process
Slide 14: Invest across the fixed income universe via integrated global platform
Invest across the fixed income universe, leveraging our integrated global investment platform Our approach to multi sector fixed income investing 14 This material is intended as a broad overview of the Portfolio Manager’s style, philosophy and investment process and is subj ect to change without not
Slide 15: Our core approach to fixed income
Our core approach to fixed income 15 Fundamental, bottom up security selection tailored to the overall environment Source: Aberdeen, 31 December 2025. * Environmental, Social and Governance. Philosophy Global research footprint Team - based ethos Embedded ESG* Systems and risk framework Global oppor
Slide 16: Aberdeen House View
Aberdeen House View 16 “Reflect, rationale, feed - back” Source: Aberdeen. The House View brings together our investment expertise from across asset classes and research teams into a consistent framework. It sends high level signals on key markets over the next 12 to 18 months. • Investment inputs f
Slide 17: Aberdeen House View – key market signals
Equity markets have recovered, but there is still uncertainty over trade and fiscal policy, and a moderate economic slowdown is just beginning. The House View is signalling diversification and small position sizing A berdeen House View – key market signals 17 Source: Aberdeen, May 2025. The views ex
Slide 18: Structured to support security selection tailored to the overall environment
Structured to support security selection tailored to the overall environment Meeting schedule 18 Source: Aberdeen, December 2025. Investing in sustainable solutions in an effort to deliver profit with purpose Pre - global investment group: Aberdeen research institute presents macroeconomic outlook a
Slide 19: Security Selection - Fundamental research and Company Note
Combination of Fundamental / ESG / Relative Value analysis Security Selection - Fundamental research and Company Note 19 Source: Aberdeen. Robust, repeatable process focused on determining whether we are being rewarded for risk Valuations ESG analysis Covenant analysis Credit tools Industry analysis
Slide 20: Company note: detailed credit analysis in a uniform template
Company note Detailed credit analysis in a uniform template 20 Source: Aberdeen, August 2025 For illustrative purposes only . Credit Assessment Analyst Low B | Improving | Fair CA | Industrial | USD Credit Trend Date Relative Value Location (analyst) Equity Ticker Corporate Ticker Senior Unsecured -
Slide 21: Fully integrated global research resources
Fully integrated global research resources All Research produced by Equity, Credit, Responsible Investment and Corporate Governance teams are in a Bloomberg based research portal 21 Research tools supporting focus on bottom up stock selection Source: Aberdeen, Bloomberg. For illustrative purposes on
Slide 22: Success in stock selection has equaled consistent historical outperformance
Success in stock selection has equaled consistent historical outperformance 22 Source: Aberdeen, 31 March 2026. Benchmark: Bloomberg Barclays U.S. Corporate. Representative account is a U.S. separate account used for illustrative purpose s o nly. The above is supplemental information and supplements
Slide 23: U.S. Corporate strategies: Avoided downgrades and defaults to add value
U.S. Corporate strategies: Avoided downgrades and defaults to add value 23 Source: Aberdeen, USD, 31 December 2025. *Three of the five fallen angels in the index are defaults. 1. Downgrade in 2010: PPL Capital Utility hybrid - downgraded by Moody's on 4/29/10 from Baa3 to Ba1 moving the issue to Ba1
Slide 24: Active weights sized in accordance with analyst conviction levels
Active weights sized in accordance with analyst conviction levels Portfolio construction 24 Source: Aberdeen. Credit selection tailored to the overall environment Diversified portfolio based on client guidelines and expectations Potential investment idea Quantify risk adjusted total return profile S
Slide 25: Risk management
Risk management 25 Identify, measure and control risk Source: Aberdeen. Embedded in the Aberdeen culture Risk measurement Risk platform consistent with investment process Output: • Proprietary risk analytics • Risk reporting at security and total portfolio level • Independent oversight by investment
Slide 26: MGF and MIN
Claberdeen Investments MGF and MIN
Slide 27: Identification of attractive opportunity across global fixed income
Identification of attractive opportunity across global fixed income MGF and MIN Strategies 27 Source: Aberdeen. Developed markets credit Sovereign debt MBS Risk characteristics Credit Fundamentals, interest rate, currency, liquidity, structure and ESG risk Investment objectives (Diversified yield an
Slide 28: Appendices
Claberdeen Investments Appendices
Slide 29: U.S. Corporate Investment Grade Performance as of December 2025
U.S. Corporate Investment Grade Performance as of 31 December 2025 29 Source: Aberdeen, 31 December 2025. The above is supplemental information and supplements the composite presentations (as provided in the GIPS disclosures). Figures may appear not to add due to rounding. For illustrative purposes
Slide 30: Composite performance U.S. Corporate Fixed Income
Composite performance U.S. Corporate Fixed Income 30 Source: Aberdeen, 31 December 2025. Note: Where a calendar year return is shown the annualized standard deviation presented is of 36 monthly returns to the calen dar year end. Past performance does not predict future results . Benchmark 100% Barcl
Slide 31: Composite information U.S. Corporate Fixed Income
Composite information U.S. Corporate Fixed Income Definition of the Firm Aberdeen (or "the Firm") is defined as all portfolios managed globally by the asset management entities of Aberdeen Group plc (previously abrdn plc) excluding Private Markets, Tritax, Finimize and Platform businesses (defined a
Slide 32: Composite performance Global Bonds: Aggregate Core
Composite performance Global Bonds: Aggregate Core 32 Source: Aberdeen, 31 December 2025. Note: Where a calendar year return is shown the annualized standard deviation presented is of 36 monthly returns to the calen dar year end. Past performance does not predict future results . Benchmark Bloomberg
Slide 33: Composite information Global Bonds: Aggregate Core
Composite information Global Bonds: Aggregate Core Definition of the firm Aberdeen (or "the Firm") is defined as all portfolios managed globally by the asset management entities of Aberdeen Group plc (previously abrdn plc) excluding Private Markets, Tritax, Finimize and Platform businesses (defined
Slide 34: Composite performance Emerging Markets Debt – Hard Currency Sovereign
Composite performance Emerging Markets Debt – Hard Currency Sovereign 34 Source: Aberdeen, 31 December 2025. Note: Where a calendar year return is shown the annualized standard deviation presented is of 36 monthly returns to the calen dar year end. Benchmark JPM EMBI Global Diversified Composite Eme
Slide 35: Composite information Emerging Markets Debt – Hard Currency Sovereign
Composite information Emerging Markets Debt – Hard Currency Sovereign Definition of the firm Aberdeen (or "the Firm") is defined as all portfolios managed globally by the asset management entities of Aberdeen Group plc (previously abrdn plc) excluding Private Markets, Tritax, Finimize and Platform b
Slide 36: Why Aberdeen: CEF transaction experience
Aberdeen is extremely experienced in the execution of CEF transactions: Why Aberdeen: CEF transaction experience • Our goal is to make any transaction as seamless as possible for the Board and shareholders • Our U.S. closed - end fund business has been developed through IPO and secondary market fund
Slide 37: Why Aberdeen: U.S. closed-end funds
Why Aberdeen: U.S. closed - end funds 37 Source: Aberdeen, 31 December 2025 • 15 U.S. closed - end funds with AUM $9.4bn. • Closed - end funds viewed as a core area of U.S. business now and in the future. • Actively seek growth and new business opportunities in closed - end fund sector via organic a
Slide 38: We are Aberdeen Investments
We are Aberdeen Investments Our spirit is our strength 38 For over a century, we’ve been investing with a certain spirit. The spirit of Scotland. Discover the spirit that makes us the company we are. USD 525 bn AUM >600 Investment professionals >25 Locations worldwide Source: Aberdeen, 31 December 2
Slide 39: Important Information
Important Information This presentation is for informational purposes only, and is not intended as an offer or recommendation with respect to the purc hase or sale of any security, option, future or other derivatives in such securities. The Fund’s adviser, one of its affiliated advisers, or its empl
Slide 40: Important Information
Important Information The amount of income received by the Fund will go up or down depending on day - to - day variations in short - term interest rates, an d when interest rates are very low the Funds expenses could absorb all or a significant portion of the Fund’s income. Investments in asset back
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