<SEC-DOCUMENT>0000726728-15-000005.txt : 20150617
<SEC-HEADER>0000726728-15-000005.hdr.sgml : 20150617
<ACCEPTANCE-DATETIME>20150617161723
ACCESSION NUMBER:		0000726728-15-000005
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150616
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150617
DATE AS OF CHANGE:		20150617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REALTY INCOME CORP
		CENTRAL INDEX KEY:			0000726728
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330580106
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13374
		FILM NUMBER:		15937360

	BUSINESS ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
		BUSINESS PHONE:		8582845000

	MAIL ADDRESS:	
		STREET 1:		11995 EL CAMINO REAL
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>kbylaws.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:14.0pt;">UNITED STATES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:14.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:14.0pt;">WASHINGTON, DC 20549</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:14.0pt;">FORM 8-K</font></b></h2>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CURRENT REPORT</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Pursuant to
Section 13 or 15(d) of the </font></b></p>

<h1 style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Securities Exchange Act of 1934</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Date of report (Date
of earliest event reported):&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">June 16, 2015</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<h1 style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:14.0pt;">REALTY
INCOME CORPORATION</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(Exact Name of
Registrant as Specified in Charter)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160; MARYLAND&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  1-13374&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;
33-0580106</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">(State
or Other Jurisdiction of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (Commission File
Number)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (IRS Employer Identification No.)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&#160;
Incorporation or Organization)&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11995 El Camino
Real, San Diego, California 92130</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(Address of Principal
Executive Offices)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Registrant&#8217;s telephone number,
including area code: </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(858) 284-5000</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">N/A</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(Former Name or
Former Address, if Changed Since Last report)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Check the
appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (</font><i><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">see</font></i><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> General Instruction A.2. below):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;">o</font><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;Written communications pursuant to
Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;">o</font><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;Soliciting material pursuant to
Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;">o</font><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;Pre-commencement communications pursuant
to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=wingdings lang=EN-US style="font-size:10.0pt;">o</font><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;&nbsp;Pre-commencement communications pursuant
to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-top:9.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ITEM
5.03&#160; AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR.
</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On and effective June 16, 2015, the Board of
Directors of Realty Income Corporation, a Maryland corporation (the &#8220;Company&#8221;),
amended and restated the Company&#8217;s Bylaws.&#160; The following is a summary of
changes effected by adoption of the Amended and Restated Bylaws, which is qualified
in its entirety by reference to the Amended and Restated Bylaws filed as
Exhibit&nbsp;3.1 hereto and incorporated by reference.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition to the amendments described below,
the Amended and Restated Bylaws include certain changes to (1) clarify
language, (2) comply with or conform to Maryland law and (3) make various
technical corrections and ministerial changes.&#160; The Amended and Restated Bylaws
are referred to herein as the amended Bylaws.&#160; &#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE III.&#160; STOCKHOLDERS.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Stockholders Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The amended Bylaws clarify that a special meeting of stockholders may be called
by the Chairman of the Board.&#160; The amended Bylaws also clarify procedures for
stockholders to call a special meeting of stockholders, including addressing
issues relating to (a) the contents of the notices from stockholders requesting
a special meeting and (b) revocation of requests for special stockholders
meetings.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Stockholders Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The
amended Bylaws (a) provide for notice of a meeting of stockholders by
electronic transmission and (b) clarify the power of the Company to postpone or
cancel a meeting by making a public announcement.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Conduct of Stockholders Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The amended Bylaws update the list of the powers of
the chairman over the conduct of the meeting, including (a) concluding,
recessing or adjourning a meeting, whether or not a quorum is present, and (b)
complying with any state or local laws and regulations concerning safety and
security. </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspectors</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended Bylaws
clarify the responsibilities of the inspectors of election and retain for the
chairman of the meeting the responsibility for determining the existence of a
quorum and the results of stockholder votes. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advance Notice of
Director Nominations and New Business Proposals from Stockholders</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The amended Bylaws expand the information
required to be disclosed by a stockholder nominating an individual for election
to the Board of Directors or making a proposal of other business.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE IV.&#160; BOARD OF DIRECTORS.&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Resignation of Directors</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended
Bylaws clarify the procedures by which directors may resign from the Board.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Loss of
Deposits and Surety Bonds</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended Bylaws remove references to
outdated provisions concerning loss of deposits and the giving of surety bonds
by directors.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Reliance</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended Bylaws
clarify that directors and officers may rely on information prepared or
presented by others whom the director or officer reasonably believes to be
reliable and competent in the matters presented to more closely track certain
related statutory provisions.&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subcommittees
of the Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended Bylaws clarify that any committee of the Board
may delegate some or all of its powers to one or more subcommittees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE V.&#160; OFFICERS.&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chairman of
the Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The amended Bylaws clarify that the Chairman of the Board may
be designated as an executive or non-executive chairman.&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Treasurer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The amended Bylaws remove references to outdated provisions concerning the
giving of surety bonds by the Treasurer of the Company.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE X.&#160; INDEMNIFICATION.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Indemnification and Advance of Expenses</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The amended Bylaws clarify that a present or former director or officer is
entitled to indemnification and the advancement of expenses to the maximum
extent permitted by Maryland law in the event such director or officer is a
witness in a proceeding. &#160;The amended Bylaws clarify that subsequent amendments
to the Bylaws do not alter a director&#8217;s or officer&#8217;s entitlement to
indemnification and advance of expenses.&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ITEM 9.01.&#160;&#160;&#160; FINANCIAL STATEMENTS AND EXHIBITS. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.&#160; The following exhibit is filed
herewith:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit 3.1&#160;&#160;&#160;&#160;&#160; Amended
and Restated Bylaws of Realty Income Corporation, as adopted on June 16, 2015.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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<p align=center style="margin:0in;margin-bottom:8.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, Realty Income Corporation
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:202.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">REALTY INCOME
CORPORATION</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:202.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:202.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160; &#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:247.5pt;text-align:justify;text-indent:-45.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Michael R. Pfeiffer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:225.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Executive Vice President, <br>
General Counsel and Secretary</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:225.35pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:225.35pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Date: June 17, 2015</font></p>




<h1 style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;text-align:center;">&nbsp;</h1>
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<h1 style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">EXHIBIT INDEX</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">EXHIBIT</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NUMBER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NAME</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amended
and Restated Bylaws of Realty Income Corporation, as adopted on June 16, 2015.</font></p>

<p align=center style="margin-left:0in;margin-right:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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<DESCRIPTION>EXHIBIT 3.1 AMENDED AND RESTATED BYLAWS
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit 3.1</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDED
AND RESTATED</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BYLAWS</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OF</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">REALTY INCOME
CORPORATION</font></u></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As of June 16,
2015</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE I</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DEFINITIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Whenever used in these Bylaws,
unless the context otherwise requires, the terms defined in this Article I
shall have the following respective meanings:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;ADVISOR&quot; means any
Person (other than a director, officer or employee of the Corporation) to whom
the Corporation may delegate the responsibility for directing or performing the
day-to-day business affairs of the Corporation, including a Person or entity to
which an Advisor subcontracts substantially all such functions.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;AFFILIATE&quot; of a
Person means (a) any other Person directly or indirectly controlling,
controlled by and under common control with such Person, (b) any other Person
owning or controlling 10% or more of the outstanding voting securities of such
Person, (c) any officer, director or general partner of such Person, or (d) if
such Person is an officer, director or general partner, any Person for which
such Person acts as an officer, director or general partner.&#160; For purposes of
this definition, &quot;control&quot; (including, with correlative meanings, the
terms &quot;controlling,&quot; &quot;controlled by&quot; and &quot;under common
control with&quot;), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;ANCILLARY SERVICES&quot;
means any business activity rendered in connection with, or incidental to, the
Corporation's primary activity of leasing its properties, which generates
revenue for the Corporation that would be treated by the IRS as Nonqualifying
Income, including, but not limited to, the sale of goods and services to its
tenants and others.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;APPRAISED VALUE&quot;
means the value of a property as determined by an appraisal made by one or more
independent qualified appraisers selected in accordance with procedures
established by the Board (and a majority of the Independent Directors as to any
proposed acquisition from any Advisor, a director or an officer of the
Corporation or any Affiliate thereof).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;ASSISTANT SECRETARIES&quot;
has the meaning assigned to such term in Section 10 of Article V hereof.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;BOARD&quot;
means the Board of Directors of the Corporation, as constituted from time to
time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;BUSINESS DAY&quot; means
any day other than a Saturday, a Sunday or a day on which banking institutions
in the State of California are authorized or obligated by law or executive
order to close.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;BYLAWS&quot; means the
Bylaws of the Corporation, as amended from time to time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CHAIRMAN OF THE BOARD&quot;
has the meaning assigned to such term in Section 4 of Article V hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CHARTER&quot; means the
charter of Realty Income Corporation, as in effect from time to time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CHIEF EXECUTIVE OFFICER&quot;
has the meaning assigned to such term in Section 5 of Article V hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CHIEF OPERATING OFFICER&quot;
has the meaning assigned to such term in Section 6 of Article V hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CODE&quot; means the
Internal Revenue Code of 1986, as amended from time to time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;COMMON STOCK&quot; means
the Common Stock of the Corporation, par value $0.01 per share.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;COMPANY SECURITIES&quot;
has the meaning assigned to such term in Section 12(a)(3)(iii) of Article III
hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CONFLICTING
PROVISIONS&quot; has the meaning assigned to such term in Section 1 of Article
XIII hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CONTESTED ELECTION&quot;
has the meaning assigned to such term in Section 8 of Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;CORPORATION&quot; means
Realty Income Corporation, a Maryland corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;DELIVERY DATE&quot; has
the meaning assigned to such term in Section 3(b)(4) of Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;ELECTION MEETING&quot; has
the meaning assigned to such term in Section 8 of Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;EMERGENCY&quot; has the
meaning assigned to such term in Section 19 of Article IV hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;EXCHANGE ACT&quot; means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;INDEBTEDNESS&quot;
of any Person means the principal of, premium, if any, and interest on, (i) all
indebtedness of such Person (including Indebtedness of others guaranteed by
such Person), incurred or assumed which is (A) for money borrowed or (B)
evidenced by a note or similar instrument given in connection with the
acquisition of any businesses, properties or assets of any kind and (ii)
amendments, renewals, extensions, modifications and refunding of any such
indebtedness or obligation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;INDEPENDENT DIRECTORS&quot;
means the directors of the Corporation who are not employees of the Corporation
or any Subsidiaries of the Corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;INTERESTED PARTY&quot; has
the meaning ascribed to such term in Section 7 of Article VII hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;IRS&quot; means the United
States Internal Revenue Service.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;MEETING RECORD DATE&quot;
has the meaning assigned to such term in Section 3(b)(4) of Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;MGCL&quot; means the
Maryland General Corporation Law or any successor statute.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;NONQUALIFYING INCOME&quot;
means income not described in Section 856(c)(2) of the Code, or any successor
provision.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;PERSON&quot; means an
individual, a corporation, REIT, limited partnership, general partnership, joint
stock company or an association, a joint venture, trust, bank, trust company,
land trust, business trust or an estate, or any other entity and governmental
agency and any political subdivision thereof, and also includes a group as that
term is defined for purposes of Section 13(d)(3) of the Exchange Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;PREFERRED STOCK&quot; means
the Preferred Stock of the Corporation, par value $0.01 per share, authorized
to be issued in one or more classes or series under the Charter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;PRESIDENT&quot; has the
meaning assigned to such term in Section 7 of Article V.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;PROPOSED NOMINEE&quot; has
the meaning assigned to such term in Section 12(a)(3) of Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;PUBLIC ANNOUNCEMENT&quot;
has the meaning assigned to such term in Section 12(c)(3) of Article III
hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;RECORD DATE REQUEST
NOTICE&quot; has the meaning assigned to such term in Section 3(b)(1) of
Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;REIT&quot; means a real
estate investment trust under Sections 856 to 860 the Code or any successor
provisions.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;REIT PROVISIONS OF THE
CODE&quot; means Part II, Subchapter M of Chapter 1 of the Code, as now enacted
or hereafter amended, or successor statutes, relating to REITs.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;REQUEST
RECORD DATE&quot; has the meaning assigned to such term in Section 3(b)(1) of
Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;SECRETARY&quot; has the meaning
assigned to such term in Section 9 of Article V.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;SPECIAL MEETING
PERCENTAGE&quot; has the meaning assigned to such term in Section 3(b)(2) of
Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;SPECIAL MEETING
REQUEST&quot; has the meaning assigned to such term in Section 3(b)(2) of Article
III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;STOCKHOLDER ASSOCIATED
PERSON&quot; has the meaning assigned to such term in Section 12(a)(6) of
Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;STOCKHOLDER-REQUESTED
MEETING&quot; has the meaning assigned to such term in Section 3(b)(4) of
Article III hereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;TREASURER&quot; has the
meaning assigned to such term in Section 11 of Article V.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;VICE PRESIDENT&quot; has
the meaning assigned to such term in Section 8 of Article V.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE II</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFFICES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PRINCIPAL OFFICE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The principal office of the Corporation shall be located at such place or
places as the Board may designate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ADDITIONAL
OFFICES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Corporation may have additional offices at such places as the
Board may from time to time determine or the business of the Corporation may
require.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE III</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MEETINGS OF STOCKHOLDERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PLACE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; All meetings of stockholders shall be held at the principal
executive office of the Corporation or at such other place as shall be set in
accordance with these Bylaws and stated in the notice of the meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANNUAL MEETING</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
An annual meeting of stockholders for the election of directors and the
transaction of any business within the powers of the Corporation shall be held
on the date and at the time and place set by the Board.&#160; </font></p>


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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SPECIAL MEETINGS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Each of the Chairman of the Board, Chief Executive Officer, President and Board
may call a special meeting of stockholders.&#160; Except as provided in subsection
(b)(4) of this Section 3, a special meeting of stockholders shall be held on
the date and at the time and place set by the Chairman of the Board, Chief
Executive Officer, President or Board, whoever has called the meeting.&#160; Subject
to subsection (b) of this Section 3, a special meeting of stockholders shall
also be called by the Secretary of the Corporation to act on any matter that
may properly be considered at a meeting of stockholders upon the written
request of stockholders entitled to cast not less than a majority of all the
votes entitled to be cast on such matter at such meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Stockholder-Requested
Special Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (1) Any stockholder of record seeking to have
stockholders request a special meeting shall, by sending written notice to the Secretary
(the &quot;Record Date Request Notice&quot;) by registered mail, return receipt
requested, request the Board to fix a record date to determine the stockholders
entitled to request a special meeting (the &quot;Request Record Date&quot;).&#160;
The Record Date Request Notice shall set forth the purpose of the meeting and
the matters proposed to be acted on at it, shall be signed by one or more
stockholders of record as of the date of signature (or their agents duly
authorized in a writing accompanying the Record Date Request Notice), shall
bear the date of signature of each such stockholder (or such agent) and shall
set forth all information relating to each such stockholder, each individual
whom the stockholder proposes to nominate for election or reelection as a
director and each matter proposed to be acted on at the meeting that would be
required to be disclosed in connection with the solicitation of proxies for the
election of directors or the election of each such individual, as applicable,
in an election contest (even if an election contest is not involved), or would
otherwise be required in connection with such a solicitation, in each case
pursuant to Regulation 14A (or any successor provision) under the Exchange Act.&#160;
Upon receiving the Record Date Request Notice, the Board may fix a Request Record
Date.&#160; The Request Record Date shall not precede and shall not be more than ten
days after the close of business on the date on which the resolution fixing the
Request Record Date is adopted by the Board.&#160; If the Board, within ten days
after the date on which a valid Record Date Request Notice is received, fails
to adopt a resolution fixing the Request Record Date, the Request Record Date
shall be the close of business on the tenth day after the first date on which a
Record Date Request Notice is received by the Secretary. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order for
any stockholder to request a special meeting to act on any matter that may
properly be considered at a meeting of stockholders, one or more written
requests for a special meeting (collectively, the &quot;Special Meeting Request&quot;)
signed by stockholders of record (or their agents duly authorized in a writing
accompanying the request) as of the Request Record Date entitled to cast not
less than a majority of all of the votes entitled to be cast on such matter at
such meeting (the &quot;Special Meeting Percentage&quot;) shall be delivered to
the Secretary.&#160; In addition, the Special Meeting Request shall (a) set forth
the purpose of the meeting and the matters proposed to be acted on at it (which
shall be limited to those lawful matters set forth in the Record Date Request
Notice received by the Secretary), (b) bear the date of signature of each such
stockholder (or such agent) signing the Special Meeting Request, (c)&nbsp;set
forth (i)&nbsp;the name and address, as they appear in the Corporation's books,
of each stockholder signing such request (or on whose behalf the Special
Meeting Request is signed), </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&nbsp;the class, series
and number of all shares of stock of the Corporation which are owned
(beneficially or of record) by each such stockholder and (iii)&nbsp;the nominee
holder for, and number of, shares of stock of the Corporation owned
beneficially but not of record by such stockholder, (d)&nbsp;be sent to the Secretary
by registered mail, return receipt requested, and (e)&nbsp;be received by the Secretary
within 60 days after the Request Record Date.&#160; Any requesting stockholder (or
agent duly authorized in a writing accompanying the revocation of the Special
Meeting Request) may revoke his, her or its request for a special meeting at
any time by written revocation delivered to the Secretary.&#160; </font></p>
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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Secretary
shall inform the requesting stockholders of the reasonably estimated cost of
preparing and mailing or delivering the notice of the meeting (including the
Corporation's proxy materials).&#160; The Secretary shall not be required to call a
special meeting upon stockholder request and such meeting shall not be held
unless, in addition to the documents required by paragraph (2) of this Section
3(b), the Secretary receives payment of such reasonably estimated cost prior to
the preparation and mailing or delivery of such notice of the meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case
of any special meeting called by the Secretary upon the request of stockholders
(a &quot;Stockholder-Requested Meeting&quot;), such meeting shall be held at
such place, date and time as may be designated by the Board; provided, however,
that the date of any Stockholder-Requested Meeting shall be not more than 90
days after the record date for such meeting (the &quot;Meeting Record Date&quot;);
and provided further that if the Board fails to designate, within ten days
after the date that a valid Special Meeting Request is actually received by the
Secretary (the &quot;Delivery Date&quot;), a date and time for a
Stockholder-Requested Meeting, then such meeting shall be held at 2:00 p.m.,
local time, on the 90<sup>th</sup> day after the Meeting Record Date or, if
such 90<sup>th</sup> day is not a Business Day, on the first preceding Business
Day; and provided further that in the event that the Board fails to designate a
place for a Stockholder-Requested Meeting within ten days after the Delivery
Date, then such meeting shall be held at the principal executive office of the
Corporation.&#160; In fixing a date for a Stockholder-Requested Meeting, the Board
may consider such factors as it deems relevant, including, without limitation,
the nature of the matters to be considered, the facts and circumstances
surrounding any request for the meeting and any plan of the Board to call an
annual meeting or a special meeting.&#160; In the case of any Stockholder-Requested
Meeting, if the Board fails to fix a Meeting Record Date that is a date within
30 days after the Delivery Date, then the close of business on the 30<sup>th</sup>
day after the Delivery Date shall be the Meeting Record Date.&#160; The Board may
revoke the notice for any Stockholder-Requested Meeting in the event that the
requesting stockholders fail to comply with the provisions of paragraph (3) of
this Section 3(b).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If written
revocations of the Special Meeting Request have been delivered to the Secretary
and the result is that stockholders of record (or their agents duly authorized
in writing), as of the Request Record Date, entitled to cast less than the
Special Meeting Percentage have delivered, and not revoked, requests for a
special meeting on the matter to the Secretary:&#160; (i) if the notice of meeting
has not already been delivered, the Secretary shall refrain from delivering the
notice of the meeting and send to all requesting stockholders who have not
revoked such requests written notice of any revocation of a request for a
special meeting on the matter, or (ii)&nbsp;if the notice of meeting has been
delivered and if the Secretary first sends to all requesting stockholders who
have not revoked requests for a special meeting on the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">matter
written notice of any revocation of a request for the special meeting and
written notice of the Corporation's intention to revoke the notice of the
meeting or for the chairman of the meeting to adjourn the meeting without
action on the matter, (A) the Secretary may revoke the notice of the meeting at
any time before ten days before the commencement of the meeting or (B) the
chairman of the meeting may call the meeting to order and adjourn the meeting
without acting on the matter.&#160; Any request for a special meeting received after
a revocation by the Secretary of a notice of a meeting shall be considered a
request for a new special meeting.</font></p>
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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Chairman
of the Board, Chief Executive Officer, President or Board may appoint
regionally or nationally recognized independent inspectors of elections to act
as the agent of the Corporation for the purpose of promptly performing a
ministerial review of the validity of any purported Special Meeting Request
received by the Secretary.&#160; For the purpose of permitting the inspectors to
perform such review, no such purported Special Meeting Request shall be deemed
to have been received by the Secretary until the earlier of (i) five Business
Days after actual receipt by the Secretary of such purported request and (ii)
such date as the independent inspectors certify to the Corporation that the
valid requests received by the Secretary represent, as of the Request Record
Date, stockholders of record entitled to cast not less than the Special Meeting
Percentage.&#160; Nothing contained in this paragraph (6) shall in any way be
construed to suggest or imply that the Corporation or any stockholder shall not
be entitled to contest the validity of any request, whether during or after
such five Business Day period, or to take any other action (including, without
limitation, the commencement, prosecution or defense of any litigation with
respect thereto, and the seeking of injunctive relief in such litigation).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOTICE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Not
less than ten nor more than 90 days before each meeting of stockholders, the Secretary
shall give to each stockholder entitled to vote at such meeting and to each
stockholder not entitled to vote who is entitled to notice of the meeting
notice in writing or by electronic transmission stating the time and place of
the meeting and, in the case of a special meeting or as otherwise may be
required by any statute, the purpose for which the meeting is called, by mail,
by presenting it to such stockholder personally, by leaving it at the
stockholder's residence or usual place of business, by electronic transmission
or by any other means permitted by Maryland law.&#160; If mailed, such notice shall
be deemed to be given when deposited in the United States mail addressed to the
stockholder at the stockholder's address as it appears on the records of the
Corporation, with postage thereon prepaid.&#160; If transmitted electronically, such
notice shall be deemed to be given when transmitted to the stockholder by an
electronic transmission to any address or number of the stockholder at which the
stockholder receives electronic transmissions.&#160; The Corporation may give a
single notice to all stockholders who share an address, which single notice
shall be effective as to any stockholder at such address, unless such
stockholder objects to receiving such single notice or revokes a prior consent
to receiving such single notice.&#160; Failure to give notice of any meeting to one
or more stockholders, or any irregularity in such notice, shall not affect the
validity of any meeting fixed in accordance with this Article III or the
validity of any proceedings at any such meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SCOPE OF NOTICE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Subject to Section 12(a) of this Article III, any business of the Corporation
may be transacted at an annual meeting of stockholders without being specifically
designated in the notice, except such business as is required by any statute to
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be stated in such notice.&#160; No business shall be
transacted at a special meeting of stockholders except as specifically
designated in the notice.&#160; The Corporation may postpone or cancel a meeting of
stockholders by making a public announcement (as defined in Section 12(c)(3) of
this Article III) of such postponement or cancellation prior to the meeting.&#160;
Notice of the date, time and place to which the meeting is postponed shall be
given not less than ten days prior to such date and otherwise in the manner set
forth in this section.</font></p>
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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ORGANIZATION AND
CONDUCT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Every meeting of stockholders shall be conducted by an individual
appointed by the Board to be chairman of the meeting or, in the absence of such
appointment or appointed individual, by the Chairman of the Board or, in the
case of a vacancy in the office or absence of the Chairman of the Board, by one
of the following officers present at the meeting in the following order:&#160; the Vice
Chairman of the Board, if there is one, the Chief Executive Officer, the President,
the Vice Presidents in their order of rank and, within each rank, in their
order of seniority, the Secretary, or, in the absence of such officers, a
chairman chosen by the stockholders by the vote of a majority of the votes cast
by stockholders present in person or by proxy.&#160; The Secretary, or, in the case
of a vacancy in the office or absence of the Secretary, an Assistant Secretary,
or, in the case of a vacancy in the office of Assistant Secretary or the
absence of both the Secretary and all Assistant Secretaries, an individual
appointed by the Board or, in the absence of such appointment, an individual
appointed by the chairman of the meeting shall act as Secretary.&#160; In the event
that the Secretary presides at a meeting of stockholders, an Assistant
Secretary, or, in the absence of all Assistant Secretaries, an individual
appointed by the Board or the chairman of the meeting, shall record the minutes
of the meeting.&#160; The order of business and all other matters of procedure at
any meeting of stockholders shall be determined by the chairman of the
meeting.&#160; The chairman of the meeting may prescribe such rules, regulations and
procedures and take such action as, in the discretion of the chairman and
without any action by the stockholders, are appropriate for the proper conduct
of the meeting, including, without limitation, (a) restricting admission to the
time set for the commencement of the meeting; (b) limiting attendance at the
meeting to stockholders of record of the Corporation, their duly authorized
proxies and such other individuals as the chairman of the meeting may
determine; (c) limiting participation at the meeting on any matter to
stockholders of record of the Corporation entitled to vote on such matter,
their duly authorized proxies and other such individuals as the chairman of the
meeting may determine; (d) limiting the time allotted to questions or comments;
(e) determining when and for how long the polls should be opened and when the
polls should be closed; (f) maintaining order and security at the meeting; (g)
removing any stockholder or any other individual who refuses to comply with
meeting procedures, rules or guidelines as set forth by the chairman of the
meeting; (h)&nbsp;concluding a meeting or recessing or adjourning the meeting,
whether or not a quorum is present, to a later date and time and at a place
announced at the meeting; and (i) complying with any state and local laws and
regulations concerning safety and security.&#160; Unless otherwise determined by the
chairman of the meeting, meetings of stockholders shall not be required to be
held in accordance with the rules of parliamentary procedure. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">QUORUM</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; At
any meeting of stockholders, the presence in person or by proxy of stockholders
entitled to cast a majority of all the votes entitled to be cast at such
meeting on any matter shall constitute a quorum; but this section shall not
affect any requirement under any statute or the Charter for the vote necessary
for the approval of any matter.&#160; The stockholders present either in person or
by proxy, at a meeting which has been duly called and at </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which
a quorum has been established, may continue to transact business until
adjournment, notwithstanding the withdrawal from the meeting of enough
stockholders to leave fewer than would be required to establish a quorum.&#160; If
such quorum is not established at any meeting of the stockholders, the chairman
of the meeting may adjourn the meeting </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">sine die </font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or from time to time to
a date not more than 120 days after the original record date without notice
other than announcement at the meeting.&#160; At such adjourned meeting at which a
quorum shall be present, any business may be transacted which might have been
transacted at the meeting as originally notified.</font></p>
<a name="_bclFooter8"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTING</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Each
director to be elected by the stockholders of the Corporation shall be elected
by the affirmative vote of a majority of the votes cast with respect to such
nominee by the holders of shares represented and entitled to vote therefor at a
meeting of the stockholders for the election of directors at which a quorum is
present (an &quot;Election Meeting&quot;); provided, however, that if the Board
determines that the number of nominees exceeds the number of directors to be
elected at such meeting (a &quot;Contested Election&quot;), and the Board has
not rescinded such determination by the record date for the Election Meeting as
initially announced, each of the directors to be elected at the Election
Meeting shall be elected by the affirmative vote of a plurality of the votes
cast by the holders of shares represented and entitled to vote at such meeting
with respect to the election of such director.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of this Section 8,
a &quot;majority of the votes cast&quot; means that the number of votes cast &quot;for&quot;
a candidate for director or other action exceeds the number of votes cast &quot;against&quot;
that candidate or other action (with &quot;abstentions&quot; and &quot;broker
non-votes&quot; not counted as a vote cast either &quot;for&quot; or &quot;against&quot;).&#160;
In an election other than a Contested Election, stockholders will be given the
choice to cast votes &quot;for&quot; or &quot;against&quot; the election of
directors or to &quot;abstain&quot; from such vote and shall not have the right
to cast any other vote with respect to such election of directors.&#160; In a
Contested Election, stockholders will be given the choice to cast &quot;for&quot;
or &quot;withhold&quot; votes for the election of directors and shall not have
the right to cast any other vote with respect to such election of directors.&#160;
In the event an Election Meeting involves the election of directors by separate
votes by class or classes or series, the determination as to whether an
election constitutes a Contested Election shall be made on a class-by-class or
series-by-series basis, as applicable.&#160; A majority of the votes cast at a
meeting of stockholders duly called and at which a quorum is present shall be
sufficient to approve any other matter which may properly come before the
meeting, unless more than a majority of the votes cast is required by statute
or by the Charter.&#160; Unless otherwise provided in the Charter, each outstanding
share, regardless of class, shall be entitled to one vote on each matter
submitted to a vote at a meeting of stockholders.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PROXIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. &#160;A
holder of record of shares of stock of the Corporation may cast votes in person
or by proxy executed by the stockholder or by the stockholder's duly authorized
agent in any manner permitted by law.&#160; Such proxy or evidence of authorization
of such proxy shall be filed with the Secretary of the Corporation before or at
the meeting.&#160; No proxy shall be valid more than eleven months after its date
unless otherwise provided in the proxy.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10. &#160;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTING OF STOCK
BY CERTAIN HOLDERS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Stock of the Corporation registered in the name of a
corporation, limited liability company, partnership, joint </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">venture,
trust or other entity, if entitled to be voted, may be voted by the President
or a Vice President, managing member, manager, general partner or trustee
thereof, as the case may be, or a proxy appointed by any of the foregoing
individuals, unless some other person who has been appointed to vote such stock
pursuant to a bylaw or a resolution of the governing body of such corporation
or other entity or agreement of the partners of a partnership presents a
certified copy of such bylaw, resolution or agreement, in which case such
person may vote such stock.&#160; Any trustee or fiduciary, in such capacity, may
vote stock registered in such trustee's or fiduciary's name, either in person
or by proxy.</font></p>
<a name="_bclFooter9"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Shares of stock of the Corporation
directly or indirectly owned by it shall not be voted at any meeting and shall
not be counted in determining the total number of outstanding shares entitled
to be voted at any given time, unless they are held by it in a fiduciary
capacity, in which case they may be voted and shall be counted in determining
the total number of outstanding shares at any given time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board may adopt by resolution a
procedure by which a stockholder may certify in writing to the Corporation that
any shares of stock registered in the name of the stockholder are held for the
account of a specified person other than the stockholder.&#160; The resolution shall
set forth the class of stockholders who may make the certification, the purpose
for which the certification may be made, the form of certification and the
information to be contained in it; if the certification is with respect to a
record date, the time after the record date within which the certification must
be received by the Corporation; and any other provisions with respect to the
procedure which the Board considers necessary or desirable.&#160; On receipt by the
Corporation of such certification, the person specified in the certification
shall be regarded as, for the purposes set forth in the certification, the
holder of record of the specified stock in place of the stockholder who makes
the certification.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INSPECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board or the chairman of the meeting may appoint, before or at the meeting,
one or more inspectors for the meeting and any successor to the inspector.&#160;
Except as otherwise provided by the chairman of the meeting, the inspectors, if
any, shall (i) determine the number of shares of stock represented at the
meeting, in person or by proxy, and the validity and effect of proxies, (ii)
receive and tabulate all votes, ballots or consents, (iii) report such
tabulation to the chairman of the meeting, (iv) hear and determine all
challenges and questions arising in connection with the right to vote, and (v)
do such acts as are proper to fairly conduct the election or vote.&#160; Each such
report shall be in writing and signed by the inspector or by a majority of them
if there is more than one inspector acting at such meeting.&#160; If there is more
than one inspector, the report of a majority shall be the report of the
inspectors.&#160; The report of the inspector or inspectors on the number of shares
represented at the meeting and the results of the voting shall be </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">prima
facie</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> evidence thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
12.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ADVANCE NOTICE OF STOCKHOLDER NOMINEES FOR DIRECTOR AND OTHER
STOCKHOLDER PROPOSALS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual Meetings of
Stockholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (1) Nominations of individuals for election to the Board and
the proposal of other business to be considered by the stockholders may be made
at an annual meeting of stockholders (i) pursuant to the Corporation's notice
of meeting, (ii) by or at the direction of the Board or (iii) by any
stockholder of the Corporation </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">who was a stockholder
of record as of the record date set by the Board for the purpose of determining
stockholders entitled to vote at the annual meeting, at the time of giving of
notice by the stockholder as provided for in this Section 12(a) and at the time
of the annual meeting, who is entitled to vote at the meeting in the election
of each individual so nominated or on any such other business and who has
complied with this Section 12(a).</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></p>
<a name="_bclFooter10"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For any
nomination or other business to be properly brought before an annual meeting by
a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 12,
the stockholder must have given timely notice thereof in writing to the Secretary
of the Corporation and any such other business must otherwise be a proper
matter for action by the stockholders.&#160; To be timely, a stockholder's notice
shall set forth all information required under this Section 12 and shall be
delivered to the Secretary at the principal executive office of the Corporation
not earlier than the 150<sup>th</sup> day nor later than 5:00 p.m., Pacific
Time, on the 120<sup>th</sup> day prior to the first anniversary of the date of
the proxy statement (as defined in Section 12(c)(3) of this Article III) for
the preceding year's annual meeting; provided, however, that in the event that the
date of the annual meeting is advanced or delayed by more than 30 days from the
first anniversary of the date of the preceding year's annual meeting, in order
for notice by the stockholder to be timely, such notice must be so delivered
not earlier than the 150<sup>th</sup> day prior to the date of such annual
meeting and not later than 5:00 p.m., Pacific Time, on the later of the 120<sup>th</sup>
day prior to the date of such annual meeting, as originally convened, or the
tenth day following the day on which public announcement of the date of such
meeting is first made.&#160; The public announcement of a postponement or
adjournment of an annual meeting shall not commence a new time period for the
giving of a stockholder's notice as described above.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such
stockholder's notice shall set forth: </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as
to each individual whom the stockholder proposes to nominate for election or
reelection as a director (each, a &quot;Proposed Nominee&quot;), all
information relating to the Proposed Nominee that would be required to be
disclosed in connection with the solicitation of proxies for the election of
the Proposed Nominee as a director in an election contest (even if an election
contest is not involved), or would otherwise be required in connection with
such solicitation, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; as
to any other business that the stockholder proposes to bring before the
meeting, a description of such business, the stockholder's reasons for
proposing such business at the meeting and any material interest in such
business of such stockholder or any Stockholder Associated Person (as defined
below), individually or in the aggregate, including any anticipated benefit to
the stockholder or the Stockholder Associated Person therefrom;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160;&#160;&#160;&#160;&#160;&#160; as
to the stockholder giving the notice, any Proposed Nominee and any Stockholder
Associated Person, </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160;&#160;&#160;&#160;&#160;&#160; the
class, series and number of all shares of stock or other securities of the
Corporation or any affiliate thereof (collectively, the &quot;Company
Securities&quot;), if any, which are owned (beneficially or of record) by such
stockholder, Proposed </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Nominee or Stockholder
Associated Person, the date on which each such Company Security was acquired
and the investment intent of such acquisition, and any short interest
(including any opportunity to profit or share in any benefit from any decrease
in the price of such stock or other security) in any Company Securities of any
such person, </font></p>
<a name="_bclFooter11"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160;&#160;&#160;&#160;&#160;&#160; the
nominee holder for, and number of, any Company Securities owned beneficially
but not of record by such stockholder, Proposed Nominee or Stockholder
Associated Person,</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)&#160;&#160;&#160;&#160;&#160;&#160; whether
and the extent to which such stockholder, Proposed Nominee or Stockholder
Associated Person, directly or indirectly (through brokers, nominees or
otherwise), is subject to or during the last six months has engaged in any
hedging, derivative or other transaction or series of transactions or entered
into any other agreement, arrangement or understanding (including any short interest,
any borrowing or lending of securities or any proxy or voting agreement), the
effect or intent of which is to (I) manage risk or benefit of changes in the
price of Company Securities for such stockholder, Proposed Nominee or
Stockholder Associated Person or (</font><font style="font-variant:small-caps;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">II</font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">)&nbsp;increase
or decrease the voting power of such stockholder, Proposed Nominee or
Stockholder Associated Person in the Corporation or any affiliate thereof
disproportionately to such person's economic interest in the Company Securities
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (D)&#160;&#160;&#160;&#160;&#160;&#160; any
substantial interest, direct or indirect (including, without limitation, any
existing or prospective commercial, business or contractual relationship with
the Corporation), by security holdings or otherwise, of such stockholder,
Proposed Nominee or Stockholder Associated Person, in the Corporation or any
affiliate thereof, other than an interest arising from the ownership of Company
Securities where such stockholder, Proposed Nominee or Stockholder Associated
Person receives no extra or special benefit not shared on a </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pro rata</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
basis by all other holders of the same class or series;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iv)&#160;&#160;&#160;&#160;&#160;&#160; as
to the stockholder giving the notice, any Stockholder Associated Person with an
interest or ownership referred to in clauses (ii) or (iii) of this
paragraph&nbsp;(3) of this Section&nbsp;12(a) and any Proposed Nominee, </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160;&#160;&#160;&#160;&#160;&#160; the
name and address of such stockholder, as they appear on the Corporation's stock
ledger, and the current name</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and business address, if different, of each
such Stockholder Associated Person and any Proposed Nominee and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160;&#160;&#160;&#160;&#160;&#160; the
investment strategy or objective, if any, of such stockholder and each such
Stockholder Associated Person who is not an individual and a copy of the
prospectus, offering memorandum or similar document, if any, provided to
investors or potential investors in such stockholder and each such Stockholder
Associated Person; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
name and address of any person who contacted or was contacted by the
stockholder giving the notice or any Stockholder Associated Person about the
Proposed Nominee or other business proposal prior to the date of such
stockholder's notice; and</font></p>


<a name="_bclFooter12"></a><DIV>

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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (vi)&#160;&#160;&#160;&#160;&#160;&#160; to
the extent known by the stockholder giving the notice, the name and address of
any other stockholder supporting the nominee for election or reelection as a
director or the proposal of other business on the date of such stockholder's
notice.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such
stockholder's notice shall, with respect to any Proposed Nominee, be
accompanied by a written undertaking executed by the Proposed Nominee (i) that
such Proposed Nominee is not, and will not become, a party to any agreement,
arrangement or understanding with any person or entity other than the
Corporation in connection with service or action as a director that has not
been disclosed to the Corporation; and (ii) attaching a completed Proposed
Nominee questionnaire (which questionnaire shall be provided by the
Corporation, upon request, to the stockholder providing the notice and shall be
in substantially the same form as the Corporation&#8217;s then-current D&amp;O
questionnaire and include all information relating to the Proposed Nominee that
would be required to be disclosed in connection with the solicitation of
proxies for the election of the Proposed Nominee as a director in an election
contest (even if an election contest is not involved), or would otherwise be
required in connection with such solicitation, in each case pursuant to
Regulation 14A (or any successor provision) under the Exchange Act and the
rules thereunder, or would be required pursuant to the rules of any national
securities exchange on which any securities of the Corporation are listed or
over-the-counter market on which any securities of the Corporation are traded).
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything in this subsection (a) of this Section 12 to the contrary, in the
event that the number of directors to be elected to the Board is increased, and
there is no public announcement of such action at least 100 days prior to the
first anniversary of the date of the proxy statement (as defined in Section
12(c)(3) of this Article III) for the preceding year's annual meeting, a
stockholder's notice required by this Section 12(a) shall also be considered
timely, but only with respect to nominees for any new positions created by such
increase, if it shall be delivered to the Secretary at the principal executive
office of the Corporation not later than 5:00 p.m., Pacific Time, on the tenth
day following the day on which such public announcement is first made by the
Corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (6)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes
of this Section 12, &quot;Stockholder Associated Person&quot; of any
stockholder shall mean (i) any person&nbsp;acting in concert with such
stockholder, (ii) any beneficial owner of shares of stock of the Corporation
owned of record or beneficially by such stockholder (other than a stockholder
that is a depositary) and (iii) any&nbsp;person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, such stockholder or such Stockholder Associated Person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Meetings of
Stockholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Only such business shall be conducted at a special meeting
of stockholders as shall have been brought before the meeting pursuant to the
Corporation's notice of meeting.&#160; Nominations of individuals for election to
the Board may be made at a special meeting of stockholders at which directors
are to be elected only (i) by or at the direction of the Board, (ii) by a
stockholder that has requested that a special meeting be called for the purpose
of electing directors in compliance with Section 3 of this Article III and that
has supplied the information required by Section 3 of this Article III about
each individual whom the stockholder proposes to nominate for election of
directors or (iii) provided that the special meeting has been called in
accordance with Section 3(a) of this Article III for the purpose of electing
directors, by any stockholder of the Corporation who is a stockholder of record
as of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the record date set by the Board for the purpose
of determining stockholders entitled to vote at the special meeting, at the
time of giving of notice provided for in this Section 12 and at the time of the
special meeting, who is entitled to vote at the meeting in the election of each
individual so nominated and who has complied with the notice procedures set
forth in this Section 12.&#160; In the event the Corporation calls a special meeting
of stockholders for the purpose of electing one or more individuals to the Board,
any stockholder may nominate an individual or individuals (as the case may be)
for election as a director as specified in the Corporation's notice of meeting,
if the stockholder's notice, containing the information required by paragraphs
(a)(3) and (4) of this Section 12, is delivered to the Secretary at the
principal executive office of the Corporation not earlier than the 120<sup>th</sup>
day prior to such special meeting and not later than 5:00 p.m., Pacific Time,
on the later of the 90<sup>th</sup> day prior to such special meeting or the
tenth day following the day on which public announcement is first made of the
date of the special meeting and of the nominees proposed by the Board to be
elected at such meeting.&#160; The public announcement of a postponement or
adjournment of a special meeting shall not commence a new time period for the
giving of a stockholder's notice as described above.&#160; </font></p>
<a name="_bclFooter13"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (1)&#160; If
information submitted pursuant to this Section 12 by any stockholder proposing
a nominee for election as a director or any proposal for other business at a
meeting of stockholders shall be inaccurate in any material respect, such
information may be deemed not to have been provided in accordance with this
Section 12.&#160; Any such stockholder shall notify the Corporation of any
inaccuracy or change (within two Business Days of becoming aware of such
inaccuracy or change) in any such information.&#160; Upon written request by the Secretary
or the Board, any such stockholder shall provide, within five Business Days of
delivery of such request (or such other period as may be specified in such
request), (A) written verification, satisfactory, in the discretion of the Board
or any authorized officer of the Corporation, to demonstrate the accuracy of
any information submitted by the stockholder pursuant to this Section 12, and
(B) a written update of any information (including, if requested by the
Corporation, written confirmation by such stockholder that it continues to
intend to bring such nomination or other business proposal before the meeting)
submitted by the stockholder pursuant to this Section 12 as of an earlier
date.&#160; If a stockholder fails to provide such written verification or written
update within such period, the information as to which written verification or
a written update was requested may be deemed not to have been provided in
accordance with this Section 12.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Only such
individuals who are nominated in accordance with this Section 12 shall be
eligible for election by stockholders as directors, and only such business
shall be conducted at a meeting of stockholders as shall have been brought
before the meeting in accordance with this Section 12.&#160; The chairman of the
meeting shall have the power to determine whether a nomination or any other
business proposed to be brought before the meeting was made or proposed, as the
case may be, in accordance with this Section 12.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes
of this Section 12, &quot;the date of the proxy statement&quot; shall have the
same meaning as &quot;the date of the company's proxy statement released to
shareholders&quot; as used in Rule 14a-8(e) promulgated under the Exchange Act,
as interpreted by the Securities and Exchange Commission from time to time.&#160; &quot;Public
Announcement&quot; shall mean disclosure (A) in a press release reported by the
Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other
widely circulated news or wire service or (B) in a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">document
publicly filed by the Corporation with the Securities and Exchange Commission
pursuant to the Exchange Act. </font></p>
<a name="_bclFooter14"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
the foregoing provisions of this Section 12, a stockholder shall also comply
with all applicable requirements of state law and of the Exchange Act and the
rules and regulations thereunder with respect to the matters set forth in this
Section 12.&#160; Nothing in this Section 12 shall be deemed to affect any right of
a stockholder to request inclusion of a proposal in, or the right of the
Corporation to omit a proposal from, any proxy statement filed by the
Corporation with the Securities and Exchange Commission pursuant to Rule 14a-8
(or any successor provision) under the Exchange Act.&#160; Nothing in this Section
12 shall require disclosure of revocable proxies received by the stockholder or
Stockholder Associated Person pursuant to a solicitation of proxies after the
filing of an effective Schedule 14A by such stockholder or Stockholder
Associated Person under Section 14(a) of the Exchange Act. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTING BY BALLOT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Voting on any question or in any election may be </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">viva voce</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> unless the
chairman of the meeting shall order that voting be by ballot or otherwise.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 14.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CONTROL SHARE
ACQUISITION ACT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notwithstanding any other provision of the Charter or
these Bylaws, Title&nbsp;3, Subtitle&nbsp;7 of the MGCL, shall not apply to any
acquisition by any person of shares of stock of the Corporation.&#160; This section
may be repealed, in whole or in part, at any time, whether before or after an
acquisition of control shares and, upon such repeal, may, to the extent
provided by any successor bylaw, apply to any prior or subsequent control share
acquisition.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE IV</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DIRECTORS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL POWERS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The business and affairs of the Corporation shall be managed under the
direction of its Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NUMBER, TENURE,
QUALIFICATIONS AND RESIGNATION</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; At any regular meeting or at any special
meeting called for that purpose, a majority of the entire Board may establish,
increase or decrease the number of directors, provided that the number thereof
shall not be less than the minimum number required by the MGCL, nor more than
15; and further provided that the tenure of office of a director shall not be
affected by any decrease in the number of directors.&#160; Except as provided in
Section 11 of this Article IV with respect to vacancies, the directors shall be
elected as provided in the Charter at the annual meeting of the stockholders,
and each director so elected shall hold office until the next annual meeting of
the stockholders and until his or her successor is duly elected and qualifies
or until his or her death, retirement, resignation or removal. Any director of
the Corporation may resign at any time by delivering his or her resignation to
the Board, the Chairman of the Board or the Secretary.&#160; Any resignation shall
take effect immediately upon its receipt or at such later time specified in the
resignation.&#160; The acceptance of a resignation shall not be necessary to make it
effective unless otherwise stated in the resignation.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANNUAL
AND REGULAR MEETINGS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; An annual meeting of the Board shall be held
immediately after and at the same place as the annual meeting of stockholders,
no notice other than this Bylaw being necessary.&#160; In the event such meeting is
not so held, the meeting may be held at such time and place as shall be
specified in a notice given as hereinafter provided for special meetings of the
Board.&#160; The Board may provide, by resolution, the time and place of regular
meetings of the Board without other notice than such resolution.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SPECIAL
MEETINGS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Special meetings of the Board may be called by or at the request
of the Chairman of the Board, the Chief Executive Officer, the President or a
majority of the directors then in office.&#160; The person or persons authorized to
call special meetings of the Board may fix the time and place of any special
meeting of the Board called by them.&#160; The Board may provide, by resolution, the
time and place of special meetings of the Board without other notice than such
resolution. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOTICE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Notice of any special meeting of the Board shall be delivered personally or by
telephone, electronic mail, facsimile transmission, courier or United States
mail to each director at his or her business or residence address.&#160; Notice by
personal delivery, telephone, electronic mail or facsimile transmission shall
be given at least 24 hours prior to the meeting.&#160; Notice by United States mail
shall be given at least three days prior to the meeting.&#160; Notice by courier
shall be given at least two days prior to the meeting.&#160; Telephone notice shall
be deemed to be given when the director or his or her agent is personally given
such notice in a telephone call to which the director or his or her agent is a
party.&#160; Electronic mail notice shall be deemed to be given upon transmission of
the message to the electronic mail address given to the Corporation by the
director.&#160; Facsimile transmission notice shall be deemed to be given upon
completion of the transmission of the message to the number given to the
Corporation by the director and receipt of a completed answer-back indicating
receipt.&#160; Notice by United States mail shall be deemed to be given when
deposited in the United States mail properly addressed, with postage thereon
prepaid.&#160; Notice by courier shall be deemed to be given when deposited with or delivered
to a courier properly addressed.&#160; Neither the business to be transacted at, nor
the purpose of, any annual, regular or special meeting of the Board need be
stated in the notice, unless specifically required by statute or these Bylaws.&#160;
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">QUORUM</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; A
majority of the directors shall constitute a quorum for transaction of business
at any meeting of the Board, provided that, if less than a majority of such
directors is present at such meeting, a majority of the directors present may
adjourn the meeting from time to time without further notice, and provided
further that if, pursuant to applicable law, the Charter or these Bylaws, the
vote of a majority or other percentage of a particular group of directors is
required for action, a quorum must also include a majority or such other
percentage of such group.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The directors present at a meeting
which has been duly called and at which a quorum has been established may
continue to transact business until adjournment, notwithstanding the withdrawal
from the meeting of enough directors to leave fewer than required to establish
a quorum.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VOTING</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The action of a majority of the directors present at a meeting at which a
quorum is present shall be the action of the Board, unless the concurrence of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a greater proportion is required for such action by
applicable law, the Charter or these Bylaws.&#160; If enough directors have
withdrawn from a meeting to leave fewer than required to establish a quorum,
but the meeting is not adjourned, the action of the majority of that number of
directors necessary to constitute a quorum at such meeting shall be the action
of the Board, unless the concurrence of a greater proportion is required for
such action by applicable law, the Charter or these Bylaws.</font></p>
<a name="_bclFooter16"></a><DIV>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TELEPHONE
MEETINGS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Directors may participate in a meeting by means of a conference
telephone or other communications equipment if all persons participating in the
meeting can hear each other at the same time.&#160; Participation in a meeting by
these means shall constitute presence in person at the meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INFORMAL ACTION
BY DIRECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any action required or permitted to be taken at any meeting
of the Board may be taken without a meeting, if a consent in writing or by
electronic transmission to such action is given by each director and such
consent is filed with the minutes of proceedings of the Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 10.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ORGANIZATION</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
At each meeting of the Board, the Chairman of the Board or, in the absence of
the chairman, the Vice Chairman of the Board, if any, shall act as chairman of
the meeting.&#160; In the absence of both the Chairman and Vice Chairman of the
Board, the Chief Executive Officer or, in the absence of the Chief Executive
Officer, the President or, in the absence of the President, a director chosen
by a majority of the directors present, shall act as chairman of the meeting.&#160;
The Secretary or, in his or her absence, an Assistant Secretary of the
Corporation, or, in the absence of the Secretary and all Assistant Secretaries,
an individual appointed by the chairman of the meeting, shall act as Secretary
of the meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VACANCIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
If for any reason any or all of the directors cease to be directors, such event
shall not terminate the Corporation or affect these Bylaws or the powers of the
remaining directors hereunder.&#160; Any vacancy on the Board for any cause other
than an increase in the number of directors may be filled by a majority of the
remaining directors, even if such majority is less than a quorum.&#160; Any
individual so elected as director shall hold office until the next annual
meeting of stockholders and until his or her successor is elected and
qualifies.&#160; Any vacancy in the number of directors created by an increase in
the number of directors may be filled by a majority vote of the entire Board.&#160;
Any individual so elected as director shall serve until the next annual meeting
of stockholders and until his or her successor is elected and qualifies.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMPENSATION OF
DIRECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Unless otherwise restricted by the Charter or these Bylaws, the
Board shall have the authority to fix the compensation of directors.&#160; The
directors may be paid their expenses, if any, of attendance at each meeting of
the Board and may be paid a fixed sum for attendance at each meeting of the Board
and/or a stated salary as director. &#160;No such payment shall preclude any
director from serving the Corporation in any other capacity and receiving
compensation therefor.&#160; Members of special or standing committees may be
allowed like compensation for attending committee meetings.</font></p>


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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
13.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RELIANCE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Each director and officer of the Corporation shall, in
the performance of his or her duties with respect to the Corporation, be
entitled to rely on any information, opinion, report or statement, including
any financial statement or other financial data, prepared or presented by an
officer or employee of the Corporation whom the director or officer reasonably
believes to be reliable and competent in the matters presented, by a lawyer,
certified public accountant or other person, as to a matter which the director
or officer reasonably believes to be within the person's professional or expert
competence, or, with respect to a director, by a committee of the Board on
which the director does not serve, as to a matter within its designated
authority, if the director reasonably believes the committee to merit
confidence.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 14.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMMITTEES OF
DIRECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board may appoint from among its members an Audit Committee,</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a Compensation Committee, a Nominating and Corporate Governance Committee
and one or more other committees, composed of one or more directors, to serve
at the pleasure of the Board.&#160; In the absence of any member of any such
committee, the members thereof present at any meeting, whether or not they
constitute a quorum, may appoint another director to act in the place of such
absent member.&#160; The Board may delegate to committees appointed under Section 14
of this Article IV any of the powers of the Board, except as prohibited by
law.&#160; Except as may be otherwise provided by the Board, any committee may
delegate some or all of its power and authority to one or more subcommittees,
composed of one or more directors, as the committee deems appropriate in its sole
and absolute discretion.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 15.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMMITTEE
MEETINGS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notice of committee meetings shall be given in the same manner
as notice for special meetings of the Board.&#160; A majority of the members of the
committee shall constitute a quorum for the transaction of business at any
meeting of the committee.&#160; The act of a majority of the committee members
present at a meeting shall be the act of such committee.&#160; The Board may
designate a chairman of any committee, and such chairman or, in the absence of
a chairman, any two members of any committee (if there are at least two members
of the committee) may fix the time and place of its meeting unless the Board
shall otherwise provide.&#160; Members of a committee of the Board may participate
in a meeting by means of a conference telephone or other communications
equipment if all persons participating in the meeting can hear each other at
the same time. &#160;Participation in a meeting by these means shall constitute
presence in person at the meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 16.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INFORMAL ACTION
BY COMMITTEES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any action required or permitted to be taken at any meeting
of a committee of the Board may be taken without a meeting, if a consent in
writing or by electronic transmission to such action is given by each member of
the committee and such consent is filed with the minutes of proceedings of such
committee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 17.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMMITTEE
VACANCIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to the provisions hereof, the Board shall have the
power at any time to change the membership of any committee, to fill any
vacancy, to designate an alternate member to replace any absent or disqualified
member or to dissolve any such committee.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 18.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RATIFICATION</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board or the stockholders may ratify any action or inaction by the
Corporation or its officers to the extent that the Board or the stockholders
could have originally authorized the matter, and if so ratified, shall have the
same </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">force and effect as if originally duly
authorized, and such ratification shall be binding upon the Corporation and its
stockholders.&#160; Any action or inaction questioned in any stockholders'
derivative proceeding or any other proceeding on the ground of lack of
authority, defective or irregular execution, adverse interest of a director,
officer or stockholder, non-disclosure, miscomputation, the application of
improper principles or practices of accounting or otherwise, may be ratified,
before or after judgment, by the Board or by the stockholders, and such
ratification shall constitute a bar to any claim or execution of any judgment
in respect of such questioned action or inaction.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 19.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">EMERGENCY
PROVISIONS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notwithstanding any other provision in the Charter or these
Bylaws, this Section 19 shall apply during the existence of any catastrophe, or
other similar emergency condition, as a result of which a quorum of the Board
under Article IV of these Bylaws cannot readily be obtained (an &quot;Emergency&quot;).&#160;
During any Emergency, unless otherwise provided by the Board, (i) a meeting of
the Board or a committee thereof may be called by any director or officer by
any means feasible under the circumstances; (ii) notice of any meeting of the Board
during such an Emergency may be given less than 24 hours prior to the meeting
to as many directors and by such means as may be feasible at the time,
including publication, television or radio, and (iii) the number of directors
necessary to constitute a quorum shall be one-third of the entire Board.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE V</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFFICERS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL
PROVISIONS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The officers of the Corporation shall be chosen by the Board
and shall include a President, a Secretary and a Treasurer and may include a Chairman
of the Board, a Vice Chairman of the Board, a Chief Executive Officer, one or
more Vice Presidents, a Chief Operating Officer, a Chief Financial Officer, one
or more Assistant Secretaries and one or more Assistant Treasurers.&#160; In
addition, the Board may from time to time elect such other officers with such
powers and duties as it shall deem necessary or desirable.&#160; The officers of the
Corporation shall be elected annually by the Board at the first meeting of the
Board held after each annual meeting of stockholders except that the Chief
Executive Officer or President may from time to time appoint one or more Vice
Presidents, Assistant Secretaries and Assistant Treasurers or other officers.&#160;
If the election of officers shall not be held at such meeting, such election
shall be held as soon thereafter as may be convenient.&#160; Each officer shall serve
until his or her successor is elected and qualifies or until his or her death,
or his or her resignation or removal in the manner hereinafter provided.&#160; Any
two or more offices except President and Vice President may be held by the same
person.&#160; In its discretion, the Board may leave unfilled any office except that
of President, Treasurer and Secretary.&#160; Election of an officer or agent shall
not of itself create contract rights between the Corporation and such officer
or agent.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">REMOVAL AND
RESIGNATION</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. &#160;Any officer or agent of the Corporation may be removed, with
or without cause, by the Board if in its judgment the best interests of the
Corporation would be served thereby, but such removal shall be without
prejudice to the contract rights, if any, of the person so removed.&#160; Any
officer of the Corporation may resign at any time by delivering his or her
resignation to the Board, the Chairman of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board,
the Chief Executive Officer, the President or the Secretary.&#160; Any resignation
shall take effect at any time subsequent to the time specified therein or, if
the time when it shall become effective is not specified therein, immediately
upon its receipt.&#160; The acceptance of a resignation shall not be necessary to
make it effective unless otherwise stated in the resignation.&#160; Such resignation
shall be without prejudice to the contract rights, if any, of the Corporation.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VACANCIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; A
vacancy in any office may be filled by the Board for the balance of the term.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CHAIRMAN OF THE
BOARD</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board of Directors may designate from among its members a
Chairman of the Board, who shall not, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">solely by
reason of these Bylaws, be an officer of the Corporation.&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board of
Directors may designate the Chairman of the Board as an executive or non-executive
chairman.&#160; The Chairman of the Board shall, if present, preside at all meetings
of the Board and exercise and perform such other powers and duties as may be
from time to time assigned to him or her by the Board or prescribed by these
Bylaws.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CHIEF EXECUTIVE
OFFICER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board may designate a Chief Executive Officer.&#160; In the
absence of such designation, the Chairman of the Board shall be the Chief
Executive Officer of the Corporation.&#160; The Chief Executive Officer shall have
general responsibility for implementation of the policies of the Corporation,
as determined by the Board, and for the management of the business and affairs
of the Corporation.&#160; He or she may execute any deed, mortgage, bond, contract
or other instrument, except in cases where the execution thereof shall be
expressly delegated by the Board or by these Bylaws to some other officer or
agent of the Corporation or shall be required by law to be otherwise executed;
and in general shall perform all duties incident to the office of Chief
Executive Officer and such other duties as may be prescribed by the Board from
time to time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CHIEF OPERATING
OFFICER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board may designate a Chief Operating Officer.&#160; The Chief
Operating Officer shall have the responsibilities and duties as determined by
the Board or the Chief Executive Officer.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PRESIDENT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board shall designate a President.&#160; The President shall have the
responsibilities and duties as determined by the Board or the Chief Executive
Officer.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">VICE PRESIDENT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
In the absence or disability of the President, the Vice Presidents in order of
their rank as fixed by the Board, or if not ranked, the Vice President
designated by the Board, shall perform all the duties of the President, and
when so acting shall have all the powers of and be subject to all the
restrictions upon the President.&#160; The Vice Presidents shall have such other
duties as from time to time may be prescribed for them, respectively, by the
Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECRETARY</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Secretary shall attend all sessions of the Board and all meetings of the
stockholders and record all votes and the minutes of all proceedings in one or
more books to be kept for that purpose, and shall perform like duties for the
standing committees when required by the Board.&#160; He or she shall give, or cause
to be given, notice of all </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">meetings of the
stockholders and, if required, of the Board, and shall perform such other
duties as may be prescribed by the Board or these Bylaws.&#160; He or she shall keep
in safe custody the seal of the Corporation, and when authorized by the Board,
affix the same to any instrument requiring it, and when so affixed it shall be
attested by his or her signature or by the signature of an Assistant Secretary.&#160;
The Board may give general authority to any other officer to affix the seal of
the Corporation and to attest the affixing by his or her signature.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ASSISTANT
SECRETARIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; If there shall be one, the Assistant Secretary, or if there
be more than one, the Assistant Secretaries in the order determined by the
Board, or if there be no such determination, the Assistant Secretary designated
by the Board, shall, in the absence or disability of the Secretary, perform the
duties and exercise the powers of the Secretary and shall perform such other
duties and have such other powers as the Board may from time to time prescribe.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TREASURER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Treasurer shall have the custody of the corporate funds and securities and
shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Corporation and shall deposit all moneys, and other valuable
effects in the name and to the credit of the Corporation, in such depositories
as may be designated by the Board.&#160; He or she shall disburse the funds of the
Corporation as may be ordered by, or under the direction of, the Board, taking
proper vouchers for such disbursements, and shall render to the Board, at its
regular meetings, or when the Board so requires, an account of all of his or
her transactions as Treasurer and of the financial condition of the
Corporation.&#160; &#160;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ASSISTANT
TREASURER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; If there shall be one, the Assistant Treasurer, or if there
shall be more than one, the Assistant Treasurers in the order determined by the
Board, or if there be no such determination, the Assistant Treasurer designated
by the Board, shall, in the absence or disability of the Treasurer, perform the
duties and exercise the powers of the Treasurer and shall perform such other
duties and have such other powers as the Board may from time to time prescribe.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMPENSATION</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The compensation of the officers shall be fixed from time to time by or under
the authority of the Board and no officer shall be prevented from receiving
such compensation by reason of the fact that he or she is also a director.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE VI</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">STOCK</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CERTIFICATES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Except as may be otherwise provided by the Board, stockholders of the
Corporation are not entitled to certificates representing the shares of stock
held by them.&#160; The issuance of shares of stock in uncertificated form shall not
affect shares already represented by a certificate until the certificate is
surrendered to the Corporation.&#160; In the event that the Corporation issues
shares of stock represented by certificates, such certificates shall be signed
by the officers of the Corporation in any manner permitted by the MGCL and
contain the statements and information required by the MGCL.&#160; In the event that
the Corporation issues shares of stock without certificates, to the extent then
required by the MGCL, the Corporation shall provide to the record holders of
such shares a written statement of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">information
required by the MGCL to be included on stock certificates.&#160; There shall be no
differences in the rights and obligations of stockholders based on whether or
not their shares are represented by certificates.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TRANSFERS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board shall have the power to make such rules and regulations as it may
deem appropriate concerning the issue, transfer and registration of shares of
stock of the Corporation and may appoint transfer agents and registrars
thereof.&#160; The duties of transfer agent and registrar may be combined.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Corporation shall be
entitled to treat the holder of record of any share of stock as the holder in
fact thereof and, accordingly, shall not be bound to recognize any equitable or
other claim to or interest in such share or on the part of any other person,
whether or not it shall have express or other notice thereof, except as
otherwise expressly provided by the laws of the State of Maryland.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notwithstanding the foregoing,
transfers of shares of any class or series of stock will be subject in all
respects to the Charter and all of the terms and conditions contained therein.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">REPLACEMENT
CERTIFICATES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to the provisions of Section 1 of this Article VI,
any officer designated by the Board may direct a new certificate to be issued,
or may direct that the shares that would have been represented thereby be
registered on the stock ledger, in place of any certificate previously issued
by the Corporation alleged to have been lost, stolen or destroyed.&#160; When
authorizing the issuance of a new certificate or such registration, an officer
designated by the Board may, in his discretion and as a condition precedent to
such issuance or registration, require the owner of such lost, stolen or
destroyed certificate or the owner's legal representative to advertise the same
in such manner as he shall require and/or to give such bond, with sufficient
security, to the Corporation to indemnify it against loss or claim which may
arise as a result of the issuance of a new certificate or registration of such
shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FIXING OF RECORD
DATE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board may set, in advance, a record date for the purpose of
determining stockholders entitled to notice of or to vote at any meeting of
stockholders or determining stockholders entitled to receive payment of any
dividend or the allotment of any other rights, or in order to make a
determination of stockholders for any other proper purpose.&#160; Such date, in any
case, shall not be prior to the close of business on the day the record date is
fixed and shall be not more than 90 days and, in the case of a meeting of
stockholders, not less than ten days, before the date on which the meeting or
particular action requiring such determination of stockholders of record is to
be held or taken.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">When a record date for the
determination of stockholders entitled to notice of and to vote at any meeting
of stockholders has been set as provided in this section, such record date
shall continue to apply to the meeting if adjourned or postponed, except if the
meeting is adjourned or postponed to a date more than 120 days after the record
date originally fixed for the meeting, in which case a new record date for such
meeting shall be determined as set forth herein.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">STOCK LEDGER</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Corporation shall maintain at its principal executive
office or at the office of its counsel, accountants or transfer agent, an
original or duplicate stock ledger containing the name and address of each
stockholder and the number of shares of each class held by such stockholder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FRACTIONAL STOCK;
ISSUANCE OF UNITS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board may authorize the Corporation to issue
fractional shares of stock or authorize the issuance of scrip, all on such
terms and under such conditions as it may determine.&#160; Notwithstanding any other
provision of the Charter or these Bylaws, the Board may authorize the issuance
of units consisting of different securities of the Corporation.&#160; Any security
issued in a unit shall have the same characteristics as any identical
securities issued by the Corporation, except that the Board may provide that
for a specified period securities of the Corporation issued in such unit may be
transferred on the books of the Corporation only in such unit.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE VII</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT POLICY AND RESTRICTIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Corporation intends to invest, directly or
indirectly, in such real estate investments as may be approved by the Board from
time to time.&#160; Subject to the restrictions of this Article VII, the Corporation's
investments may be acquired in such manner, through such means and upon such
terms and conditions as may be determined by the Board, and such investments
may include, but are not limited to, direct acquisitions by the Corporation of
real estate interests as well as investments in corporations, business trusts,
general partnerships, limited partnerships, joint ventures or other legal
entities and other investments.&#160; All investments made by the Corporation,
except those pursuant to Article VII, Section 4, must be approved by a majority
of the directors or made in accordance with guidelines approved by the Board
and which are in effect at the time the investments are made by the Corporation's
management.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TAX TREATMENT AS
A REIT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; As soon as the Corporation commences doing business, the
Corporation shall use its best efforts to be eligible for tax treatment as an
REIT under the Code, shall make such elections and filings, and take such other
actions as may be necessary, to be treated as a REIT under the Code, and shall
thereafter conduct its business to continue to qualify as a REIT under the REIT
Provisions of the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NO LIABILITY TO
QUALIFY AS REIT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Although a general purpose of the Corporation is to
qualify as a REIT under the REIT Provisions of the Code, no director, officer,
employee, agent or independent contractor of the Corporation shall be liable
for any act or omission resulting in the loss of tax benefits under the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SPECIFIC
INVESTMENTS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Pending investment or reinvestment of the Corporation's
assets in the type of investments described in Article VII, Section 1, the
Corporation may invest its assets in investments such as:&#160; (a) United States
government securities, (b) bankers' acceptances, (c) certificates of deposit,
(d) bank repurchase agreements covering securities of the United States
government or governmental agencies, (e) commercial paper rated A-1 (or the
equivalent) or better by Moody's Investors Services, Inc. or any other </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nationally-recognized rating agency, (f) interest-bearing
time deposits in banks and thrift institutions, (g) money market funds, (h)
mortgage-backed or related securities issued or guaranteed by the United States
government or its agencies, (i) debt securities or equity securities
collateralized by debt securities rated A-1 (or the equivalent) or better by
Moody's Investors Services, Inc. or any other nationally-recognized rating
agency, (j) other short- or medium-term liquid investments or hybrid
debt/equity securities approved by the Board, or (k) any combination of the
foregoing investments.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">23</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RESERVES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Corporation may retain, as a permanent reserve, such funds as the Board
deems reasonable, in cash and in the types of investments described in Section
4 of this Article VII.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT
RESTRICTIONS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Corporation shall not:&#160; (a) invest in foreign currency,
bullion, commodities or commodity future contracts; (b) invest in contracts for
the sale of real estate; (c) engage in underwriting or the agency distribution
of securities issued by others; (d) issue &quot;redeemable securities&quot; (as
defined in Section 2(a)(32) of the Investment Company Act of 1940, as amended),
&quot;face amount certificates of the installment type&quot; (as defined in
Section 2(a)(15) thereof) or &quot;periodic payment plan certificates&quot; (as
defined in Section 2(a)(27) thereof); or (e) engage in short sales or trading
activities in securities, except for purposes of hedging the Company's
short-term investments and obligations.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RESTRICTIONS UPON
DEALINGS BETWEEN THE CORPORATION AND INTERESTED PARTIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a) </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General Restrictions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Except as provided in this Section 7, the Corporation shall not engage in a
transaction described in this Section 7 with any director, officer, any
advisor, any person owning or controlling 10% or more of any class of the
Corporation's outstanding voting securities, or any Affiliate of any of the
aforementioned (individually, the &quot;Interested Party&quot; and
collectively, the &quot;Interested Parties&quot;), except in compliance with
the restrictions contained in this Section 7.&#160; Any transaction between the
Corporation and any of the Interested Parties made in compliance with the
requirements of this Section 7 shall be valid notwithstanding such
relationship, and such Interested Party shall not be under any disability from
or have any liability as a result of entering into any such transaction with
the Corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b) </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sales to the Corporation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Except as provided in this Paragraph (b), the Corporation shall not purchase
property from any of the Interested Parties unless, after disclosure to the
Board of the interest of the Interested Party in the proposed transaction, a
majority of directors not otherwise interested in such transaction (including a
majority of the Independent Directors) has in good faith determined that (x)
the property is being offered to the Corporation upon terms fair and
commercially reasonable to the Corporation and at a price not greater than the
cost of such asset to the selling party or its Appraised Value, and (y) the
cost of such property and any improvements thereof is clearly established at
the time of the proposed transaction and, regardless of such property's
Appraised Value, if such cost is less than the price to be paid by the
Corporation, some material change has occurred to the property which would
increase its value after the selling party acquired an interest therein.&#160; The
passage of time, increases in gross revenues, substantial repairs,
rehabilitation or improvements, and the receipt of permits, consents,
approvals, licenses and other authorizations from governmental agencies or
bodies, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may be regarded as events increasing the value
of the property and supporting a price in excess of the selling entity's costs.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c) </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sales by the Corporation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Corporation shall not sell property to any Interested Parties, unless the
interest of any such Interested Party in such proposed transaction has been
disclosed to the Board and a majority of directors not otherwise interested in
such transaction (including a majority of the Independent Directors) have
determined in good faith that the transaction is fair, competitive and
commercially reasonable to the Corporation and on terms and conditions not less
favorable than the terms and conditions that would have been made available
from unaffiliated third parties.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d) </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Loans to the Corporation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Corporation shall not borrow funds from any of the Interested Parties unless,
after disclosure to the Board of the interest of the Interested Party in the
proposed transaction, a majority of directors not otherwise interested in such
transaction (including a majority of the Independent Directors) have determined
in good faith that the transaction is fair, competitive and commercially
reasonable to the Corporation and on terms and conditions no less favorable to
the Corporation than loans between unaffiliated lenders and borrowers under the
same circumstances.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CORPORATION'S
RIGHT TO BORROW FUNDS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to the restrictions contained in this
Section 8, the Corporation may, at any time, at the discretion of the Board,
create, incur, assume, guarantee, extend the maturity of or otherwise become
liable with respect to any Indebtedness, on a secured or unsecured basis, and
in connection therewith execute, issue and deliver promissory notes, commercial
paper, notes, debentures, bonds and other debt obligations (which may be
convertible into shares of capital stock or other equity interests or be issued
together with warrants to acquire shares of capital stock or other equity
interests).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PURSUIT OF
ANCILLARY SERVICES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a) The Corporation may provide
any Ancillary Services to its tenants or others as long as the Board believes
in good faith that the Corporation's pursuit of such Ancillary Services would
not jeopardize the Corporation's qualification as a REIT under the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b) In the event that the
Corporation's pursuit of one or more of the Ancillary Services might jeopardize
the qualification of the Corporation as a REIT under the Code, the Corporation
may, in lieu of offering such Ancillary Services directly: (i) Restructure the
manner in which such Ancillary Services are offered to the Corporation's
tenants or others, alter the pricing of other Ancillary Services or take such
other action as the Corporation deems necessary; (ii) Invest in one or more
other entities which directly provide the Ancillary Services to the Corporation's
tenants or others; or (iii) Permit others, including Interested Parties, to
offer the Ancillary Services to the Corporation's customers or others or to use
the Corporation's properties as a site for offering such services, if such
permission is granted in compliance with the terms of Paragraph (c) of this
Section 9; provided, however, that, in each such instance, the Board has
received an opinion from tax counsel or a ruling from the IRS that such action,
subject to the qualifications and restrictions imposed by the Board, and such
other assumptions as the Board </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may reasonably
establish, would not disqualify the Corporation from taxation as a REIT under
the Code.</font></p>
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</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c) The Corporation may permit
one or more third parties in addition to an Advisor (including entities in
which a director, officer or an Affiliate thereof has an interest), to offer
Ancillary Services to its customers or others, or to use the Corporation's
properties as a site for offering such Ancillary Services, if the Board has in
good faith made the following determinations:&#160; (i) The Corporation does not
wish, or consider it advisable, to offer the Ancillary Services directly to its
tenants or others or has determined that rendering such Ancillary Services
would jeopardize the qualification of the Corporation as a REIT under the Code;
(ii) Permitting others to render such Ancillary Services would likely increase
the rental revenues or other income derived from the ownership of the
Corporation's properties, enhance the competitiveness of the Corporation or
otherwise provide economic benefits, directly or indirectly, to the
Corporation; and (iii) The party or parties rendering the Ancillary Services
are competent to do so, have experience in rendering such Ancillary Services
and have entered into a written contract with the Corporation with respect to
the provision of the Ancillary Services, having terms and conditions deemed
fair and equitable by the Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT IN
CORPORATION'S SHARES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Corporation may, at any time, at the discretion
of the Board, invest in any class or series of the Common Stock or Preferred
Stock, or in any of its promissory notes, commercial paper, notes, debentures,
bonds or other debt obligations, for the purpose of supporting the value of any
such securities or for any other purpose.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE VIII</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INDEPENDENT
ACTIVITIES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SHARES HELD BY
DIRECTORS AND OFFICERS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any director or officer may acquire, own, hold and
dispose of shares of capital stock in the Corporation, for his or her
individual account, and may exercise all rights of a stockholder to the same
extent and in the same manner as if he or she were not a director or officer.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BUSINESS
INTERESTS AND INVESTMENTS OF DIRECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to the limitations
contained in this Section 2, any director who is not an officer of the
Corporation may have personal business interests and may engage in personal
business activities, which interests and activities may include the
acquisition, syndication, holding, management, operation or disposition, for
his or her own account or for the account of others, of interests in real
property or persons engaged in the real estate business, even if the same
directly compete with the actual business being conducted by the Corporation,
and is not required to present to the Corporation any business opportunity
which comes to him or her even though such opportunity is within the
Corporation's investment policies.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OTHER BUSINESS
RELATIONSHIPS OF DIRECTORS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to the provisions of Article VII, any
director or officer may be interested as a trustee, officer, director,
stockholder, partner, member, advisor or employee, or otherwise have a direct
or indirect interest in any person who may be engaged to render advice or
services to the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Corporation, and may receive
compensation from such person as well as compensation as a director, officer or
otherwise hereunder, and no such activity shall be deemed to conflict with his
or her duties and powers as a director or officer.</font></p>
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</DIV>
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<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE IX</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL
PROVISIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DIVIDENDS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Dividends
and other distributions upon the stock of the Corporation may be authorized by
the Board, subject to the provisions of law and the Charter.&#160; Dividends and
other distributions may be paid in cash, property or stock of the Corporation,
subject to the provisions of law and the Charter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PAYMENT OF
DIVIDENDS; DIRECTORS' DISCRETION TO ESTABLISH RESERVES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Before payment of
any dividends or other distributions, there may be set aside out of any assets
of the Corporation available for dividends or other distributions such sum or
sums as the Board may from time to time, in its absolute discretion, think
proper as a reserve fund for contingencies, for equalizing dividends, for
repairing or maintaining any property of the Corporation or for such other
purpose as the Board shall determine, and the Board may modify or abolish any
such reserve.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DUTIES</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any
distribution of income or capital assets of the Corporation to stockholders
will be accompanied by a written statement disclosing the source of the funds
distributed.&#160; If, at the time of distribution, this information is not
available, a written explanation of the relevant circumstances will accompany
the distribution and a written statement disclosing the source of funds
distributed will be sent to the stockholders not later than sixty (60) days
after the close of the fiscal year in which the distribution was made.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CORPORATE SEAL</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The corporate seal shall have inscribed thereon the name of the Corporation,
the year of its organization and the words &quot;Corporate Seal, Maryland.&quot;&#160;
Said seal may be used by causing it or a facsimile thereof to be impressed or
affixed or reproduced or otherwise.&#160; Whenever the Corporation is permitted or
required to affix its seal to a document, it shall be sufficient to meet the
requirements of any law, rule or regulation relating to a seal to place the
word &quot;(SEAL)&quot; adjacent to the signature of the person authorized to
execute the document on behalf of the Corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANNUAL STATEMENT</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board shall cause an annual report to be sent to the stockholders not later
than one hundred twenty (120) days after the close of the fiscal year adopted
by the Corporation.&#160; This report shall be sent at least thirty (30) days before
the annual meeting of stockholders to be held during the next fiscal year and
in the manner specified in Section 5 of this Article IX for giving notice to
stockholders of the Corporation.&#160; The annual report shall contain financial
statements prepared in accordance with generally accepted accounting principles
which are audited and reported on by independent certified public accountants.&#160;
If the Corporation engages an Advisor to administer its affairs, the annual
report shall include the aggregate amount of advisory fees and the aggregate
amount of other fees paid to the Advisor and its Affiliates, including fees or
charges paid to the Advisor and its Affiliates by third parties doing business
with the Corporation.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FISCAL YEAR</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board shall have the power, from time to time, to
fix the fiscal year of the Corporation by a duly adopted resolution.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CONTRACTS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Board may authorize any officer or agent to enter into any contract or to
execute and deliver any instrument in the name of and on behalf of the Corporation
and such authority may be general or confined to specific instances.&#160; Any
agreement, deed, mortgage, lease or other document shall be valid and binding
upon the Corporation when duly authorized or ratified by action of the Board
and executed by an authorized person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CHECKS AND DRAFTS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
All checks, drafts or other orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the Corporation shall be signed
by such officer or agent of the Corporation in such manner as shall from time
to time be determined by the Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DEPOSITS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; All
funds of the Corporation not otherwise employed shall be deposited or invested
from time to time to the credit of the Corporation as the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, or any other
officer designated by the Board may determine.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE X</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INDEMNIFICATION
AND ADVANCES FOR EXPENSES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">To the maximum extent permitted
by Maryland law in effect from time to time, the Corporation, without requiring
a preliminary determination of the ultimate entitlement to indemnification,
shall indemnify and shall pay or reimburse reasonable expenses in advance of
final disposition of a proceeding to (a) any individual who is a present or
former director or officer of the Corporation and who is made or threatened to
be made a party to, or witness in, the proceeding by reason of his or her
service in that capacity or (b) any individual who, while a director or officer
of the Corporation and at the request of the Corporation, serves or has served
another corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or any other
enterprise as a director, officer, partner, trustee, member or manager of such
corporation, real estate investment trust, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise and
who is made or threatened to be made a party to, or witness in, the proceeding
by reason of his or her service in that capacity.&#160; The rights to
indemnification and advance of expenses provided by the Charter and these
Bylaws shall vest immediately upon election of a director or officer.&#160; The
Corporation may, with the approval of its Board, provide such indemnification
and advance for expenses to a person who served a predecessor of the
Corporation in any of the capacities described in (a) or (b) above and to any
employee or agent of the Corporation or a predecessor of the Corporation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Neither the amendment nor repeal
of this Article, nor the adoption or amendment of any other provision of the Charter
or these Bylaws inconsistent with this Article, shall apply to or affect in any
respect the applicability of the preceding paragraph with respect to any act or
failure to act which occurred prior to such amendment, repeal or adoption.&#160; The
indemnification and payment or reimbursement of expenses provided in these
Bylaws shall not be deemed </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">exclusive of or limit in
any way other rights to which any person seeking indemnification or payment or
reimbursement of expenses may be or may become entitled under any bylaw, resolution,
insurance, agreement or otherwise.</font></p>
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<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE XI</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WAIVER OF NOTICE</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Whenever any notice is required
to be given pursuant to the Charter or these Bylaws or pursuant to applicable
law, a waiver thereof in writing or by electronic transmission, given by the
person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such notice.&#160;
Neither the business to be transacted at nor the purpose of any meeting need be
set forth in the waiver of notice, unless specifically required by statute.&#160;
The attendance of any person at any meeting shall constitute a waiver of notice
of such meeting, except where such person attends a meeting for the express
purpose of objecting to the transaction of any business on the ground that the
meeting has not been lawfully called or convened.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE XII</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDMENT OF BYLAWS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board
shall have the exclusive power to adopt, alter or repeal any provision of these
Bylaws and to make new Bylaws; provided, however, that Section 3 of Article IX
(relating to the written statement the Corporation is required to furnish to
stockholders), Article VII except for Section 8 thereof (relating to investment
policy and restrictions), Section 5 of Article IX (relating to an annual
report), and the definitions in Article I, to the extent that such definitions
are to be used in any of the Sections cited in this Article XII (relating to
amendments to the Bylaws) may not be amended, repealed or modified, or
inconsistent provisions adopted with respect thereto, without the affirmative
vote of the stockholders holding a majority of the outstanding shares of each
class entitled to vote.</font></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE XIII</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MISCELLANEOUS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PROVISIONS IN
CONFLICT WITH LAW OR REGULATIONS</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The provisions of these Bylaws are
separable, and if the Board shall determine, with the advice of counsel, that
any one or more of such provisions (the &quot;Conflicting Provisions&quot;) are
in conflict with the REIT Provisions of the Code, the MGCL or other applicable
federal or Maryland laws and regulations, the Conflicting Provisions shall be
deemed never to have constituted a part of these Bylaws; provided, however,
that such determination of the directors shall not affect or impair any of the
remaining provisions of these Bylaws or render invalid or improper any action
taken or omitted (including, but not limited to, the election of directors)
prior to such determination.&#160; Such determination shall become effective when a
certificate, signed by a majority of the directors setting forth any such
determination and reciting that it was duly adopted by the directors, shall be
filed with the books and records of the Corporation.&#160; The directors shall not
be liable for failure to make any determination under this Section 1 of Article
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">XIII.&#160; Nothing in this Section 1 shall in any way
limit or affect the rights of the directors or the stockholders to amend these
Bylaws.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RELIANCE UPON
LEGAL ADVICE</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The directors, including the Independent Directors, may
retain one or more legal counsel to assist them in making any determination
required by them, or which they are permitted to make, pursuant to the terms of
these Bylaws.&#160; Such directors shall not be liable for any loss caused by or
resulting from any action taken or omitted in reliance upon any legal opinion
rendered by such counsel, so long as the selection of the legal counsel and
reliance on the advice was in good faith.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In making any such
determinations, the directors shall not, however, be obligated to follow the
advice of any legal counsel engaged to advise them.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MARYLAND LAW TO
GOVERN</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Unless the context requires otherwise, the general provisions,
rules of construction and definitions in the MGCL shall govern the construction
of these Bylaws.</font></p>

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