-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KARJ2v+MKejsGtmO3FcbfCCZKX3GFc8k23OZkwVt3GnXKsU0BS0UDgG2NE/tJA2W
 diUtORjG17doUv1z7zr/VQ==

<SEC-DOCUMENT>0000902561-04-000170.txt : 20040422
<SEC-HEADER>0000902561-04-000170.hdr.sgml : 20040422
<ACCEPTANCE-DATETIME>20040422172955
ACCESSION NUMBER:		0000902561-04-000170
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20040422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DNP SELECT INCOME FUND INC
		CENTRAL INDEX KEY:			0000806628
		IRS NUMBER:				363480989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		04748954

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232
		BUSINESS PHONE:		3123685510

	MAIL ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS SELECTED UTILITIES INC
		DATE OF NAME CHANGE:	19910429
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>formn2.htm
<TEXT>
<html>
<head>
<title>formn2_pos-ami</title>
</head>
<body>
<div>
<p align="center"><font face="Times New Roman">As filed with the Securities and Exchange Commission on April 22, 2004</font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p align="right"><font face="Times New Roman">Investment Company Act file no. 811-4915</font></p>

<p align="right"><font face="Times New Roman">&nbsp;</font></p>

<div><font face="Times New Roman"></font>
<hr size="2" width="100%" noshade color="green" align="left" />
</div>

<p align="center"><font size="5" face="Times New Roman"><br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</font></p>

<p align="center"><font size="5" face="Times New Roman">_____<br />
<br />
<br />
FORM N-2<br />
<br />
_____<br />
<br />
</font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="89%">
<tr>
<td valign="top">
<p align="center"><font face="Times New Roman">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">[X]</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font face="Times New Roman">Amendment No. 46</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">[X]</font></p>
</td>
</tr>
</table>
</div>

<p align="center"><font face="Times New Roman"></font></p>

<p align="center"><font size="5" face="Times New Roman">_____</font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
(Exact name of registrant as specified in charter)</font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p align="center"><font size="5" face="Times New Roman">_____</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman">55 East Monroe Street<br />
Chicago, Illinois&nbsp; 60603<br />
</font><font size="2">(Address of principal executive offices)</font><br />
Registrant's telephone number: 312/368-5510</p>

<p><font face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">Nathan I. Partain</font></p>
</td>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">John R. Sagan</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">DNP Select Income Fund Inc.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Mayer, Brown, Rowe &amp; Maw LLP</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">55 East Monroe Street</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">190 South LaSalle Street</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Chicago, Illinois 60603</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Chicago, Illinois&nbsp; 60603</font></p>
</td>
</tr>
</table>
</div>

<p><font face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p align="center"><font size="2" face="Times New Roman">(Names and addresses of agents for service)</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">It is proposed that this filing will become effective:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [X] immediately upon filing.<br />
<br />
[&nbsp;&nbsp;] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.</font></p>

<p><font face="Times New Roman"></font></p>

<div><font face="Times New Roman"></font>
<hr size="2" width="100%" noshade color="green" align="left" />
</div>

<p><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman">PART A:&nbsp; INFORMATION REQUIRED IN A PROSPECTUS</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 1</font></u>.&nbsp;&nbsp;&nbsp; <u>Outside Front Cover</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><u><font face="Times New Roman">Item 2</font></u>.&nbsp;&nbsp;&nbsp; <u>Cover Pages; Other Offering Information</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><u><font face="Times New Roman">Item 3</font></u>.&nbsp;&nbsp;&nbsp; <u>Fee Table and Synopsis</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="2" valign="top">
<p><b><font face="Times New Roman">Shareholder</font></b> <b>Transaction</b> <b>Expenses</b>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Sales Load (as a percentage of offering price)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">N/A</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Dividend Reinvestment and Cash Purchase Plan Fees&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">(1)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font face="Times New Roman">Annual Expenses</font></b> (as a percentage of net assets attributable to common shares)</p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Management
Fees&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">0.81%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Interest Payments on Borrowed Funds&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">0.17%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Other
Expenses&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">0.91%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annual
Expenses&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top">
<p align="right"><font face="Times New Roman">1.89%</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="89%">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p><font face="Times New Roman">Example (2)</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">1 year</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">2 years</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">5 years</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">10 years</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">You would pay the following expenses on a $1,000 investment,<br />
 assuming a 5% annual return</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">$19</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">$39</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">$102</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">$221</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%">
<tr>
<td valign="top">
<p><font face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Shareholders that reinvest dividends and/or capital gains distributions will be charged only brokerage fees in the event that shares are purchased in the open market. Investors investing cash in addition to any cash dividends
reinvested will be charged brokerage commissions plus a service fee of $2.50 per transaction. See Item 10.1(c).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">This Example should not be considered a representation of future expenses, and actual expenses may be greater or lesser than those shown.</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">The purpose of the foregoing table is to assist an investor in understanding the costs and expenses that an investor will bear directly or indirectly, and the information contained therein is not necessarily indicative of
future performance. "Other Expenses" are based on estimated amounts for the current fiscal year. For a more detailed description of management fees paid by the Fund, see Item 9.1(b) and (d). For a more detailed description of the interest paid on borrowed funds, see
Item 8.3, under the heading "Risk Factors&ndash;Leverage."&nbsp;</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 4</font></u>.&nbsp;&nbsp;&nbsp; <u>Financial Highlights</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 5</font></u>.&nbsp;&nbsp;&nbsp; <u>Plan of Distribution</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 6</font></u>.&nbsp;&nbsp;&nbsp; <u>Selling Shareholders</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 7</font></u>.&nbsp;&nbsp;&nbsp; <u>Use of Proceeds</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 8</font></u>.&nbsp;&nbsp;&nbsp; <u>General Description of the Registrant</u></p>

<p><u><font face="Times New Roman"></font></u></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">General</font></u></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant, DNP Select Income Fund Inc. (the "Fund"), is a corporation organized under the laws of the State of Maryland on November 26, 1986.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund is a diversified closed-end investment company.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Investment Objectives and Policies</font></u></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment objectives</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's primary investment objectives are current income and long-term growth of income. Capital appreciation is a secondary
objective.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Principal investment strategies</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund seeks to achieve its investment objectives by investing primarily in a diversified portfolio of equity and fixed income
securities of companies in the public utilities industry. Under normal conditions, more than 65% of the Fund's total assets will be invested in securities of public utility companies engaged in the production, transmission or distribution of electric energy, gas or
telephone services. The Fund's investment objectives stated in the preceding paragraph and its policy of concentrating its investments in the utilities industry are fundamental policies and may not be changed without the approval of the holders of a "majority" (as
defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the outstanding shares of the common stock and the preferred stock voting together as one class, which means the lesser of (i) 67% of the shares represented at a meeting at which more than
50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fundamental investment restrictions</u></font></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following are fundamental investment restrictions of the Fund that may be changed only with approval of the holders of a "majority"
(as defined in the 1940 Act) of the outstanding shares of the common stock and the preferred stock voting together as one class:</font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not invest more than 25% of its total assets
(valued at the time of investment) in securities of companies engaged principally in any one industry other than the utilities industry, which includes companies engaged in the production, transmission or distribution of electric energy or gas or in telephone
services, except that this restriction does not apply to securities issued or guaranteed by the United States Government or its agencies or instrumentalities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of its total assets (valued at the time of the investment)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the securities of any one issuer, except that this restriction does not apply to United States<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities; or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acquire more than 10% of the outstanding voting securities of any one issuer<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (at the time of acquisition);</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">except that up to 25% of the Fund's total assets (at the time of investment) may be invested without regard to the limitations set forth in this restriction.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may borrow money on a secured or unsecured basis
for any purpose of the Fund in an aggregate amount not exceeding 15% of the value of the Fund's total assets at the time of any such borrowing (exclusive of all obligations on amounts held as collateral for securities loaned to other persons to the extent that such
obligations are secured by assets of at least equivalent value).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not pledge, mortgage or hypothecate its assets,
except to secure indebtedness permitted by restriction 3 above. (The deposit in escrow of securities in connection with the writing of put and call options, collateralized loans of securities and collateral arrangements with respect to margin requirements for futures
transactions and with respect to segregation of securities in connection with forward contracts are not deemed to be pledges or hypothecations for this purpose.)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may make loans of securities to other persons to
the extent of not&nbsp; more than 33 1/3% of its total assets (valued at the time of the making of loans), and may invest without limitation in short-term obligations and publicly distributed obligations.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not underwrite the distribution of securities
of other issuers, although it may acquire securities that, in the event of a resale, might be required to be registered under the Securities Act of 1933, as amended, because the Fund could be regarded as an underwriter as defined in that act with respect to the
resale.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not purchase or sell real estate or any
interest therein, except that the Fund may invest in securities secured by real estate or interests therein, such as mortgage pass-throughs, pay-throughs, collateralized mortgage obligations, and securities issued by companies (including partnerships and real estate
investment trusts) that invest in real estate or interests therein.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may acquire securities of other investment
companies to the extent (at the acquisition) of (i) not more than 3% of the outstanding voting stock of any one investment company, (ii) not more than 5% of the assets of the Fund in any one investment company and (iii) not more than 10% of the assets of the Fund in
all investment companies (exclusive in each case of securities received as a dividend or as a result of a merger, consolidation or other plan of reorganization).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not invest for the purpose of exercising
control over or management of any company.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not purchase securities on margin, or make short sales of
securities, except the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities, but it may make margin deposits in connection with transactions in options, futures and options on futures.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not purchase or sell commodities or commodity contracts,
except that it may enter into (i) stock index futures transactions, interest rate futures transactions and options on such future transactions and (ii) forward contracts on foreign currencies to the extent permitted by applicable law.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not issue any security senior to its common stock, except
that the Fund may borrow money subject to investment restriction 3 and except as permitted by the Fund's charter.</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a percentage restriction set forth above is adhered to at the time a transaction is effected, later changes in percentages resulting
from changes in value or in the number of outstanding securities of an issuer will not be considered a violation.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Significant Investment Policies</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fixed Income Securities</u>. The Fund purchases a fixed income security only if, at the time of purchase, it is (i) rated investment
grade by at least two of the following three nationally recognized statistical rating organizations: Moody's Investors Service, Inc. ("Moody's"), Standard &amp; Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&amp;P"), and Fitch, Inc.
("Fitch") or (ii) determined by the Fund's investment adviser to be of investment grade and not rated below investment grade by any of the aforementioned rating services. A fixed income security rated investment grade has a rating of BBB- or better by Fitch, Baa3 or
better by Moody's, or BBB- or better by S&amp;P. In making its determination that a fixed income security is investment grade, the Fund's investment adviser will use the standards used by a nationally recognized statistical rating organization.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Leverage</u>. The Fund is authorized to borrow money in amounts of up to 15% of the value of its total assets at the time of such
borrowings. However, for so long as the Fund's preferred stock is rated by S&amp;P, the Fund will limit the aggregate amount of its borrowings to 10% of the value of its total assets and will not incur any borrowings, unless advised by S&amp;P that such borrowings
would not adversely affect S&amp;P's then-current rating of the preferred stock.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lending of Portfolio Securities</u>. In order to generate additional income, the Fund may from time to time lend securities from its
portfolio, with a value not in excess of 33 1/3% of its total assets, to brokers, dealers and financial institutions such as banks and trust companies for which it will receive collateral in cash, United States Government securities or an irrevocable letter of credit
that will be maintained in an amount equal to at least 100% of the current market value of the loaned securities.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rating Agency Guidelines</u>. The Fund's preferred stock is currently rated by Moody's and S&amp;P, nationally recognized
statistical rating organizations, which issue ratings for various securities reflecting the perceived creditworthiness of those securities. The Fund intends that, so long as shares of its preferred stock are outstanding, the composition of its portfolio will reflect
guidelines established by the foregoing rating organizations in connection with the Fund's receipt of the highest rating for its preferred stock from at least two of such rating organizations.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Options and Futures Transactions</u>. The Fund may seek to increase its current return by writing covered options. In addition,
through the writing and purchase of options and the purchase and sale of futures contracts and related options, the Fund may at times seek to hedge against a decline in the value of securities owned by it or an increase in the price of securities which it plans to
purchase. However, for so long as shares of the Fund's preferred stock are rated either by Moody's or S&amp;P, the Fund will not purchase or sell futures contracts or related options or engage in other hedging transactions unless Moody's or S&amp;P, as the case may
be, advises the Fund that such action or actions will not adversely affect its then-current rating of the Fund's preferred stock.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Temporary Investments</u>. For temporary defensive purposes, the Fund may be invested primarily in money market securities. These
securities include securities issued or guaranteed by the United States Government and its agencies and instrumentalities, commercial paper and certificates of deposit. To the extent that the Fund engages in such defensive investments, it may not achieve its
investment objectives.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nonfundamental Restrictions</u>. The Fund may not (i) invest in securities subject to legal or contractual restrictions on resale,
if, as a result of such investment, more than 10% of the Fund's total assets would be invested in such securities, or (ii) acquire 5% or more of the outstanding voting securities of a public utility company.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the policies and restrictions described above may be changed by the board of directors without the approval of the Fund's
shareholders. If a percentage restriction set forth above is adhered to at the time a transaction is effected, later changes in percentages resulting from changes in value or in the number of outstanding securities of an issuer will not be considered a
violation.</font></p>

<p><font face="Times New Roman"></font></p>
<p style="page-break-before:always">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">3. &nbsp;&nbsp;<u>Risk Factors</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Leverage</font></u>. As of December 31, 2003, the Fund had outstanding indebtedness of $198,974,940 and five series of preferred stock with an aggregate liquidation preference of $500 million. The dividend rate on each
series of preferred stock is reset every 49 days through a remarketing procedure. As of April 8, 2004, the dividend rate on the five series of preferred stock averaged 1.08% and the interest rate on the Fund's outstanding indebtedness averaged 1.24%. The Fund must
experience an annual return of 0.27% on its portfolio in order to cover annual interest and dividend payments on the Fund's outstanding indebtedness and preferred stock.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Leverage creates certain risks for holders of common stock, including higher volatility of both the net asset value and market value of the common stock. Fluctuations in dividend rates on the preferred stock and interest rates
on the Fund's indebtedness will affect the dividend to holders of common stock. Holders of the common stock receive all net income from the Fund remaining after payment of dividends on the preferred stock and interest on the Fund's indebtedness, and generally are
entitled to a pro rata share of net realized capital gains, if any.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Upon any liquidation of the Fund, the holders of shares of preferred stock will be entitled to liquidating distributions (equal to $100,000 per share of preferred stock plus any accumulated and unpaid dividends thereon) and
the holders of the Fund's indebtedness will be entitled to receive repayment of outstanding principal plus accumulated and unpaid interest thereon before any distribution is made to holders of common stock.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">The leverage obtained through the issuance of the preferred stock and from the Fund's presently outstanding indebtedness has provided holders of common stock with a higher dividend than such holders would have otherwise
received. However, there can be no assurance that the Fund will be able to continue to realize such a higher net return on its investment portfolio. Changes in certain factors could cause the relationship between the dividends paid on the preferred stock and interest
paid on the Fund's indebtedness to increase relative to the dividend and interest rates on the portfolio securities in which the Fund may be invested. Under such conditions the benefit of leverage to holders of common stock will be reduced and the Fund's leveraged
capital structure could result in a lower rate of return to holders of common stock than if the Fund were not leveraged. The Fund is required by the 1940 Act to maintain an asset coverage of 200% on outstanding preferred stock and 300% on outstanding indebtedness. If
the asset coverage declines below those levels (as a result of market fluctuations or otherwise), the Fund may be required to sell a portion of its investments at a time when it may be disadvantageous to do so.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">The following table illustrates the effects of leverage on a return to common stockholders. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the
table.</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<table border=".25" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font face="Times New Roman"><br />
 &nbsp; Assumed annual return on portfolio (net of<br />
 &nbsp;&nbsp;&nbsp;&nbsp; expenses)</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 -10.00%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 -5.00%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 0.00%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 5.00%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 10.00%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman"><br />
 &nbsp; Corresponding annual return to common<br />
 &nbsp;&nbsp;&nbsp;&nbsp; stockholder</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 -14.53%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 -7.52%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 -0.51</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 6.50%</font></p>
</td>
<td>
<p align="center"><font face="Times New Roman"><br />
 13.52%</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Investments in Securities of Foreign Issuers</font></u>. While the Fund is prohibited from investing 15% or more of its assets in securities of foreign issuers, the Fund may be exposed to certain risks as a result of
foreign investments. Investing in securities of foreign issuers involves certain considerations not typically associated with investing in securities of U.S. companies, including (a) controls on foreign investment and limitations on repatriation of invested capital
and on the Fund's ability to exchange local currencies for U.S. dollars, (b) greater price volatility, substantially less liquidity and significantly smaller market capitalization of securities markets, (c) currency devaluations and other currency exchange rate
fluctuations, (d) more substantial government involvement in the economy, (e) higher rates of inflation, (f) less government supervision and regulation of the securities markets and participants in those markets and (g) political uncertainty and other considerations.
The Fund will treat investments in countries with repatriation restrictions as illiquid for purposes of any applicable limitations under the 1940 Act; however, as a closed-end fund, the Fund is not currently limited under that Act in the amount of illiquid securities
it may acquire. Because of the limited forward market for the purchase of U.S. dollars in most foreign countries and the limited circumstances in which the Fund expects to hedge against declines in the value of foreign country currencies generally, the Fund will be
adversely affected by devaluations of foreign country currencies against the U.S. dollar to the extent the Fund is invested in securities denominated in currencies experiencing a devaluation. The Fund's fundamental investment policies permit the Fund to enter into
currency hedging transactions.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">In addition, accounting, auditing and financial reporting standards in foreign countries are different from U.S. standards. As a result, certain material disclosures may not be made and less information may be available to the
Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers. Moreover, it may be more difficult to obtain a judgment in a court outside the United States. Interest and dividends paid on securities held by
the Fund and gains from the disposition of such securities may be subject to withholding taxes imposed by foreign countries.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><u><font face="Times New Roman">Anti-takeover Provisions</font></u>. Certain provisions of the Fund's charter may be regarded as "anti-takeover" provisions because they could have the effect of limiting the ability of other entities or persons to acquire
control of the Fund. See Item 10.l(e).</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><u><font face="Times New Roman">Premium/Discount From Net Asset Value</font></u>. Shares of closed-end investment companies trade in the market above, at and below net asset value. This characteristic of shares of closed-end investment companies is a risk
separate and distinct from the risk that the Fund's net asset value may decline. Since inception, the Fund's common stock has generally traded at a premium to net asset value. For example, in the two-year period ended December 31, 2003, as of the close of business of
the New York Stock Exchange on the last day in each week on which the New York Stock Exchange was open (the date the Fund calculates its net asset value per share), the Fund's shares were trading at a premium to net asset value 100% of the time. The Fund usually does
not calculate its net asset value per share on any other day and does not know whether the Fund's shares were trading at a premium to net asset value on such days. The Fund is not able to predict whether its shares will trade above, at or below net asset value in the
future.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><u><font face="Times New Roman">Dividend Captures</font></u>. The Fund seeks to increase its dividend income using a strategy called "dividend capture."&nbsp; In a dividend capture trade, the Fund sells a stock that it held past its ex-dividend date to
purchase another stock paying a dividend before the next dividend of the stock being sold. The use of dividend capture strategies exposes the Fund to increased trading costs and the potential for capital loss. During 2003, dividend captures accounted for
approximately 37% of the Fund's net investment income and had a impact on the Fund's net asset value (including both transaction costs and capital losses) of -0.49%. Beginning in 2004, the Fund expects to derive less of its income from dividend captures and more of
its income from investment gains. Until the Fund utilizes all of its tax loss carry forwards, distributions derived from capital gains in the Fund's portfolio may constitute ordinary income, rather than capital gains, to shareholders. See Item 22, "Tax Status."</p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Policies</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Share Price Data</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's common stock has been listed on the New York Stock Exchange since January 21, 1987 (trading symbol DNP). Since the
commencement of trading, the Fund's common stock has most frequently traded at a premium to net asset value, but has periodically traded at a slight discount. The following table shows the range of the market prices of the Fund's common stock, net asset value of the
Fund's shares corresponding to such high and low prices and the premium to net asset value presented by such high and low prices:</font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="94%">
<tr>
<td colspan="3" valign="bottom">
<p><b><u><font size="2" face="Times New Roman">Quarter Ended</font></u></b></p>
</td>
<td valign="top">
<h3 align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h3>
</td>
<td colspan="3" valign="bottom">
<p align="center"><b><u><font size="2" face="Times New Roman">Market Price</font></u></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="bottom">
<p align="center"><b><u><font size="2" face="Times New Roman">Net Asset Value at</font></u></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Market Premium (Discount)<br />
 <u>to Net Asset Value at</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<h3 align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h3>
</td>
<td valign="bottom">
<h3 align="center"><b><u><font size="2" face="Times New Roman">High</font></u></b></h3>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><u><font size="2" face="Times New Roman">Low</font></u></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>High</u></font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>Low</u></font></b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>High</u></font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>Low</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">2004</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$11.42</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$10.73</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$8.17</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$8.12</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">39.78%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">32.14%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">2003</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">December 31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.08</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.12</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.91</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">7.61</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">40.08%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">32.98%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">September 30</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.09</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;9.90</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.53</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">7.32</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">47.28%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">35.25%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">June 30</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.08</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;9.87</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.93</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">6.94</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">39.72%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">42.22%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.75</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;9.69</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.51</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">6.85</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">43.14%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">41.46%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">2002</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">December 31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.00</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;8.19</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">6.35</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">36.80%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">28.98%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">September 30</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.43</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;7.85</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;7.61</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">7.09</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">37.06%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.72%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">June 30</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.62</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;9.15</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;9.09</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">8.63</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">27.83%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">6.03%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.37</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.90</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;9.32</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">9.13</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">22.00%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">19.39%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">On April 8, 2004, the net asset value was $8.07, trading prices ranged between $10.93 and $11.05 (representing a premium to net asset value of 35.44% and 36.93%, respectively) and the closing price was $11.01 (representing a
premium to net asset value of 36.43%).</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Business Development Companies</u></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 9</font></u>. <u>Management</u></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Board of Directors</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="4" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The business and affairs of the Fund are managed under the direction of the board of directors.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="4" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Adviser</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment adviser (the "Adviser") is Duff &amp; Phelps Investment Management Co., 55 East Monroe Street, Chicago, Illinois
60603. The Adviser (together with its predecessor) has been in the investment advisory business for more than 60 years and, excluding the Fund, currently has more than $2.6 billion in client accounts under discretionary management. The Adviser acts as adviser to two
other closed-end investment companies registered under the 1940 Act and as sub-adviser to three open-end investment companies registered under the 1940 Act. The Adviser is a wholly-owned subsidiary of Phoenix Investment Partners, Ltd. ("Phoenix Investment Partners"),
which is an indirect, wholly-owned subsidiary of The Phoenix Companies, Inc. Prior to May 11, 1998, Phoenix Investment Partners was known as Phoenix Duff &amp; Phelps Corporation. Phoenix Investment Partners, through its subsidiaries, provides investment management,
investment research, financial consulting and investment banking services.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser is responsible for the management of the Fund's investment portfolio, subject to the overall control of the board of
directors of the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of an investment advisory agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser receives
from the Fund a quarterly fee at an annual rate of .60% of the average weekly net asset value of the Fund up to $1.5 billion and .50% of average weekly net assets in excess of $1.5 billion. The net assets for each weekly period are determined by averaging the net
assets at the end of a week with the net assets at the end of the prior week. For purposes of the foregoing calculation, "net assets" are defined as the sum of (i) the aggregate net asset value of the Fund's common stock, (ii) the aggregate liquidation preference of
the Fund's preferred stock and (iii) the aggregate proceeds to the Fund of commercial paper issued by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of a service agreement among the Adviser, Phoenix Investment Partners, and the Fund (the "Service Agreement"), Phoenix
Investment Partners makes available to the Adviser the services, on a part-time basis, of its employees and various facilities to enable the Adviser to perform certain of its obligations to the Fund. However, the obligation of performance under the Advisory Agreement
is solely that of the Adviser, for which Phoenix Investment Partners assumes no responsibility, except as described in the preceding sentence. The Adviser reimburses Phoenix Investment Partners for any costs, direct or indirect, fairly attributable to the services
performed and the facilities provided by Phoenix Investment Partners under the Service Agreement. The Fund does not pay any fees pursuant to the Service Agreement.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>
<p style="page-break-before:always">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Portfolio Management</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's portfolio is managed by Nathan I. Partain and T. Brooks Beittel. Mr. Partain has been responsible for the management of the
equity investments in the Fund's portfolio since January 1998. He has been President and Chief Executive Officer of the Fund since February 2001 (Chief Investment Officer since January 1998, Executive Vice President April 1998-February 2001, Senior Vice President
January 1997-April 1998, Assistant Secretary January 1997-February 2001); Executive Vice President, Duff &amp; Phelps Investment Management Co. since January 1997; and Director of Utility Research, Phoenix Investment Partners, Ltd., 1989-1996 (Director of Equity
Research, 1993-1996 and Director of Fixed Income Research, 1993). Mr. Beittel has been responsible for the management of the fixed income investments in the Fund's portfolio since April 1994. He has been Secretary and Senior Vice President of the Fund since January
1995 (Treasurer January 1995-September 2002) and Senior Vice President, Duff &amp; Phelps Investment Management Co. since 1993 (Vice President 1987-1993).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Administrator</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's administrator (the "Administrator") is J.J.B. Hilliard, W.L. Lyons, Inc., Hilliard Lyons Center, Louisville, Kentucky 40202.
The Administrator is a wholly-owned subsidiary of The PNC Financial Services Group, Inc. Under the terms of an administration agreement (the "Administration Agreement"), the Administrator provides all management and administrative services required in connection with
the operation of the Fund not required to be provided by the Adviser pursuant to the Advisory Agreement, as well as the necessary office facilities, equipment and personnel to perform such services. For its services, the Administrator receives from the Fund a
quarterly fee at annual rates of .25% of the Fund's average weekly net assets up to $100 million, .20% of the Fund's average weekly net assets from $100 million to $1.0 billion and .10% of average weekly net assets over $1.0 billion. The net assets for each weekly
period are determined by averaging the net assets at the end of a week with the net assets at the end of the prior week. For purposes of the foregoing calculation, "net assets" are defined as the sum of (i) the aggregate net asset value of the Fund's common stock,
(ii) the aggregate liquidation preference of the Fund's preferred stock and (iii) the aggregate proceeds to the Fund of commercial paper issued by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Custodian</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's custodian is The Bank of New York, Church Street Station, Post Office Box 11258, New York, New York 10286. The transfer
agent and dividend disbursing agent for the Fund's common and preferred stock is The Bank of New York, Church Street Station, P.O. Box 11258, New York, New York 10286.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Expenses</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund is responsible for all expenses not paid by the Adviser or the Administrator, including brokerage fees.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Affiliated Brokerage</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund has paid, and in the future may pay, broker commissions to the Administrator. See Item 21.2.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">Non-resident Managers</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">Control Persons</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not consider that any person "controls" the Fund within the meaning of this item. For information concerning the Fund's
officers and directors, see Item 18. No person is known by the Fund to own of record or beneficially five percent or more of any class of the Fund's outstanding equity securities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><u><font face="Times New Roman">Item 10</font></u>. &nbsp;&nbsp;<u>Capital Stock, Long-Term Debt, and Other Securities</u></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">Capital Stock</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Common Stock</u>. Holders of common stock, $.001 par value per share, of the Fund are entitled to dividends when and as declared by the board of directors, to
one vote per share in the election of directors (with no right of cumulation), and to equal rights per share in the event of liquidation. They have no preemptive rights. There are no redemption, conversion or sinking fund provisions. The shares are not liable to
further calls or to assessment by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Preferred Stock</u>. Holders of preferred stock, $.001 par value per share, of the Fund are entitled to receive dividends before the holders of the common
stock and are entitled to receive the liquidation value of their shares ($100,000 per share) before any distributions are made to the holders of the common stock, in the event the Fund is ever liquidated. Each share of preferred stock is entitled to one vote per
share. The holders of the preferred stock have the right to elect two directors of the Fund at all times and to elect a majority of the directors if at any time dividends on the preferred stock are unpaid for two years. In addition to any approval by the holders of
the shares of the Fund that might otherwise be required, the approval of the holders of a majority of the outstanding shares of the preferred stock, voting separately as a class, will be required under the 1940 Act to adopt any plan of reorganization that would
adversely affect the holders of preferred stock and to approve, among other things, changes in the Fund's sub-classification as a closed-end investment company, changes in its investment objectives or changes in its fundamental investment restrictions.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Subject to certain restrictions, the Fund may, and under certain circumstances is required to, redeem shares of its preferred stock at a price of $100,000 per share, plus accumulated but unpaid dividends. The shares of
preferred stock are not liable to further calls or to assessment by the Fund. There are no preemptive rights or sinking fund or conversion provisions. The Fund, may, however, upon the occurrence of certain events, authorize the exchange of its current preferred stock
on a share-for-share basis for a separate series of authorized but unissued preferred stock having different dividend privileges.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividend Reinvestment Plan</u>. Under the Fund's dividend reinvestment plan shareholders may elect to have all dividends and capital gains distributions paid
on their common stock automatically reinvested by The Bank of New York, as agent for shareholders, in additional shares of common stock of the Fund. Registered shareholders may participate in the plan. The plan permits a nominee, other than a depository, to
participate on behalf of those beneficial owners for whom it is holding shares who elect to participate. However, some nominees may not permit a beneficial owner to participate without transferring the shares into the owner's name. Shareholders who do not elect to
participate in the plan will receive all distributions in cash paid by check mailed directly to the shareholder (or, if the shareholder's shares are held in street or other nominee name, then to such shareholder's nominee) by The Bank of New York as dividend
disbursing agent. Registered shareholders may also elect to have cash dividends deposited directly into their bank accounts.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">When a dividend or distribution is reinvested under the plan, the number of shares of common stock equivalent to the cash dividend or distribution is determined as follows:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Courier New">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; If shares of the common stock
are trading at net asset value or at a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; premium above net asset value at the valuation date, the Fund issues new shares of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common stock at the greater of net asset value or 95% of the then current market<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Courier New">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; If shares of the common
stock are trading at a discount from net asset<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value at the valuation date, The Bank of New York receives the dividend or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; distribution in cash and uses it to purchase shares of common stock in the open<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; market, on the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Stock Exchange or elsewhere, for the participants'<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accounts. Shares are allocated to participants' accounts at the average price per<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; share, plus commissions, paid by The Bank of New York for all shares purchased<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by it. If, before The Bank of New York has completed its purchases, the market<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price exceeds the net asset value of a share, the average purchase price<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share paid by The Bank of New York may exceed the net asset value of the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund's shares, resulting in the acquisition of fewer shares than if the dividend or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; distribution had been paid in shares issued by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The valuation date is the business day immediately preceding the date of payment of the dividend or distribution. On that date, the Administrator compares that day's net asset value per share and the closing price per share on
the New York Stock Exchange and determines which of the two alternative procedures described above will be followed.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Courier New">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The reinvestment shares are credited to the participant's plan account in the Fund's stock records maintained by The Bank of New York, including a fractional share to four decimal places. The Bank of New York will send
participants written confirmation of all transactions in the participant's plan account, including information participants will need for tax records. Shares held in the participant's plan account have full dividend and voting rights. Dividends and distributions paid
on shares held in the participant's plan account will also be reinvested.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The cost of administering the plan is borne by the Fund. There is no brokerage commission on shares issued directly by the Fund. However, participants do pay a pro rata share of brokerage commissions incurred on any open
market purchases of shares by The Bank of New York.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The automatic reinvestment of dividends and distributions does not relieve participants of any income taxes that may be payable (or required to be withheld) on dividends or distributions.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">If the closing market price of shares of the Fund's common stock should be equal to or greater than their net asset value on the valuation date, the participants in the plan would receive shares priced at the higher of net
asset value or 95% of the market price. Consequently they would receive more shares at a lower per share price than if they had used the cash distribution to purchase Fund shares on the payment date in the market at the market price plus commission.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">If the market price should be less than net asset value on the valuation date, the cash distribution for the plan participants would be used by The Bank of New York to purchase the shares to be received by the participants,
which would be at a discount from net asset value unless the market price should rise during the purchase period so that the average price and commission exceeded net asset value as of the payment date. Also, since the Fund does not redeem its shares, the price on
resale may be less or more than the net asset value.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Plan participants may purchase additional shares of common stock through the plan by delivering to The Bank of New York a check for at least $100, but not more than $5,000, in any month. The Bank of New York will use such
funds to purchase shares in the open market or in private transactions. The purchase price of such shares may be more than or less than net asset value per share. The Fund will not issue new shares or supply treasury shares for such voluntary additional share
investment. Purchases will be made commencing with the time of the first distribution payment following the second business day after receipt of the funds for additional purchases, and may be aggregated with purchases of shares for reinvestment of the distribution.
Shares will be allocated to the accounts of participants purchasing additional shares at the average price per share, plus a service charge of $2.50 imposed by The Bank of New York and a pro rata share of any brokerage commission (or equivalent purchase costs) paid
by The Bank of New York in connection with such purchases. Funds sent to the bank for voluntary additional share reinvestment may be recalled by the participant by written notice received by The Bank of New York not later than two business days before the next
dividend payment date. If for any reason a regular monthly dividend is not paid by the Fund, funds for voluntary additional share investment will be returned to the participant, unless the participant specifically directs that such funds continue to be held by The
Bank of New York for subsequent investment. Participants will not receive interest on voluntary additional funds held by The Bank of New York pending investment.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">A shareholder may leave the plan at any time by written notice to The Bank of New York. To be effective for any given distribution, notice must be received by the Bank at least seven business days before the record date for
that distribution. When a shareholder leaves the plan: (i) such shareholder may request that The Bank of New York sell such shareholder's shares held in such shareholder's plan account and send such shareholder a check for the net proceeds (including payment of the
value of a fractional share, valued at the closing price of the Fund's common stock on the New York Stock Exchange on the date discontinuance is effective) after deducting The Bank of New York's $5.00 charge and any brokerage commission (or equivalent sale cost) or
(ii) if no request is made, such shareholder will receive a certificate for the number of full shares held in such shareholder's plan account, along with a check for any fractional share interest, valued at the closing price of the Fund's common stock on the New York
Stock Exchange on the date discontinuance is effective. If and when it is determined that the only balance remaining in a shareholder's plan account is a fraction of a single share, such shareholder's participation will be deemed to have terminated, and The Bank of
New York will send to such shareholder a check for the value of such fractional share, valued at the closing price of the Fund's common stock on the New York Stock Exchange on the date discontinuance is effective.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The Fund may change, suspend or terminate the plan at any time upon mailing a notice to participants.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">For more information regarding, and an authorization form for, the dividend reinvestment plan, please contact The Bank of New York at 1-877-381-2537 or on the World Wide Web at http://stock.bankofny.com.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Capital Gains Distribution Reinvestment Plan</u>. Unless otherwise indicated by a holder of shares of common stock of the Fund that does not participate in the
Fund's dividend reinvestment plan, all distributions in respect of capital gains distributions on shares of common stock held by such holder will be automatically invested by The Bank of New York, as agent of the common shareholders participating in the plan, in
additional shares of common stock of the Fund. Distributions in respect of capital gains distributions on shares of common stock that participate in the Fund's dividend reinvestment plan will be reinvested in accordance with the terms of such plan.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">In any year in which the Fund declares a capital gains distribution, the Fund after the declaration of such dividend and prior to its payment, will provide to each registered holder of Fund common stock that does not
participate in the Fund's dividend reinvestment plan a cash election card. A registered shareholder may elect to receive cash in lieu of shares in respect of a capital gains distribution by signing the cash election card in the name(s) of the registered
shareholder(s), and mailing the card to The Bank of New York.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">If a holder's shares of common stock, or some of them, are registered in the name of a broker or other nominee, and the holder wishes to receive a capital gains distribution in cash in lieu of shares of common stock, such
shareholder must exercise that election through its nominee (including any depositor of shares held in a securities depository).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">When a distribution is reinvested under the plan, the number of reinvestment shares is determined as follows:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp; If, at the time of valuation, the shares are being traded in the securities<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; markets at net asset value or at a premium over net asset value, the
reinvestment shares<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; are obtained by The Bank of New York directly from the Fund, at a price equal
to the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; greater of net asset value or 95% of the then current market price, without
any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; brokerage commissions (or equivalent purchase costs).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp; If, at the time of valuation, the shares are being traded in the securities<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; markets at a discount from net asset value, The Bank of New York receives
the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; distribution in cash, and uses it to purchase shares in the open market,
including on the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Stock Exchange, or in private purchases. Shares of common stock
are<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocated to participants at the average price per share, plus any brokerage
commissions<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or equivalent transaction costs), paid by The Bank of New York for all
shares<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchased by it in reinvestment of the distribution(s) paid on a particular
day.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The time of valuation is the close of trading on the New York Stock Exchange on the most recent day preceding the date of payment of the dividend or distribution on which that exchange is open for trading. As of that time, the
Administrator compares the net asset value per share as of the time of the close of trading on the New York Stock Exchange on that day and the last reported sale price per share on the New York Stock Exchange, and determines which of the alternative procedures
described above are to be followed.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">If as of any day on which the last reported sale price of the Fund's shares on the New York Stock Exchange is required to be determined pursuant to this plan, no sales of the shares are reported on that exchange, the mean of
the bid prices and of the asked prices on that exchange as of the time of the close of trading on the exchange will be substituted.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">No certificates will be issued representing fractional shares, nor will The Bank of New York purchase fractional shares in the market. The Bank of New York will send to all registered holders of common stock that do not
participate in the Fund's dividend reinvestment plan certificates for all shares of common stock purchased or issued pursuant to the capital gains distribution plan and cash in lieu of fractional shares of common stock.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Courier New">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The Fund may change, suspend or terminate the plan at any time upon mailing a notice to participants.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Anti-takeover provisions of charter and bylaws</u>. The Fund's charter includes provisions that could have the effect of limiting the ability of other entities
or persons to acquire control of the Fund or to change the composition of its board of directors and could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from
seeking to obtain control of the Fund. The board of directors is divided into three classes, each having a term of three years. At each annual meeting of shareholders, the term of one class will expire. This provision could delay for up to two years the replacement
of a majority of the board of directors. A director may be removed from office only by vote of the holders of at least 75% of the shares of preferred stock or of common stock, as the case may be, entitled to be voted on the matter.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The Fund's charter requires the favorable vote of the holders of at least 75% of the shares of preferred stock and common stock of the Fund entitled to be voted on the matter, voting together as a single class, to approve,
adopt or authorize the following:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; a merger or consolidation of
the Fund with another corporation,</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; a sale of all or
substantially all of the Fund's assets (other than in the regular<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; course of the Fund's investment activities), or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp; a liquidation or
dissolution of the Fund, unless such action has been approved,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adopted or authorized by the affirmative vote of two-thirds of the total number of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; directors fixed in accordance with the bylaws, in which case the affirmative vote of the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; holders of a majority of the outstanding shares of preferred stock and common stock<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entitled to be voted on the matter, voting together as a single class, is required.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">In addition, the holders of a majority of the outstanding shares of the preferred stock, voting separately as a class, would be required under the 1940 Act to adopt any plan of reorganization that would adversely affect the
holders of the preferred stock.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Finally, conversion of the Fund to an open-end investment company would require an amendment to the charter. Such an amendment would require the favorable vote of the holders of a majority of the shares of preferred stock and
common stock entitled to be voted on the matter voting separately by class. At any time, the amendment would have to be declared advisable by the board of directors prior to its submission to shareholders. Shareholders of an open-end investment company may require
the company to redeem their shares of common stock at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. In addition,
conversion to an open-end investment company would require redemption of all outstanding shares of the preferred stock.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The board of directors has determined that the 75% voting requirements described above, which are greater than the minimum requirements under Maryland law or the 1940 Act, are in the best interests of shareholders generally.
Reference should be made to the charter on file with the Securities and Exchange Commission (the "SEC") for the full text of these provisions.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">2.</font></p>
</td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">Long-Term Debt</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">3.</font></p>
</td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">General</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><u><font face="Times New Roman">Taxes</font></u>. The Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as it has in each year since the inception of its operations, so as to be relieved of
Federal income tax on net investment income and net capital gains distributed to shareholders.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Dividends paid by the Fund from its ordinary income and distributions of the Fund's net realized short-term capital gains are taxable to shareholders as ordinary income. Under legislation enacted in 2003, ordinary income
dividends shareholders receive may be taxed at the same rates as long-term capital gains. However, even if income received in the form of ordinary income dividends is taxed at the same rates as long-term capital gains, such income will not be considered long-term
capital gains for other Federal income tax purposes. For example, a shareholder generally will not be permitted to offset ordinary income dividends with capital losses. Short-term capital gain distributions will continue to be taxed at ordinary income rates. So long
as the Fund has capital loss carry forwards, distributions derived from capital gains in the Fund's portfolio may constitute ordinary income, rather than capital gains, to shareholders.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Shareholders may be proportionately liable for taxes on income and gains of the Fund but shareholders not subject to tax on their income will not be required to pay tax on amounts distributed to them. The Fund will inform
shareholders of the amount and nature of the income or gains. Dividends from ordinary income may be eligible for the dividends-received deduction available to corporate shareholders. Under its charter, the Fund is required to designate dividends paid on its preferred
stock as qualifying for the dividends-received deduction to the extent such dividends do not exceed the Fund's qualifying income. In the event the Fund is required to allocate all of its qualifying income to dividends on the preferred stock, dividends payable on the
common stock will not be eligible for the dividends-received deduction. Any distributions attributable to the Fund's net realized long-term capital gains are taxable to shareholders as long-term capital gains, regardless of the holding period of shares of the Fund.
Under current law, the maximum tax rate on long-term capital gains available to non-corporate shareholders generally is 15%. Without future congressional action, the maximum tax rate on long-term capital gains would return to 20% in 2009, and the maximum tax rate on
dividends would move to 35% in 2009 and 39.6% in 2011.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">The Fund intends to distribute substantially all its net investment income and net realized capital gains in the year earned or realized. A dividend reinvestment plan is available to all holders of common stock of the Fund.
Under the dividend reinvestment plan, all cash distributions to participating shareholders are reinvested in additional shares of common stock. See Item 10.1(c).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">5.</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Outstanding Securities</font></u></p>
</td>
</tr>
</table>

<p align="center"><font face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="bottom">
<p align="center"><font face="Times New Roman">(1)<br />
 <u>Title of Class</u></font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">(2)<br />
 <u>Amount Authorized</u></font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">(3)<br />
 Amount Held by<br />
 the Fund or for<br />
 <u>its Account</u></font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">(4)<br />
 Amount Outstanding<br />
 at 3/31/2004 Exclusive<br />
 of Amount Shown<br />
 <u>Under (3)</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Common, $.001 par value</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">250,000,000</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">-0-</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">219,454,216</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Preferred, $.001 par value</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">100,000,000</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">-0-</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">5,000</font></p>
</td>
</tr>
</table>
</div>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Securities Ratings</u>.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 11</font></u>. <u>Defaults and Arrears on Senior Securities</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 12</font></u>. <u>Legal Proceedings</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no pending legal proceedings to which the Fund, any subsidiary of the Fund, or the Adviser is a party.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 13</font></u>. <u>Table of Contents of the Statement of Additional Information</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PART B&nbsp; INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 14</font></u>. <u>Cover Page</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 15</font></u>. <u>Table of Contents</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 16</font></u>. <u>General Information and History</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the past five years, the Fund has not engaged in any business other than that of an investment company and has not been the
subject of any bankruptcy, receivership or similar proceedings, or any other material reorganization, readjustment or succession. The Fund's name was changed from Duff &amp; Phelps Utilities Income Inc. on April 23, 2002.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 17</font></u>. <u>Investment Objective and Policies</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Item 8.2.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Item 8.2.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Item 8.2.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's portfolio turnover rate was 242.69% in 2003,
197.27% in 2002 and 213.48% in 2001. The portfolio turnover rate tends to be correlated with the level of the Fund's dividend captures, which decreased in 2002 relative to 2001 and increased in 2003 relative to 2002. The Fund expects to lower its turnover rate in
2004 by reducing the level of dividend captures and utilizing investment gains within the portfolio. See Item 8.3, "Risk Factors&ndash;Dividend Captures."</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 18</font></u>. <u>Management</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Set forth below are the names and certain biographical information about the directors and officers of the Fund. Except as indicated
in the table, directors are elected by the holders of the Fund's common stock. The officers are elected at the annual meeting of the board of directors of the Fund. Except as indicated in footnote (7) to the table, no director oversees any other portfolios in the
fund complex to which the Fund belongs.</font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="2" valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td colspan="2" valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td colspan="2" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td colspan="2" valign="bottom">
<p align="center"><b><font face="Times New Roman">Name,<br />
 Address<br />
 <u>and Age</u></font></b></p>
</td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b><font face="Times New Roman">Position(s) Held With the Fund, Length of Time <u>Served and Term of Office</u></font></b></p>
</td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">Principal Occupation(s)<br />
 During Past 5 Years<br />
 <u>and Other Affiliations</u></font></b></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="bottom"></td>
<td height="1" valign="bottom">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="bottom">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom"></td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="bottom">
<p><b><i><font face="Times New Roman">Interested Director</font></i></b></p>
</td>
<td height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom">
<p><b><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Claire V. Hansen (1)(2)55<br />
 East Monroe Street<br />
 Chicago, Illinois<br />
 60603<br />
 Age: 78</font></p>
</td>
<td height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Chairman and director<br />
 since January 1987.<br />
 Term expires in 2005.</font></p>
</td>
<td colspan="2" height="1" valign="bottom"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Senior Advisor to the Board of Directors, Phoenix Investment Partners, Ltd. since November 1995; President and Chief Executive Officer, DNP Select Income Fund Inc. January 2000&ndash;February 2001; Senior Advisor to the Board
of Directors, Duff &amp; Phelps Corporation, 1988&ndash;November 1995 (Chairman of the Board, 1987&ndash;1988; Chairman of the Board and Chief Executive Officer prior thereto); Chairman of the Board, Duff &amp; Phelps Investment Management Co.,
1985&ndash;1987</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="bottom">
<p><b><font face="Times New Roman">&nbsp;&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="bottom">
<p><b><i><font face="Times New Roman">Independent Directors</font></i></b></p>
</td>
<td height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Stewart E. Conner (5)<br />
 500 West Jefferson St.<br />
 Louisville, Kentucky 40202<br />
 Age: 62</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since April 2004.<br />
 Term expires in 2007</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Attorney, Wyatt Tarrant &amp; Combs LLP since 1966 (Chairman, Executive Committee since 2000, Managing Partner 1988-2000); Director, Hilliard Lyons Growth Fund, Inc.</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Connie K. Duckworth (3)(5)<br />
 77 Stone Gate Lane<br />
 Lake Forest, Illinois 60045<br />
 Age: 49</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since April 2002.<br />
 Term expires in 2005.</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">Partner, Eight Wings Enterprises (investor in early-stage businesses) since December 2001; Advisory Director, Goldman, Sachs &amp; Company, December 2000-December 2001 (Managing Director, December 1996-December 2000, Partner
1990-1996, Chief Operating Officer of Firmwide Diversity Committee 1990-1995); Member, Circle Financial Group LLC (private investment company); Chair (2003), Policyowners' Examining Committee, Northwestern Mutual Life Insurance Company; Founder and President, Arzu,
Inc. (nonprofit corporation created to raise awareness of Afghan women through sale of homemade rugs)</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Robert J. Genetski (3)(6)<br />
 195 North Harbor Drive<br />
 Chicago, Illinois 60601<br />
 Age: 61</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since April 2001.<br />
 Term expires in 2007.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">President, Robert Genetski &amp; Associates, Inc. (economic and financial consulting firm) since 1991; Senior Managing Director, Chicago Capital, Inc. (financial services firm) 1995-2001; former Senior Vice President and Chief
Economist, Harris Trust &amp; Savings Bank; author of several books; regular contributor to the Nikkei Financial Daily</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Francis E. Jeffries (2)(4)(7)<br />
 8477 Bay Colony Drive<br />
 Naples, Florida 34108<br />
 Age: 73</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since January 1987.<br />
 Term expires in 2007.<br />
 Vice Chairman since April 2004.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Oversees 28 portfolios in the fund complex to which the Fund belongs; Chairman of the Board, DTF Tax Free Income Inc. and Duff &amp; Phelps Utility and Corporate Bond Trust Inc. (the "DTF and DUC Funds") since September 1991
and November 1992, respectively (President, January 2000&ndash;February 2004), Chairman, Phoenix Investment Partners, Ltd. November 1995&ndash;May 1997; Chairman and Chief Executive Officer, Duff &amp; Phelps Corporation, June 1993&ndash;November 1995 (President and
Chief Executive Officer, January 1992&ndash;June 1993); Chairman of the Board, Duff &amp; Phelps Investment Management Co. 1988&ndash;1993; Director, The Empire District Electric Company</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Nancy Lampton (4)(5)(6)<br />
 3 Riverfront Plaza<br />
 Louisville, Kentucky 40202<br />
 Age: 61</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since October 1994.<br />
 Term expires in 2006.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Chairman and Chief Executive Officer, Hardscuffle Inc. (insurance holding company) since January 2000; Chairman and Chief Executive Officer, American Life and Accident Insurance Company of Kentucky since 1971; Director,
Constellation Energy Group, Inc. (public utility holding company), Advisor, Thorium Power Corporation (designer of non-proliferative fuel for nuclear energy needs)</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Christian H. Poindexter (3)(4)<br />
 1997 Annapolis Exchange Pkwy.<br />
 Annapolis, Maryland 21401<br />
 Age: 65</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since May 2003.<br />
 Term expires in 2006.</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">Retired Chairman and Chief Executive Officer, Constellation Energy Group, Inc. (public utility holding company) (Executive Committee Chairman, July 2002&ndash;March 2003; Chairman of the Board, April 1999&ndash;July 2002;
Chief Executive Officer, April 1999&ndash;October 2001; President, April 1999&ndash;October 2000); Chairman, Baltimore Gas and Electric Company, January 1993&ndash;July 2002 (Chief Executive Officer, January 1993&ndash;July 2000; President, March 1998&ndash;October
2000; Director, 1988&ndash;2003); Director, Mercantile Bankshares Corporation (bank holding company); Director, The Baltimore Life Insurance Company</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Carl F. Pollard (2)(3)<br />
 10500 W. U.S. Hwy 42<br />
 Goshen, Kentucky 40026<br />
 Age: 65</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since April 2002.<br />
 Term expires in 2005.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Owner, Hermitage Farm L.L.C. (Thoroughbred breeding) since January 1995; Chairman, Columbia Healthcare Corporation 1993-1994; Chairman and Chief Executive Officer, Galen Health Care, Inc. March-August 1993; President and Chief
Operating Officer, Humana Inc. 1991-1993 (previously Senior Executive Vice President, Executive Vice President and Chief Financial Officer); Chairman and Director, Churchill Downs Incorporated; Director, Breeders' Cup Limited</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">David J. Vitale (2)(5)<br />
 141 West Jackson Boulevard<br />
 Chicago, Illinois 60604<br />
 Age: 57</font></p>
</td>
<td height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Director since April 2000.<br />
 Term expires in 2006.</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">Chief Administrative Officer, Chicago Public Schools since April 2003; Private investor November 2002&ndash;April 2003; President and Chief Executive Officer, Board of Trade of the City of Chicago, Inc., March
2001&ndash;November 2002; Retired executive 1999&ndash;2001; Vice Chairman and Director, Bank One Corporation, 1998&ndash;1999; Vice Chairman and Director, First Chicago NBD Corporation, and President, The First National Bank of Chicago, 1995&ndash;1998; Vice
Chairman, First Chicago Corporation and The First National Bank of Chicago, 1993&ndash;1998 (Director, 1992&ndash;1998; Executive Vice President, 1986&ndash;1993); Director, Ariel Capital Management, Inc., Ark Investment Management and Wheels, Inc.</font></p>
</td>
</tr>

<tr height="1">
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="8" height="1" valign="top">
<p><b><i><font face="Times New Roman">Officers of the Fund (other than the Chairman, for whom see above)</font></i></b></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">Nathan I. Partain<br />
 55 East Monroe Street<br />
 Chicago, Illinois 60603<br />
 Age: 47</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">President and Chief Executive Officer since February 2001<br />
 (Chief Investment Officer since<br />
 January 1998, Executive Vice<br />
 President April 1998-February<br />
 2001, Senior Vice President<br />
 January 1997-April 1998,<br />
 Assistant Secretary January<br />
 1997-February 2001).</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">President, Duff &amp; Phelps Utility and Corporate Bond Trust Inc. and DTF Tax Free Income Inc. since February 2004; Executive Vice President, Duff &amp; Phelps Investment Management Co. since January 1997; Director of Utility
Research, Phoenix Investment Partners, Ltd., 1989&ndash;1996 (Director of Equity Research, 1993&ndash;1996 and Director of Fixed Income Research, 1993); Director, Otter Tail Corporation</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">T. Brooks Beittel<br />
 55 East Monroe Street<br />
 Chicago, Illinois 60603<br />
 Age: 54</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Secretary and Senior Vice President since January 1995 (Treasurer January 1995-September 2002).</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Senior Vice President, Duff &amp; Phelps Investment Management Co. since 1993 (Vice President 1987&ndash;1993)</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">Michael Schatt<br />
 55 East Monroe Street<br />
 Chicago, Illinois 60603<br />
 Age: 57</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Senior Vice President since<br />
 April 1998 (Vice President<br />
 January 1997-April 1998.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Senior Vice President, Duff &amp; Phelps Investment Management Co. since January 1997; Managing Director, Phoenix Investment Partners, Ltd., 1994&ndash;1996</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">Joseph C. Curry, Jr.<br />
 Hilliard Lyons Center<br />
 Louisville, Kentucky 40202<br />
 Age: 59</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Treasurer since September<br />
 2002; Vice President since<br />
 April 1988.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Senior Vice President, J.J.B. Hilliard, W.L. Lyons, Inc. since 1994 (Vice President 1982&ndash;1994); Vice President Hilliard Lyons Trust Company; President, Hilliard-Lyons Government Fund, Inc.; Vice President and Treasurer,
Hilliard Lyons Growth Fund, Inc.; Vice President and Assistant Treasurer, Senbanc Fund</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">Joyce B. Riegel<br />
 55 East Monroe Street<br />
 Chicago, Illinois 60603<br />
 Age: 49</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Chief Compliance Officer<br />
 since February 2004.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Chief Compliance Officer, Duff &amp; Phelps Utility and Corporate Bond Trust Inc. and DTF Tax Free Income Inc. since August 2003; Chief Compliance Officer, Duff &amp; Phelps Investment Management Co. since August 2002; Vice
President and Chief Compliance Officer, Stein Roe Investment Counsel LLC January 2001&ndash;August 2002; Vice President and Compliance Officer, Stein Roe &amp; Farnham Incorporated July 1996&ndash;December 2000</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top">
<p><font face="Times New Roman">Dianna P. Wengler<br />
 Hilliard Lyons Center<br />
 Louisville, Kentucky 40202<br />
 Age: 43</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top">
<p><font face="Times New Roman">Assistant Vice President since<br />
 April 2004; Assistant Secretary<br />
 since April 1988.</font></p>
</td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top">
<p><font face="Times New Roman">Vice President, J.J.B. Hilliard, W.L. Lyons, Inc. since 1990; Vice President, Hilliard-Lyons Government Fund, Inc.; Assistant Secretary, Hilliard Lyons Growth Fund, Inc.</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman">_______________________________________________________</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">(1)</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Mr. Hansen is deemed to be an "interested person" of the Fund (as defined in the 1940 Act) because of his positions with the Fund and with Phoenix Investment Partners (parent company of the Adviser).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(2)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Member of the executive committee of the board of directors, which has authority, with certain exceptions, to exercise the powers of the board of directors between board meetings. The executive committee met once during
2003.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(3)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Member of the audit committee of the board of directors, which makes recommendations regarding the selection of the Fund's independent public accountants and meets with representatives of the accountants to determine the scope
of and review the results of each audit. The audit committee met twice during 2003.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(4)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Member of the nominating/corporate governance committee of the board of directors, which selects nominees for election as directors, recommends individuals to be appointed by the board as Fund officers and members of board
committees and makes recommendations regarding other Fund governance and board administration matters. The nominating/corporate governance committee met three times during 2003. The committee will consider nominees recommended by shareholders. Shareholders wishing to
recommend candidates to the committee should submit such recommendations to the Secretary of the Fund, 55 East Monroe Street, Suite 3600, Chicago, Illinois 60603. The Secretary of the Fund will forward the recommendations to the nominating/corporate governance
committee for consideration.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(5)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Member of the contracts committee of the board of directors, which makes recommendations regarding the Fund's contractual arrangements for investment management and administrative services, including the terms and conditions
of such contracts. The contracts committee met three times during 2003.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(6)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Director elected by holders of preferred stock.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">(7)</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">Although the Fund does not hold itself out as a member of a fund complex, applicable SEC rules define the fund complex to which the Fund belongs to include all registered investment companies that have an investment adviser
that is an "affiliated person" (as defined in the 1940 Act) of the Adviser.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top">
<p><font face="Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Included in Item 18.1.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="4" valign="top">
<p><font face="Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">4.</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">5.</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Included in Item 18.1.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">6.</font></p>
</td>
<td colspan="4" valign="top">
<p><font face="Times New Roman">Included in Item 18.1.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="6" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">7.</font></p>
</td>
<td colspan="5" valign="top">
<p><font face="Times New Roman">The following table provides certain information relating to the equity securities beneficially owned, as of December&nbsp;31, 2003, by each director (i) in the Fund and (ii) on an aggregate basis, in any registered investment
companies overseen by the director within the same family of investment companies as the Fund.</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">Name of<br />
 <u>Director</u></font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">Dollar Range of Equity<br />
 <u>Securities in the Fund</u></font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font face="Times New Roman">Aggregate Dollar Range of Equity<br />
 Securities in All Funds Overseen<br />
 or to be Overseen by Director or<br />
 Nominee in Family of Investment<br />
 <u>Companies</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><i><font face="Times New Roman">Interested Director</font></i></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Claire V. Hansen</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><i><font face="Times New Roman">Independent Directors</font></i></b></p>
</td>
<td valign="top"></td>
<td></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Stewart E. Conner</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">none (1)</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">none (1)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Connie K. Duckworth</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Robert J. Genetski</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Francis E. Jeffries</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Nancy Lampton</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Christian H. Poindexter</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Carl F. Pollard</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">over $100,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">David J. Vitale</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">$10,001-$50,000</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">$10,001-$50,000</font></p>
</td>
</tr>
</table>
</div>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">(1)</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">Mr. Conner purchased equity shares in the Fund in February 2004. As a result of this purchase the dollar range of equity securities owned by him in the Fund (and in all registered investment companies overseen by him within
the same family of investment companies as the Fund) became $50,001-$100,000.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">As of December 31, 2003, none of the foregoing directors, or their immediate family members, owned any securities of the Adviser or any person (other than a registered investment company) directly or indirectly controlling,
controlled by or under common control with the Adviser.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">9.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">10.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">11.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">12.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Francis E. Jeffries, a director of the Fund, is also a director and chairman of the board of the DTF and DUC Funds and served as President of the DTF and DUC Funds from January 2000 to February 2004. Another director of the
DTF and DUC Funds is Philip R. McLoughlin, who has served in that capacity since 1996 and has also served as an officer of parent companies of the Adviser (Chief Executive Officer of Phoenix Investment Partners from 1995 to 2002 and Executive Vice President and Chief
Investment Officer of The Phoenix Companies, Inc. and its predecessor company from 1988 to 2002).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">13.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Approval of Advisory Agreement. Each year, the board of directors of the Fund, including a majority of the directors who are not interested persons of the Fund or the Adviser voting separately as a class, is required to
approve the renewal of the Advisory Agreement. The contracts committee of the board of directors, which is comprised solely of independent directors, requests and evaluates, and the Adviser furnishes, such information as the committee determines to be reasonably
necessary to evaluate the terms of the Advisory Agreement. The contracts committee also retains an independent consultant on an annual basis to provide detailed comparative data regarding the Adviser's fees and expense ratios and the Fund's investment performance.
The contracts committee then presents a recommendation to the board of directors regarding renewal of the Advisory Agreement.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">In arriving at their decision to renew the current Advisory Agreement, the directors reviewed the foregoing information and took into account all factors that they deemed relevant to the best interests of the shareholders of
the Fund. Such factors included the following: (i) the nature, quality and extent of the services furnished to the Fund by the Adviser; (ii) fees paid by other mutual funds for similar services; (iii) the profitability to the Adviser of its relationship with the
Fund; (iv) the continuation of appropriate incentives to assure that the Adviser will be able to continue to furnish high-quality services to the Fund; (v) the capabilities of the team of investment professionals employed by the Adviser who perform services for the
Fund; (vi) the necessity of the Adviser maintaining and enhancing its ability to attract and retain capable personnel to serve the Fund; (vii) the investment performance over time of the Fund compared to various market indices and other mutual funds; (viii) the
extent to which the Fund's stock trades at a premium or a discount to net asset value; (ix) the benefits of any economies of scale that may be available to the Adviser; and (x) the direct and indirect benefits the Adviser receives from its relationship with the Fund,
including brokerage and soft dollar arrangements (see description in Item 21.3 below).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">In comparing the Fund's expenses and investment performance to those of other mutual funds, the directors took note of the fact that until recently there have been no closed-end income-oriented funds with a utilities and REIT
investment focus, an equity and fixed-income asset mix and an asset level and leverage policy comparable to the Fund. While expressly declining to use investment performance as the sole, or even the primary, measure of the quality of the Adviser's services, the
directors noted that the Fund's investment performance during 2003 had enabled the Fund to pay all of its regular monthly dividends in 2003. The directors also viewed the fact that the Fund's stock traded at an average premium of 40.46% to net asset value during 2003
as evidence that investors take a favorable view of the extent to which the Fund has been meeting its primary objective of providing current income for shareholders. With respect to investment personnel, the directors considered the fact that the specific individuals
who manage the Fund's portfolio bring a significant depth of experience to their jobs, have worked together for many years and are well respected in the industry. With respect to expenses, the directors noted that the management fees paid by the Fund were at or below
the median levels paid by other leveraged closed-end domestic equity funds. It should be emphasized that, in arriving at their decision, the directors did not single out any one factor or group of factors as being more important than other factors. Rather, the
directors considered all factors together in light of the totality of circumstances presently facing the Fund, recognizing that different circumstances might lead them to weigh the various factors differently when considering the best interests of the Fund and its
shareholders.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Based on the foregoing considerations, the board of directors of the Fund, including a majority of the directors who are not interested persons of the Fund or the Adviser voting separately as a class, determined that the fees
payable to the Adviser under the Advisory Agreement were fair and reasonable to the Fund and that the renewal of the Advisory Agreement for a one-year period ending on April 30, 2005 was in the best interests of the Fund and its shareholders.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">14.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">The following table shows the compensation paid by the Fund to the Fund's current directors during 2003:</font></p>
</td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>

<p align="center"><b><font face="Times New Roman"></font></b></p>

<p align="center"><b><font face="Times New Roman">COMPENSATION TABLE</font></b> (1)(2)</p>

<p align="center"><font face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p><b><u><font face="Times New Roman">Name of Director</font></u></b></p>
</td>
<td valign="bottom"></td>
<td valign="top">
<p align="center"><b><font face="Times New Roman">Aggregate<br />
 Compensation<br />
 from the<br />
 <u>Fund</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><i><font face="Times New Roman">Interested Director</font></i></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Claire V. Hansen&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><b><i><font face="Times New Roman">Independent Directors</font></i></b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Stewart E. Conner&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Connie K. Duckworth&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">53,500</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Robert J. Genetski&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">52,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Francis E. Jeffries (2)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">43,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Nancy Lampton&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">42,500</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Christian H. Poindexter&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">25,305</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Carl F. Pollard&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">38,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">David J. Vitale&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;...</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">57,000</font></p>
</td>
</tr>
</table>
</div>

<p align="center"><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">_______________________________________</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">Each director not affiliated with the Adviser receives an annual fee of $25,000 (and an additional $5,000 if the director serves as chairman of a committee of the board of directors) plus an attendance fee of $2,000 for each
meeting of the board of directors and $1,500 for each meeting of a committee of the board of directors attended in person or by telephone. Directors and officers affiliated with the Adviser or the Administrator receive no compensation from the Fund for their services
as such. In addition to the amounts shown in the table above, all directors and officers who are not affiliated with the Adviser or the Administrator are reimbursed for the expenses incurred by them in connection with their attendance at a meeting of the board of
directors or a committee of the board of directors. The Fund does not have a pension or retirement plan applicable to directors or officers of the Fund.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">(2)</font></p>
</td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">During 2003, Mr. Jeffries received aggregate compensation of $149,000 for service as a director of the Fund and as a director or trustee of 27 other investment companies in the same fund complex as the Fund. No other director
received compensation for service as a director of any other investment company in the same fund complex as the Fund.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">15. &nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Codes of Ethics</font></u>. Each of the Fund and the Adviser has adopted an Amended and Restated Code of Ethics (collectively, the "Codes") under Rule 17j-1 of the 1940 Act. The Codes impose significant restrictions on the
ability of personnel subject to the Codes to engage in personal securities transactions. Among other things, the Codes generally prohibit covered personnel from knowingly buying or selling securities (except for mutual funds, U.S. government securities and money
market instruments) that are being purchased, sold or considered for purchase or sale by the Fund unless the proposed purchases are approved in advance by the Adviser's compliance officer. The Codes also contain certain reporting requirements and compliance
procedures. The Codes can be reviewed and copied at the Public Reference Room of the SEC in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-942-8090. The Codes are also available at the EDGAR
Database on the SEC's Internet site at http://www.sec.gov. Copies of the Codes may also be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section,
Washington, D.C. 20549-0102. The SEC file number for documents filed by the Fund under the 1940 Act is 811-4915.</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">16.</font></p>
</td>
<td valign="top">
<p><u><font face="Times New Roman">Proxy Voting Policies and Procedures</font></u>. The Fund has adopted proxy voting policies and procedures. The following is a summary description of those policies and procedures, the full text of which is available on the
Fund's website at http://www.dnpselectincome.com.</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Subject to the right of the board of directors to give the Adviser written instructions as to the voting or non-voting of proxies on any matter presenting an actual or perceived conflict of interest as described below, the
Fund has delegated the voting of proxies with respect to securities owned by it to the Adviser. The Adviser may delegate its proxy voting responsibilities to a proxy committee established from time to time by the Adviser and may engage one or more qualified,
independent organizations to vote proxies on behalf of the Fund, subject in each case to compliance with these policies and procedures.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">It is the intention of the Fund to exercise stock ownership rights in portfolio holdings in a manner that is reasonably anticipated to further the best economic interests of shareholders of the Fund. Accordingly, the Fund or
its delegate(s) endeavors to analyze and vote all proxies that are considered likely to have financial implications, and, where appropriate, to participate in corporate governance, shareholder proposals, management communications and legal proceedings.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">The Adviser will generally vote in favor of management recommendations on routine matters. The Adviser will analyze and vote on non-routine matters, including the adoption of anti-takeover measures, proxy contests for control,
contested elections of directors, corporate governance matters and executive compensation matters, on a case-by-case basis, taking into account factors appropriate to each such matter. The Adviser will generally vote against shareholder proposals on social issues,
except where the Adviser determines that a different position would be in the clear economic interests of the Fund and its shareholders. The Adviser may abstain from voting when it concludes that the effect on shareholders' economic interests or the value of the
portfolio holding is indeterminable or insignificant.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">In exercising its voting discretion, the Adviser will seek to avoid any actual or perceived conflicts of interest between the interests of Fund shareholders, on the one hand, and those of the Adviser or any affiliated person
of the Fund or the Adviser, on the other hand. The Adviser will notify the board of directors of the Fund promptly after becoming aware that any actual or potential conflict of interest exists, indicating how the Adviser proposes to vote on the matter and its reasons
for doing so. The board of directors may decide to (i) vote pursuant to the recommendation of the delegate, (ii) abstain from voting or (iii) rely on the recommendations of an established, independent third party with qualifications to vote proxies, such as
Institutional Shareholder Services. The Adviser may not waive any conflict of interest or vote any conflicted proxies without the prior written approval of the board of directors or its duly authorized representative.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><u><font face="Times New Roman">Item 19</font></u>. <u>Control Persons and Principal Holders of Securities</u></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">The Fund does not consider that any person "controls" the Fund within the meaning of this item. For information concerning the Fund's officers and directors, see Item 18.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">No person is known by the Fund to own of record or beneficially five percent or more of any class of the Fund's outstanding equity securities.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">3.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">As of December 31, 2003, the officers and directors of the Fund owned in the aggregate 277,359 shares of Common Stock, representing less than 1% of the Fund's outstanding Common Stock.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><u><font face="Times New Roman">Item 20</font></u>. <u>Investment Advisory and Other Services</u></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">The Adviser is a wholly-owned subsidiary of Phoenix Investment Partners, which is an indirect, wholly-owned subsidiary of The Phoenix Companies, Inc. Phoenix Investment Partners and its subsidiaries provide investment
management services to institutional and private clients and to the life insurance subsidiaries of The Phoenix Companies, Inc.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">See Item 18 for the names and capacities of affiliated persons of the Fund who are also affiliated persons of the Adviser.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">For a discussion of the method of calculating the advisory fee under the Advisory Agreement, see Item 9.1(b). The investment advisory fees paid by the Fund totaled $13,069,523 in 2003, $13,776,089 in 2002 and $15,284,267 in
2001.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">2.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">See Item 9.1(b) for a discussion of the Service Agreement.</font></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">3.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">No fees, expenses or costs of the Fund were paid by persons other than the Adviser or the Fund.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">4.</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">See Item 9.1(d) for a discussion of the Administration Agreement. The administrative fees paid by the Fund totaled $3,363,980 in 2003, $3,505,218 in 2002 and $3,806,813 in 2001.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">5.</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">6.</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">See Item 9.1(e) for information about the Fund's custodian.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">7.</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">The Fund's independent public accountant is Ernst &amp; Young LLP, 233 South Wacker Drive, 16th Floor, Chicago, Illinois 60606. Ernst &amp; Young LLP performs the audit of the Fund's annual financial statements and provides
other audit-related and tax services to the Fund as pre-approved by the Fund's audit committee.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">8.</font></p>
</td>
<td colspan="2" valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><u><font face="Times New Roman">Item 21</font></u>. <u>Brokerage Allocation and Other Practices</u></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has discretion to select brokers and dealers to execute portfolio transactions initiated by the Adviser. The Fund paid brokerage
commissions in the aggregate amount of $8,550,524, $8,486,229 and $9,015,619 during 2003, 2002 and 2001, respectively, not including the gross underwriting spread on securities purchased in underwritten public offerings.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund did not pay any brokerage commissions during 2003, 2002 or 2001 to any broker that (1) is an affiliated person of the Fund, (2) is an
affiliated person of an affiliated person of the Fund or (3) has an affiliated person that is an affiliated person of the Fund or the Adviser.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In selecting brokers or dealers to execute portfolio transactions and in evaluating the best net price and execution available, the Adviser is
authorized to consider "brokerage and research services" (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934), statistical quotations, specifically the quotations necessary to determine the Fund's net asset value, and other information
provided to the Fund and/or to the Adviser (or their affiliates). The Adviser is also authorized to cause the Fund to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction which is in excess of
the amount of commission another broker or dealer would have charged for effecting that transaction. The Adviser must determine in good faith, however, that such commission was reasonable in relation to the value of the brokerage and research services provided,
viewed in terms of that particular transaction or in terms of all the accounts over which the Adviser exercises investment discretion. It is possible that certain of the services received by the Adviser attributable to a particular transaction will benefit one or
more other accounts for which investment discretion is exercised by the Adviser.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Fund nor the Adviser, during the last fiscal year, pursuant to an agreement or understanding with a broker or otherwise through an internal
allocation procedure, directed the Fund's brokerage transactions to a broker or brokers because of research services.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="3" valign="top">
<p><font face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund has not acquired during its most recent fiscal year securities of its regular brokers or dealers as defined in Rule 10b-1 under the 1940 Act,
or their parents.</font></p>
</td>
</tr>
</table>

<p><u><font face="Times New Roman">Item 22</font></u>. <u>Tax Status</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as it has in each
year since the inception of its operations, so as to be relieved of Federal income tax on net investment income and net capital gains distributed to shareholders.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid by the Fund from its ordinary income and distributions of the Fund's net realized short-term capital gains are taxable
to shareholders as ordinary income. Under legislation enacted in 2003, ordinary income dividends shareholders receive may be taxed at the same rates as long-term capital gains. However, even if income received in the form of ordinary income dividends is taxed at the
same rates as long-term capital gains, such income will not be considered long-term capital gains for other Federal income tax purposes. For example, a shareholder generally will not be permitted to offset ordinary income dividends with capital losses. Short-term
capital gain distributions will continue to be taxed at ordinary income rates. So long as the Fund has capital loss carry forwards, distributions derived from capital gains in the Fund's portfolio may constitute ordinary income, rather than capital gains, to
shareholders.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from ordinary income may be eligible for the dividends-received deduction available to corporate shareholders. Under its
charter, the Fund is required to designate dividends paid on its preferred stock as qualifying for the dividends-received deduction to the extent such dividends do not exceed the Fund's qualifying income. In the event the Fund is required to allocate all of its
qualifying income to dividends on the preferred stock, dividends payable on the common stock will not be eligible for the dividends-received deduction. Any distributions attributable to the Fund's net realized long-term capital gains are taxable to shareholders as
long-term capital gains, regardless of the holding period of shares of the Fund. Under current law, the maximum tax rate on long-term capital gains available to non-corporate shareholders generally is 15%. Without future congressional action, the maximum tax rate on
long-term capital gains would return to 20% in 2009, and the maximum tax rate on dividends would move to 35% in 2009 and 39.6% in 2011.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund intends to distribute substantially all its net investment income and net realized capital gains in the year earned or
realized. A dividend reinvestment plan is available to all holders of common stock of the Fund. Under the dividend reinvestment plan, all cash distributions to participating shareholders are reinvested in additional shares of common stock. See Item
10.1(c).</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2003, the Fund had tax capital loss carry forwards of $387,291,560, of which $49,518,674 will expire in 2007,
$126,699,370 will expire in 2010 and $211,073,516 will expire in 2011.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 23</font></u>. <u>Financial Statements</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial statements listed below are incorporated herein by reference from the Fund's Annual Report to Shareholders for the year
ended December 31, 2003 as filed on Form N-CSR with the Securities and Exchange Commission on March 1, 2004 (no. 811-4915). All other portions of the Annual Report to Shareholders are not incorporated herein by reference and are not part of the Registration
Statement. A copy of the Annual Report to Shareholders may be obtained without charge by writing to the Fund at its address at 55 East Monroe Street, Chicago, Illinois 60603 or by calling the Administrator toll-free at 888-878-7845.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of independent public
accountants</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments at December 31,
2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance Sheet at December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations for the year ended
December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Changes in Net Assets for the years
ended December 31, 2003 and 2002</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Cash Flows for the year ended
December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights - Selected Per Share Data
and Ratios</font></p>

<p><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman">PART C:&nbsp; OTHER INFORMATION</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 24</font></u>. <u>Financial Statements and Exhibits</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>In Part B:</b></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Report of independent public accountants</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Schedule of Investments at December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Balance Sheet at December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement of Operations for the year ended December 31, 2003</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement of Changes in Net Assets for the years ended December 31, 2003 and 2002</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement of Cash Flows for the year ended December 31, 2003</font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes to Financial Statements</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Highlights - Selected Per Share Data and Ratios</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>In Part C:</b></font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.1</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Second Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Articles Supplementary creating Remarketed Preferred Stock, Series A, B, C, D and E</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Articles Supplementary creating Remarketed Preferred Stock, Series I</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.6</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Third Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.7</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Fourth Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.8</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Fifth Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.9</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Sixth Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;a.10</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Seventh Amendment to Articles of Incorporation</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;b.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Bylaws (as amended through February 20, 2004)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;c.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">None</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Specimen common stock certificate (Incorporated by reference from Registrant's registration statement on Form N-2, no. 33-10421)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series A (Incorporated by reference from pre-effective amendment no. 2 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series B (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24101)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series C (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24100)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series D (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24102)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.6</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series E (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24099)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;d.7</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series I (Incorporated by reference from pre-effective amendment no. 2 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;e.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Document setting forth the terms of Registrant's dividend reinvestment plan</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;f.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">None</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;g.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Investment Advisory Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;g.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Service Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;g.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Administration Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;h.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;i.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;j.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Custody Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;j.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Foreign Custody Manager Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Fund Accounting Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Remarketing Agreement (Incorporated by reference from exhibit k.3 to pre-effective amendment no. 3 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Paying Agent Agreement (Incorporated by reference from exhibit k.4 to pre-effective amendment no. 3 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Credit Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Depositary Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.6</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Letter Amendment to Depositary Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.7</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Second Letter Amendment to Depositary Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.8</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Placement Agency Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;k.9</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Letter Amendment to Placement Agency Agreement</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;l.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;m.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;n.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;o.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;p.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Subscription Agreement for initial capital (Incorporated by reference from Registrant's registration statement on Form N-2, no. 33-10421)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;q.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;r.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Registrant</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;r.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Duff &amp; Phelps Investment Management Co. (investment adviser to Registrant)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p><u><font face="Times New Roman">Item 25</font></u>. <u>Marketing Arrangements</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 26</font></u>. <u>Other Expenses of Issuance and Distribution</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 27</font></u>. <u>Persons Controlled by or Under Common Control</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not consider that it is controlled, directly or indirectly, by any person. The information in Item 20 is incorporated
herein by reference.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><u><font face="Times New Roman">Item 28</font></u>. <u>Number of Holders of Securities</u></p>

<p align="center"><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p align="center"><u><font face="Times New Roman">Title of Class</font></u></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font face="Times New Roman">Number of<br />
 Record Holders<br />
 <u>March 31, 2004</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Common Stock, $.001 par value</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">25,554</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">Preferred Stock, $.001 par value</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font face="Times New Roman">1</font></p>
</td>
</tr>
</table>

<p align="center"><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 29</font></u>. <u>Indemnification</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2-418 of the General Corporation Law of Maryland authorizes the indemnification of directors and officers of Maryland
corporations under specified circumstances.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article Ninth of the Registrant's Articles of Incorporation (Exhibit a.1 to this registration statement) provides that the Registrant
shall indemnify its directors and officers under specified circumstances; the provision contains the exclusion required by section 17(h) of the Investment Company Act of 1940.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "1933 Act") may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in connection with the securities being
registered), the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the
1933 Act and will be governed by the final adjudication of such issue.</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant, its directors and officers, the Adviser and persons affiliated with them are insured under a policy of insurance
maintained by the Registrant and the Adviser, within the limits and subject to the limitations of the policy, against certain expenses in connection with the defense of actions, suits or proceedings and certain liabilities that might be imposed as a result of such
actions, suits or proceedings, to which they are parties by reason of being or having been such directors or officers. The policy expressly excludes coverage for any director or officer whose personal dishonesty, fraudulent breach of trust, lack of good faith, or
intention to deceive or defraud has been finally adjudicated or may be established or who willfully fails to act prudently.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 30</font></u>. <u>Business and Other Connections of Investment Adviser</u></p>

<p><u><font face="Times New Roman"></font></u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither Duff &amp; Phelps Investment Management Co., nor any of its directors or executive officers, has at any time during the past
two years been engaged in any other business, profession, vocation or employment of a substantial nature either for its or his own account or in the capacity of director, officer, employee, partner or trustee, except as indicated in this Registration
Statement.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 31</font></u>. <u>Location of Accounts and Records</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All accounts, books and other documents required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the Rules
promulgated thereunder are maintained at the offices of the Fund (55 East Monroe Street, Chicago, Illinois 60603), the Adviser, the Administrator and the Fund's custodian and transfer agents. See Items 9.1(b), 9.1(d) and 9.1(e) for the addresses of the Adviser, the
Administrator and the Fund's custodian and transfer agents.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 32</font></u>. <u>Management Services</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>

<p><u><font face="Times New Roman">Item 33</font></u>. <u>Undertakings</u></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><font face="Times New Roman"></font></p>
<p style="page-break-before:always">
<p align="center"><font face="Times New Roman">SIGNATURE</font></p>

<p><font face="Times New Roman"></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this amendment to its registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, and State of Illinois, on April 22, 2004.</font></p>

<p><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">DNP SELECT INCOME FUND INC.</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman"><br />
<br />
 </font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">By: <u>/s/ Nathan I.
Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nathan I. Partain</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</font></p>
</td>
<td valign="top"></td>
</tr>
</table>
<p style="page-break-before:always">
<p><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p align="center"><font face="Times New Roman">EXHIBIT INDEX</font></p>

<p align="center"><font face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p><u><font face="Times New Roman">Exhibit&nbsp;No.</font></u></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p><u><font face="Times New Roman">Description</font></u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p><font face="Times New Roman">Sequential<br />
 <u>Page No.</u></font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Second Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Articles Supplementary creating Remarketed Preferred Stock, Series A, B, C, D and E</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of Articles Supplementary creating Remarketed Preferred Stock, Series I</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.6</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Third Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.7</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Fourth Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.8</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Fifth Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.9</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Sixth Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">a.10</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Seventh Amendment to Articles of Incorporation</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">b</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Bylaws (as amended through February 20, 2004)</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">e</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Document setting forth the terms of Registrant's dividend reinvestment plan</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Credit Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Depositary Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.6</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Letter Amendment to Depositary Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.7</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Second Letter Amendment to Depositary Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.8</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Placement Agency Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">k.9</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Letter Amendment to Placement Agency Agreement</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">r.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Registrant</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">r.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Duff &amp; Phelps Investment Management Co. (investment adviser to Registrant)</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>

<p><font face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>3
<FILENAME>ex_a1.htm
<TEXT>
<html>
<head>
<title>ex_a1</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.1</font></p>

<p align="center"><b><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></b></p>

<p align="center"><a name="ReturnHereAfterFooterUpdate"></a><b><i><font size="3" face="Times New Roman">Articles of Incorporation</font></i></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned, being a natural person and acting as incorporator, hereby adopts the following articles of incorporation for the purpose of forming a business
corporation under and by virtue of the general laws of the State of Maryland.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST. <i>Incorporation</i>. The incorporator is Cameron S. Avery, who is at least eighteen years of age and whose address is 70 West Madison Street, Suite
3200, Chicago, Illinois 60602. He is forming the corporation named in these articles of incorporation under the general laws of the State of Maryland.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND. <i>Name.</i> The name of the corporation is Duff &amp; Phelps Selected Utilities Inc.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD. <i>Purposes</i>. The purposes for which the corporation is formed are:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To engage in the business of
a closed-end management investment company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To invest and reinvest in, to
buy or otherwise acquire, to hold for investment or otherwise, and to sell or otherwise dispose of:</p>
<UL>
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities of all kinds, however
evidenced, and rights or warrants to acquire securities, of private and public companies, corporations, associations, trusts and other enterprises and organizations;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations issued or guaranteed by
national and state governments and their instrumentalities and subdivisions;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits in banks, savings banks,
trust companies and savings and loan associations;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets and interests other than
securities or deposits.</font></p>
</UL>
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH. <i>Principal office and resident agent.</i> The post office address of the principal office of the corporation in the State of Maryland is c/o The
Corporation Trust Incorporated, 32 South Street, Baltimore, Maryland 21202. The name and post office address of the resident agent of the corporation in the State of Maryland is The Corporation Trust Incorporated, 32 South Street, Baltimore, Maryland 21202. The
resident agent is a Maryland corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIFTH. <i>Capital Stock.</i></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.<i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized stock.</i> The total number of shares of capital stock that the corporation shall have authority to
issue is 100,000,000 shares, all of one class called common stock, $.001 par value per share (common stock), having an aggregate par value of $100,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B.<i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of shares.</i> The board of directors may authorize the sale and issuance from time to time of shares of
common stock, whether now or hereafter authorized, for such consideration as the board of directors considers advisable, but not less than par value, subject to such limitations as may be set forth in these articles of incorporation, the bylaws, the General Laws of
the State of Maryland, the Investment Company Act of 1940 and other applicable laws.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.<i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fractional shares.</i> Stock may be issued in fractions of whole shares, to which attach pro rata all of the
rights of whole shares, including the right of voting and of receipt of dividends, except that there shall be no right of receipt of a certificate representing any fraction of a whole share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.<i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No preemptive rights.</i> No holder of shares of the corporation, whether now or hereafter authorized, shall be
entitled as of right to acquire from the corporation any shares of the corporation, whether now or hereafter authorized.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIXTH. <i>Bylaws.</i> The board of directors is authorized to adopt, alter and repeal the bylaws of the corporation, except to the extent that the bylaws
provide otherwise.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEVENTH. <i>Board of Directors.</i></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The total number of directors constituting the board of directors of the corporation shall be three, which
number may be increased from time to time in accordance with the bylaws of the corporation but shall not be less than three. No decrease in the number of directors shall have the effect of shortening the term of any director then in office.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The names of the persons who will serve as the initial directors of the corporation are as
follows:</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Claire V. Hansen<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Francis E. Jeffries<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Robert D. Milne</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning with the first annual meeting of shareholders held after the initial public offering of the
shares of the corporation ("the initial annual meeting"), the board of directors shall be divided into three classes: class I, class II, and class III. The terms of office of the classes of directors elected at the initial annual meeting shall expire at the times of
the annual meetings of the stockholders as follows&mdash;class I in 1988, class II in 1989, and class III in 1990&mdash;or thereafter in each case when their respective successors are elected and qualified. At each subsequent annual election, the directors chosen to
succeed those whose terms are expiring shall be identified as being of the same class as the directors whom they succeed, and shall be elected for a term expiring at the time of the third succeeding annual meeting of stockholders, or thereafter in each case when
their respective successors are elected and qualified. The number of directorships shall be apportioned among the classes so as to maintain the classes as nearly equal in number as possible.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any vacancy occurring in the board of directors may be filled by a majority of the directors in
office. A new directorship resulting from an increase in the number of directors shall be construed not to be a vacancy. Any director elected to fill a vacancy shall be in the same class and have the same remaining term as that of the predecessor.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A director may be removed with or without cause, but only by action of the shareholders taken by the
holders of at least 75% of the shares then entitled to vote in an election of directors.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A majority of the total number of directors fixed in the bylaws shall be required to constitute a
quorum at meetings of the board of directors.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIGHTH. <i>Majority votes of stockholders</i>. Notwithstanding any provision of the laws of the State of Maryland requiring approval by the stockholders of any
action by the affirmative vote of a greater proportion than a majority of the votes entitled to be cast on the matter, any such action may be taken or authorized upon the concurrence of a majority of the number of votes entitled to be cast thereon.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NINTH. <i>Indemnification.</i> Each person who is or was a director or officer of the corporation, and each person who serves or served at the request of the
corporation as a director or officer of another enterprise, shall be indemnified by the corporation in accordance with, and to the fullest extent authorized by, the General Corporation Law of the State of Maryland as it may be in effect from time to time, provided
that this section shall not protect any director or officer of the corporation against any liability to the corporation or to its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of his office; and provided further that this article shall not apply as to any action, suit or proceeding brought by or on behalf of a director or officer without prior approval of the board of directors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TENTH. <i>Liability of directors and officers.</i> The directors and officers of the corporation shall not be liable to the corporation or to any of its
stockholders or creditors because of any action taken by them in good faith, and in taking any such action the directors and officers shall be fully protected in relying in good faith upon the books of account of the corporation or statements or reports prepared by
any of its officials or employees or by others who they believe in good faith are qualified to make such statements or reports; provided that this sentence shall not protect any director or officer of the corporation against any liability to the corporation or to its
stockholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ELEVENTH. <i>Merger, sale of assets, liquidation.</i> Notwithstanding any other provisions of these articles of incorporation, a favorable vote of the holders
of at least 75% of the shares of the corporation then entitled to be voted on the matter shall be required to approve, adopt or authorize (i) a merger or consolidation of the corporation with any other corporation, (ii) a sale of all or substantially all of the
assets of the corporation (other than in the regular course of its investment activities), or (iii) a liquidation or dissolution of the corporation, unless such action has previously been approved, adopted or authorized by the affirmative vote of two-thirds of the
total number of directors fixed in accordance with the bylaws.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TWELFTH. <i>Conversion to open-end company.</i> Notwithstanding any other provisions of these articles of incorporation, at any time prior to January 1, 1992,
a favorable vote of the holders of at least 75% of the shares of the corporation entitled to be voted on the matter shall be required to approve, adopt or authorize an amendment to the articles of incorporation of the corporation that makes the common stock a
redeemable security (as that term is defined in the Investment Company Act of 1940), unless such action has previously been approved, adopted or authorized by the affirmative vote of two-thirds of the total number of directors fixed in accordance with the
bylaws.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRTEENTH. <i>Amendment of articles of incorporation.</i> The corporation reserves the right to amend, alter change or repeal any provision contained in its
articles of incorporation, in the manner now or hereafter prescribed by statute, and any rights conferred upon the stockholders are granted subject to this reservation. Notwithstanding any other provisions of these articles of incorporation or the bylaws of the
corporation (and notwithstanding the fact that a lesser percentage may be specified by law, the articles of incorporation or the bylaws of the corporation), the amendment or repeal of article seventh, eighth, ninth, tenth, eleventh, twelfth or of this article
thirteenth, of the articles of incorporation shall require the affirmative vote of the holders of at least 75% of the shares then entitled to be voted on the matter.</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, I have signed these articles of incorporation and have acknowledged the same to be my act on this 25 day of November, 1986.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>/s/ Cameron S. Avery<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cameron S. Avery</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">WITNESS:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Janet D. Olsen&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Janet D. Olsen</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>4
<FILENAME>ex_a2.htm
<TEXT>
<html>
<head>
<title>ex_a2</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.2</font></p>

<p align="center"><b><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">Articles of Amendment</font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation having its principal
office in Baltimore, Maryland (hereinafter called the corporation), hereby certifies to the State Department of Assessments and Taxation of Maryland, that:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST: The Articles of Incorporation of the corporation are amended as
follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article FIFTH, Paragraph A of the Articles <a name="ReturnHereAfterFooterUpdate"></a>of
Incorporation is deleted, and the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; following is inserted in lieu thereof:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
A.&nbsp;&nbsp;&nbsp;<u>Authorized Stock</u>. The total number of shares of stock that the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corporation shall have the authority to issue is 250,000,000 shares, all of one class<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; called common stock, $.001 par value per share (common stock), having an<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate par value of $250,000.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND: The board of directors of the corporation, including all of the directors of
the corporation, on January 12, 1987 duly adopted a resolution in which was set forth the foregoing amendment to the Articles of Incorporation and approved the foregoing amendment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD: The organizational meeting of the board of directors was held on November 26,
1986. There is no stock of the corporation outstanding or subscribed for entitled to be voted on the amendment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIFTH: (a)&nbsp;&nbsp;The total number of shares of stock which the corporation has
heretofore authorized to issue is 100,000,000 shares, all of one class, of the par value of $.001 per share and of the aggregate par value of $100,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
(b)&nbsp;&nbsp;The total number of shares of stock which the corporation is authorized to issue is increased by this amendment to 250,000,000 shares, $.001 par value per share, and the aggregate par value of the authorized shares is increased to $250,000.</p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, Duff &amp; Phelps Selected Utilities Inc. has caused these articles
to be signed in its name and on its behalf by its president and attested by its secretary on January&nbsp;13, 1987.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS SELECTED<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
UTILITIES INC.<br />
&nbsp;</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By <u>/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Richard J. Spletzer<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</font></p>

<p><font size="3" face="Times New Roman">Attest:<br />
<br />
<br />
<u>/s/ Calvin J. Pedersen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u> &nbsp;&nbsp;&nbsp;&nbsp;Calvin J. Pedersen<br />
&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The undersigned, senior vice president of Duff &amp; Phelps Selected Utilities Inc.,
who executed on behalf of the corporation the foregoing articles of amendment, of which this certificate is made a part, hereby acknowledges, in the name and on behalf of the corporation, the foregoing articles of amendment to be the corporate act of the corporation
and further certifies that to the best of his knowledge, information and belief, the matters and facts set forth therein with respect to the approval thereof are true in all material respects, under the penalties of perjury.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u>/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Richard J. Spletzer</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>5
<FILENAME>ex_a3.htm
<TEXT>
<html>
<head>
<title>ex_a4</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.4</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p align="center"><font size="3" face="Times New Roman">Articles Supplementary creating five series of<br />
Remarketed Preferred Stock<a name="ReturnHereAfterFooterUpdate"></a></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC., a Maryland corporation having its principal Maryland office in the City of Baltimore (the "Corporation"), certifies
to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; Pursuant to authority expressly vested in the Board of Directors of the Corporation by article fifth of its Charter, the Board of Directors has
classified its preferred stock and has authorized the issuance of five series of 1,000 shares each of its authorized preferred stock, par value $.001 per share, liquidation preference $100,000 per share, designated respectively:&nbsp; Remarketed Preferred Stock,
Series A; Remarketed Preferred Stock, Series B; Remarketed Preferred Stock, Series C; Remarketed Preferred Stock, Series D; and Remarketed Preferred Stock, Series E.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, of the shares
of such series of preferred stock are as follows:</font></p>

<p align="center"><font size="3" face="Times New Roman">DESIGNATION</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES A:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series A." Each share of Remarketed Preferred Stock, Series A shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be determined by the
Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series A shall constitute a separate series of preferred stock of the Corporation, and each share of Remarked Preferred Stock, Series A shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES B:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but
unpaid&nbsp; dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series B." Each share of Remarketed Preferred Stock, Series B shall be issued on a date to be determined by the Board of Directors of the
Corporation or a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be
determined by the Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary.
The Remarketed Preferred Stock, Series B shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series B shall be identical except as provided in paragraph 4 of Part I of these Articles
Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES C:&nbsp; A series of 1,000 shares of preferred stock, par value of $.001 per share, liquidation preference $100,000 per share plus accumulated but
unpaid dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series C." Each share of Remarketed Preferred Stock, Series C shall be issued on a date to be determined by the Board of Directors of the
Corporation or a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be
determined by the Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary.
The Remarketed Preferred Stock, Series C shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series C shall be identical except as provided in paragraph 4 of Part I of these Articles
Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES D:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series D." Each share of Remarketed Preferred Stock, Series D shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be determined by the
Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth on the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series D shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series D shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES E:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series E." Each share of Remarketed Preferred Stock, Series E shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of this Part I of these Articles Supplementary) by the Corporation on a date to be determined by
the Board of Directors of the Corporation of a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series E shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series E shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p align="center"><u><font size="3" face="Times New Roman">PART I.</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. Unless the context or use indicates another or different meaning or intent, the
following terms shall have the following meanings, whether used in the singular or plural:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "'AA' Composite Commercial Paper Rate," on any date, means (i) the Interest Equivalent
of the rate on commercial paper placed for the number of days specified in the succeeding sentence on behalf of issuers whose corporate bonds are rated "AA" by S&amp;P and "Aa" by Moody's, or the equivalent of such rating by another nationally recognized statistical
rating organization, as such rate is made available by the Federal Reserve Bank of New York on a discount basis or otherwise for the Business Day immediately preceding such date, or (ii) if the Federal Reserve Bank of New York does not make available such a rate,
then the arithmetic average of the Interest Equivalent of such rates on commercial paper placed on behalf of such issuers, as quoted on a discount basis or otherwise by the Commercial Paper Dealers to the Remarketing Agent for the close of business on the Business
Day immediately preceding such date. In respect of any Dividend Period (determined without regard to any adjustment in the remarketing schedule in respect of non-Business Days, as provided herein), the "AA" Composite Commercial Paper Rate shall be the Interest
Equivalent of the 60-day rate. If any Commercial Paper Dealer does not quote a rate required to determine the "AA" Composite Commercial Paper Rate, the "AA" Composite Commercial Paper Rate shall be determined on the basis of the quotation or quotations furnished by
the remaining Commercial Paper Dealer or Dealers or, if none of the Commercial Paper Dealers quotes such a rate, by any Substitute Commercial Paper Dealer or Dealers selected by the Corporation to provide such rate or rates not being supplied by any Commercial Paper
Dealer.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Accountant's Confirmation" has the meaning set forth in paragraph 8(a) (iii) of this
Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Adviser" means Duff &amp; Phelps Investment Management Co., the Corporation's
investment adviser.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Agent Member" means a designated member of the Securities Depository that will
maintain records for a Beneficial Owner of shares of RP that has identified such Agent Member in its Master Purchaser's Letter and that will be authorized and instructed to disclose information to the Remarketing Agent and the Paying Agent with respect to such
Beneficial Owner.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Dividend Rate" means, with respect to the Initial Dividend Period, the rate
of cash dividend per annum established by the Board of Directors and, for each subsequent Dividend Period, means the rate of cash dividend per annum that (i) except for a Dividend Period commencing during a Non-Payment Period, will be equal to the lower of the rate
of cash dividend per annum that the Remarketing Agent advises results on the Dividend Reset Date preceding the first day of such Dividend Period from implementation of the remarketing procedures set forth in Part II hereof and the Maximum Dividend Rate or (ii) for
each Dividend Period commencing during a Non-Payment Period, will be equal to the Non-Payment Period Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Percentage" has the meaning set forth under "Maximum Dividend Rate"
below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Authorized Newspaper" means a newspaper of general circulation in the English language
generally published on Business Days in The City of New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Beneficial Owner" means a person that has signed a Master Purchaser's Letter and is
listed as the beneficial owner of one or more shares of RP in the records of the Paying Agent or, with respect to any share not registered in the name of the Securities Depository on the stock transfer books of the Corporation, the person in whose name such share is
so registered.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Board of Directors" means the Board of Directors of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Business Day" means a day on which the New York Stock Exchange, Inc. is open for
trading, and is not a day on which banks in The City of New York are authorized or obligated by law to close.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Certificate of Minimum Liquidity" has the meaning set forth in paragraph 8(b) (i) of
this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Charter" means the Articles of Incorporation, as amended, of the Corporation,
including these Articles Supplementary and the Articles Supplementary relating to the Serial RP (if any) on file in the State Department of Assessments and Taxation of the State of Maryland.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Code" means the Internal Revenue Code of 1986, as amended from time to
time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Commercial Paper Dealers" means Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated
("MLPF&amp;S") and such other Commercial Paper Dealer or Dealers as the Corporation may from time to time appoint, or, in lieu of any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Common Stock" means the common stock, par value $.001 per share, of the
Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Conventional Mortgage Pass-Through Certificate" means an instrument publicly issued in
bearer or registered form, that is one of a class or series or by its terms is divisible into a class or series, and that is of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a
medium for investment, evidencing (directly or indirectly) a proportional undivided interest in specified pools of whole loans that are secured by a valid first lien on each mortgagor's fee or leasehold interest in related mortgaged property (except for Permitted Tax
Liens and other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such mortgages or deeds of trust, and standard exceptions and
exclusions in title insurance policies) on one- to four-unit residences (including, without limitation, owner-occupied attached or detached single-unit residences, one- to four-unit primary residences, condominiums, second/vacation homes and non-owner occupied
residences) and with respect to which the Required Documentation is required to be held by a trustee or independent custodian, which mortgage loans are serviced pursuant to servicing agreements with servicers that have either expressed the intention to advance funds
to meet deficiencies (to the extent such servicers reasonably believe such advances are recoverable) or provided for alternative credit enhancement in lieu thereof, and which instruments (a) have been rated AA or better by S&amp;P or Aa or better by Moody's or (b) do
not qualify pursuant to clause (a) above, but the inclusion of which in the Eligible Portfolio Property will not, in and of itself, impair, or cause the RP to fail to retain, the then-current ratings assigned to the RP by the Rating Agencies, as evidenced by letters
to the Corporation to such effect from the Rating Agencies which letters shall be delivered to the Remarketing Agent and the Paying Agent at the time each such Conventional Mortgage Pass-Through Certificate is to be included in the Eligible Portfolio Property;
provided that, a Conventional Mortgage Pass-Through Certificate shall be eligible for inclusion in the Eligible Portfolio Property as of any Valuation Date only if it continues to satisfy as of such Valuation Date the requirements of at least one of clauses (a) or
(b) above, as the Corporation may confirm verbally or in writing, directly or indirectly, or by reference to publications of the Rating Agencies, by confirmation from a nationally recognized securities dealer having a minimum capitalization of $25 million or by such
other means as the Rating Agencies shall approve. The Remarketing Agent and the Paying Agent shall be entitled to rely on the representation of the Corporation contained in the RP Basic Maintenance Report with respect to any Valuation Date that, as of such Valuation
Date, the Corporation has confirmed that the Conventional Mortgage Pass-Through Certificates included in the Corporation's Eligible Portfolio Property are within the scope of this paragraph.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Corporation" means Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation
and the issuer of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Date of Original Issue" means, with respect to any share of RP, the date on which the
Corporation originally issues such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Debt Obligations" has the meaning set forth under "Utility Stocks" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit Securities" means cash, U.S. Government Obligations and Short Term Money
Market Instruments. Except for purposes of determining compliance with the RP Basic Maintenance Amount, each Deposit Security shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of
such Deposit Security but only if payable on or prior to the applicable payment date in advance of which the relevant deposit is made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor" means Discount Factor Supplied by Moody's or Discount Factor supplied
by S&amp;P, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By S&amp;P" means, initially, for any asset held by the
Corporation, the number set forth opposite such type of asset in the following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of
zero):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%">
<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Discounted Factor (1)</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type A Utility
Bonds:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">1.80</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type B Utility Bonds:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">1.85</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type A Utility Stocks:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">2.25</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type B Utility Stocks:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">2.35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with fixed<br />
 &nbsp; interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable<br />
 &nbsp; interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; fixed interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; adjustable interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; variable interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through<br />
 &nbsp; Certificates (2):</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.55</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of 90<br />
 &nbsp; days or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 90 days but not more than five<br />
 &nbsp; years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than five years but not more than<br />
 &nbsp; 10 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 10 years but not more than<br />
 &nbsp; 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 15 years but not more than<br />
 &nbsp; 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market<br />
 &nbsp; Instruments:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>
</table>

<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of Eligible Portfolio Property rated by Moody's but not rated by S&amp;P, the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factor Supplied by S&amp;P shall be the Discount Factor determined therefor in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; writing by S&amp;P. Absent such written notification, the asset shall have a Discounted Value<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of zero.</font></p>

<p><font size="3" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event such asset is not rated AA or better by S&amp;P, such asset shall have a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Value of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by S&amp;P to maintain its
then-current credit rating of the RP, the Discount Factor Supplied by S&amp;P with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the
Discounted Value of such Eligible Portfolio Property shall be the then-current Discount Factor provided by S&amp;P to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from
time to time the initial Discount Factor Supplied by S&amp;P listed above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by S&amp;P for any asset constituting Eligible
Portfolio Property if the Board of Directors determines and S&amp;P advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect S&amp;P's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By Moody's" means initially, for any asset held by the
Corporation, the number set forth opposite such type of asset in the following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of
zero):</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%">
<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><b><u><font size="3" face="Times New Roman">Discount Factor (1)</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than one year<br />
 &nbsp; but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than two years<br />
 &nbsp; but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than three<br />
 &nbsp; years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than four<br />
 &nbsp; years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than five<br />
 &nbsp; years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.53</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than seven<br />
 &nbsp; years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than ten<br />
 &nbsp; years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.69</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 15<br />
 &nbsp; years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 20<br />
 &nbsp; years but less than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.79</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.24</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than one year<br />
 &nbsp; but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.31</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than two years<br />
 &nbsp; but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than three<br />
 &nbsp; years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than four<br />
 &nbsp; years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than five<br />
 &nbsp; years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than seven<br />
 &nbsp; years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.70</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than ten<br />
 &nbsp; years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 15 years<br />
 &nbsp; but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 20 years<br />
 &nbsp; but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.87</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than one year<br />
 &nbsp; but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than two<br />
 &nbsp; years but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than three<br />
 &nbsp; years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than four<br />
 &nbsp; years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than five<br />
 &nbsp; years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.67</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than seven<br />
 &nbsp; years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.77</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than ten<br />
 &nbsp; years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 15<br />
 &nbsp; years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 20<br />
 &nbsp; years but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.95</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than one year<br />
 &nbsp; but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than two years<br />
 &nbsp; but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than three years<br />
 &nbsp; but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than four years<br />
 &nbsp; but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than five<br />
 &nbsp; years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.74</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than seven<br />
 &nbsp; years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.83</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than ten<br />
 &nbsp; years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 15<br />
 &nbsp; years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.02</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp; term to maturity of more than 20<br />
 &nbsp; years but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.03</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Stocks</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p><b><font size="2" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>
<b><u><font size="2"><br />
 FHLMC or FNMA Certificates</font></u></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Discount<br />
 Factor<br />
 (Fixed<br />
 Rate<br />
 <u>Mortgages)</u></font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Discount<br />
 Factor<br />
 (Adjustable<br />
 Rate<br />
 <u>Mortgages)</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 6% but equal to or greater than 5%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.71</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 7% but equal to or greater than 6%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.66</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 8% but equal to or greater than 7%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.61</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 9% but equal to or greater than 8%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.57</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 10% but equal to or greater than 9%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.52</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 11% but equal to or greater than 10%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.49</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 12% but equal to or greater than 11%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.45</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 less than 13% but equal to or greater than 12%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.43</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 equal to or greater than 13%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.40</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p><b><u><font size="3" face="Times New Roman">GNMA Certificates</font></u></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="3" face="Times New Roman">Discount<br />
 <u>Factor</u></font></b></p>
</td>
<td valign="top">
<p align="right"><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 6% but equal to or greater than 5%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.63</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 7% but equal to or greater than 6%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.57</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 8% but equal to or greater than 7%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.52</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 9% but equal to or greater than 8%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.48</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 10% but equal to or greater than 9%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.45</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 11% but equal to or greater than 10%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.43</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 12% but equal to or greater than 11%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.40</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 13% but equal to or greater than 12%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.38</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates<br />
 equal to or greater than 13%:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.36</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable interest rates:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.64</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with variable<br />
 interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities (seasoned):</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through Certificates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(5)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of up to one year:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.09</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than one year but not<br />
 more than two years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.15</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than two years but not<br />
 more than three years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.20</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than three years but not<br />
 more than four years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.27</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than four years but not<br />
 more than five years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.32</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than five years but not<br />
 more than seven years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.41</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than seven years but not<br />
 more than 10 years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.49</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than 10 years but not<br />
 more than 15 years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.56</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than 15 years but not<br />
 more than 20 years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.64</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 term to maturity of more than 20 years but not<br />
 more than 30 years:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.65</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market Instruments:</font></p>
</td>
<td valign="bottom">
<p><font size="3" face="Times New Roman">1.00</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman">_______________________</font></p>

<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of Eligible Portfolio Property rated by S&amp;P but not by Moody's, the Discount<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor Supplied by Moody's shall be the Discount Factor Supplied by Moody's applicable<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to Eligible Portfolio Property with a corresponding maturity but of the next lower rating<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; category (e.g., a bond rated AAA by S&amp;P but not rated by Moody's shall have a Discount<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor Supplied by Moody's equal to a bond of comparable maturity rated Aa by<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's).</font></p>

<p><font size="3" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The applicable Discount Factor set forth under "FHLMC or FNMA Certificates" above.</font></p>

<p><font size="3" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The same Discount Factor shall apply in the case of GNMA Graduated Payment<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities as applies to GNMA Certificates with fixed interest rates determined at the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; point the certificates become seasoned.</font></p>

<p><font size="3" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Discount Factor determined therefor in writing by Moody's.</font></p>

<p><font size="3" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Discount Factor determined therefor in writing by Moody's.&nbsp; In the event such asset<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is not rated Aa or better by Moody's, such asset shall have a Discounted Value of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by Moody's to maintain its
then-current credit rating of the RP, the Discount Factor Supplied by Moody's with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the
Discounted Value of such Eligible Portfolio Property shall be the then-current discount factor provided by Moody's to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from
time to time the initial Discount Factor Supplied by Moody's listed above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by Moody's for any asset constituting Eligible
Portfolio Property if the Board of Directors determines and Moody's advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect Moody's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discounted Value," with respect to any asset held by the Corporation as of any date,
means the quotient of the Market Value of such asset divided by the applicable Discount Factor Supplied&nbsp; by S&amp;P (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall be zero) or the
quotient of the Market Value of such asset divided by the applicable Discount Factor Supplied by Moody's (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall mean the quotient of the lower of
the Market Value of such asset and the exercise price of such call option divided by the applicable Discount Factor Supplied by Moody's), as the case may be, provided that in no event shall the Discounted Value of any asset constituting Eligible Portfolio Property as
of any date exceed the unpaid principal balance or face amount of such asset as of that date.&nbsp; With respect to the calculation of the Discounted Value of any Utility Bond included in the Corporation's Eligible Portfolio Property, such calculation shall be made
using the criteria set forth in the definitions of Utility Bonds and Market Value.&nbsp; With respect to the calculation of the Discounted Value of any Utility Stock included in the Corporation's Eligible Portfolio Property, such calculation shall be made using the
criteria set forth in the definitions of Utility Stocks and Market Value.&nbsp; With respect to the calculation of the aggregate Discounted Value of the Corporation's Eligible Portfolio Property for comparison with the RP Basic Maintenance Amount, such aggregate
Discounted Value shall be the aggregate Discounted Value calculated using the Discount Factors Supplied by S&amp;P or the aggregate Discounted Value calculated using the Discount Factors Supplied by Moody's whichever aggregate Discounted Value is lower; provided
that, in calculating for such purpose the aggregate Discounted Value of the Corporation's Eligible Portfolio Property using the applicable Discount Factor Supplied by Moody's, the amount of Utility Stocks issued by public utility companies with nuclear facilities
under construction (as determined by the Adviser) which may be included in such calculation shall be limited to five percent of the Market Value of the Corporation's Eligible Portfolio Property.&nbsp; Notwithstanding any other provision of these Articles
Supplementary, any Utility Bond that has a remaining term to maturity of more than 30 years, and any asset as to which there is no Discount Factor Supplied by Moody's or Discount Factor Supplied by S&amp;P either in these Articles Supplementary or in an amendment or
supplement hereof, shall have a Discounted Value for purposes of determining the aggregate Discounted Value of the Corporation's Eligible Portfolio Property calculated using the Discount Factor Supplied by Moody's or S&amp;P, as the case may be, of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Divided Coverage Amount," as of any Valuation Date, means (a) the aggregate amount of
cash dividends that will accumulate on shares of RP to (but not including) the Dividend Payment Date that follows such Valuation Date less (b) the combined value of any Deposit Securities irrevocably deposited by the Corporation for the payment of cash dividends on
the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Coverage Assets," as of any date of determination, means Deposit Securities
with maturity dates not later than the day preceding the next Dividend Payment Date; provided, that, if the applicable date of determination is a Dividend Payment Date, any Deposit Securities to be applied to the dividends payable on the RP on such date shall not be
included in Dividend Coverage Assets.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Payment Date" means the day after the last day of the applicable Dividend
Period; provided that, if any such date shall not be a Business Day, the Dividend Payment Date shall be the Business Day next succeeding such day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Period" means, with respect to any share of RP, the Initial Dividend Period
for such share and thereafter a period which shall commence on each (but not the final) Dividend Payment Date for such share (which, except during a Non-Payment Period, shall be a Settlement Date for such share).&nbsp; Each such subsequent Dividend Period for such
share will comprise, beginning with and including the day upon which it commences, 49 consecutive days (or such other number of consecutive days as are specified by the Board of Directors in the event of a change in law altering the Minimum Holding Period, as
provided herein).&nbsp; Notwithstanding the foregoing, any adjustment of the remarketing schedule by the Remarketing Agent which includes an adjustment of a Settlement Date shall lengthen or shorten the related Dividend Period by causing it to end on and include the
day before the Settlement Date as so adjusted.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Reset Date" means any date on which the Remarketing Agent (i) determines the
Applicable Dividend Rate for the ensuing Dividend Period, (ii) notifies holders, purchasers and tendering holders of shares of RP by telephone, telex or otherwise of the results of the Remarketing and (iii) announces such Applicable Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividends-Received Deduction" means the deduction allowed to corporate holders of
certain preferred stock with respect to dividends received on such stock by Section 243(a)(1) of the Code, or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Eligible Portfolio Property" shall include Utility Bonds, Utility Stocks, cash, U.S.
Government Obligations, Short Term Money Market Instruments, FNMA Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, GNMA Multifamily Securities, GNMA Graduated Payment Securities, Conventional Mortgage Pass-Through Certificates and
any other assets held by the Corporation that has been assigned a Discount Factor by the Rating Agencies and is included within the definition of Eligible Portfolio Property set forth herein or pursuant to an amendment or supplement hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Exchange Date" has the meaning set forth in paragraph 11, of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Exchange Event" has the meaning set forth in paragraph 11 of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC" means the Federal Home Loan Mortgage Corporation created by Title III of the
Emergency Home Finance Act of 1970, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Certificate" means a mortgage participation certificate in physical or
book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or
adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on one- to four-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Multifamily Security" means a "Plan B Multifamily Security" in physical or
book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or
adjustable-rate level payment fully amortizing mortgage loans secure by first-priority mortgages on multi-family residences, the inclusion of which in the Eligible Portfolio Property will not, in and of itself, impair or cause the RP to fail to retain the ratings
assigned to the RP by the Rating Agencies, as evidenced by letters to such effect delivered to the Corporation by the Rating Agencies.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA" means the Federal National Mortgage Association, a United States
Government-sponsored private corporation established pursuant to Title VIII of the Housing and Urban Development Act of 1968, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA Certificate" means a mortgage pass-through certificate in physical or book-entry
form, the full and timely payment of principal of and interest on which is guaranteed by FNMA, and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by
first-priority mortgages on single-family and multi-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA" means the Government National Mortgage Association, and includes any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Certificate" means a fully modified pass-through certificate in physical or
book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans
secured by first-priority mortgages on single-family and multi-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Graduated Payment Security" means a fully modified pass-through certificate in
physical or book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA, which obligation is backed by the full faith and credit of the United States, and which evidences a proportional undivided interest in specified
pools of graduated payment mortgage loans with payments that increase annually at a predetermined rate for up to the first five or ten years of the mortgage loan and that are secured by first-priority mortgages on one- to four-unit residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Holder" means, with respect to any share of RP, unless the context otherwise requires,
the person whose name appears on the stock transfer books of the Corporation as the registered holder of such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Independent Accountant" means a nationally recognized accountant, or firm of
accountants, that is with respect to the Corporation an independent public accountant or firm of independent public accountants under the Securities Act of 1933, as amended.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Initial Dividend Period" means, with respect to any share of RP, the period commencing
on and including the Date of Original Issue of such share and ending on the day prior to the Initial Dividend Payment Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Interest Equivalent" means a yield on a 360-day basis of a discount basis security
which is equal to the yield on an equivalent interest-bearing security.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Market Value" means, initially, the amount determined with respect to specific assets
of the Corporation in the manner set forth below:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp;&nbsp;&nbsp;&nbsp; as to any Utility Bond, (i) the product of (A) the unpaid principal<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; balance of such Utility Bond as of the Reporting Date, and (B)(1) if the Utility Bond is<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; traded on a national securities exchange or quoted on the NASDAQ System, the last sales<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price reported on the date of valuation or (2) if there was no reported sales price on the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; date of valuation or if the Utility Bond is not traded on a national securities exchange or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quoted on the NASDAQ System, the lower of two bid prices for such Utility Bond<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provided by two nationally recognized securities dealers with a minimum capitalization<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $25 million or by one such securities dealer and any other source (provided that the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; utilization of such source would not adversely affect the ratings of the RP) to the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; custodian of the Corporation's assets, at least one of which shall be provided in writing or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by telecopy, telex, other electronic transcription, computer obtained quotation reducible<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to written form or similar means, and in turn provided to the Corporation by any such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means by such custodian (provided that evidence of the bid quotes furnished by such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; custodian shall be provided to the Paying Agent and the Remarketing Agent by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation with the related RP Basic Maintenance Report), plus (ii) accrued interest on<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Utility Bond, or, if two bid prices cannot be obtained, such item of Eligible Portfolio<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property shall have a Market Value of zero;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp; as to any Utility Stock, (i) if the Utility Stock is traded on a national<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities exchange or quoted on the NASDAQ System, the last sales price reported on<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the date of valuation or (ii) if there was no reported sales price on the date of valuation,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the lower of two bid prices for such Utility Stock provided by two nationally recognized<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities dealers with a minimum capitalization of $25 million or by one such securities<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dealer and any other source (provided that the utilization of such source would not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adversely affect the then-current ratings of the RP) to the custodian of the Corporation's<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets, at least one of which shall be provided in writing or by telecopy, telex, other<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; electronic transcription, computer obtained quotation reducible to written form or similar<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means, and in turn provided to the Corporation by any such means by such custodian<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (provided that evidence of the bid quotes furnished by such custodian shall be provided to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Remarketing Agent by the Corporation with the related RP Basic Maintenance<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall have a Market Value of zero;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp;&nbsp;&nbsp;&nbsp; the product of (i) as to GNMA Certificates, GNMA Graduated<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment Securities, GNMA Multifamily Securities, FNMA Certificates, FHLMC<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates and FHLMC Multifamily Securities, the aggregate unpaid principal amount<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the mortgage loans evidenced by each such certificate or security, as the case may be,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which may include amounts shown on the most recent report related to the certificate or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; security received by the Corporation prior to the Reporting Date, and as to U.S.<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Obligations and Short Term Money Market Instruments (other than demand<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deposits, federal funds, bankers' acceptances and next Business Day's repurchase<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agreements), the face amount or aggregate principal amount of such U.S. Government<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations or &nbsp; Short Term Money Market Instruments, as the case may be, and (ii) the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; lower of the bid prices for the same kind of certificates, securities or instruments, as the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; case may be, having, as nearly as practicable, comparable interest rates and maturities<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provided by two nationally recognized securities dealers having minimum capitalization<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of $25 million or by one such securities dealer and any other source (provided that the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; utilization of such source would not adversely affect the then-current ratings of the RP) to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the custodian of the Corporation's assets, at least one of which shall be provided in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; writing or by telecopy, telex, other electronic transcription, computer obtained quotation<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reducible to written &nbsp;&nbsp; form or similar means, and in turn provided to the Corporation by<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any such means by such custodian (provided that evidence of the bid quotes furnished by<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such custodian shall be delivered to the Remarketing Agent with the related RP Basic<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Property will have a Market Value of zero;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</font>&nbsp;&nbsp;&nbsp;&nbsp; as to Conventional Mortgage Pass-Through Certificates, the product<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of (i) the outstanding aggregate principal balance of the mortgage loans underlying such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; certificates as determined by the Corporation by any method which the Corporation<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; believes reliable, which may include amounts based on verbal reports of the servicers of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the related mortgage loans to the Corporation, as of the applicable Reporting Date and (ii)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the dollar value of the lower of two bid prices per dollar of outstanding principal amount<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as of such applicable Reporting Date for such certificates, provided by two nationally<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; recognized securities dealers having minimum capitalization of $25 million or by one<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such securities dealer and any other source (provided that the utilization of such source<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; would not adversely affect the then-current ratings of the RP) to the custodian of the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's assets, at least one of which shall be provided in writing or by telecopy,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; telex, other electronic transcription, computer obtained quotation reducible to written<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; form or similar means, and in turn provided to the Corporation by any such means by<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such custodian (provided that evidence of the bid quotes furnished by such custodian<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be delivered to the Remarketing Agent with the related RP Basic Maintenance<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall have a Market Value of zero; and</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as to cash, demand deposits, federal funds, bankers' acceptances<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and next Business Day's repurchase agreements included in Short Term Money Market<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instruments, the face value thereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial method of calculation of the Market Value of
an asset constituting Eligible Portfolio Property described above and the Board of Directors may specify from time to time the method for calculating the Market Value of any asset identified as Eligible Portfolio Property if the Board of Directors of the Corporation
determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Master Purchaser's Letter" means a letter substantially in the form of Appendix B to the Corporation's prospectus relating to the shares of RP, or such other
form as may be approved by the Remarketing Agent, which is required to be executed by each purchaser of shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Maximum Dividend Rate" for any Dividend Period at any Dividend Reset Date shall apply to a cash dividend, and be the Applicable Percentage of the applicable
"AA" Composite Commercial Paper Rate.&nbsp; The Applicable Percentage shall vary with the lower of the credit rating or ratings assigned to the shares of RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall not make such rating available, the equivalent
of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies or, in the event that only one such rating shall be available, such rating) on each Dividend Reset Date as follows:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" valign="bottom">
<p align="center"><b><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Ratings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><u><font size="3" face="Times New Roman">Applicable Percentage</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Moody's</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">S&amp;P</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"aa3" or higher</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">AA- or higher</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">110%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"a3" to "a1"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">A- to A+</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">125%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"baa3" to "baa1"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">BBB- to BBB+</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">150%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below "baa3"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below BBB-</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">200%</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Remarketing Agent shall round each applicable Maximum Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths (0.005) of
one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent.&nbsp; The Remarketing Agent shall not round the applicable "AA" Composite Commercial Paper Rate as part of their calculation of any Maximum Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Holding Period" means 46 days or such other minimum holding period required
for corporate taxpayers to be entitled to the Dividends-Received Deduction as provided in Section 246(c) of the Code or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Liquidity Level is met" means, as of any date of determination, that the
aggregate Market Value of the Dividend Coverage Assets equals or exceeds the Dividend Coverage Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Moody's" means Moody's Investors Service, Inc.; and includes any successor<br />
 thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act" means the Investment Company Act of 1940, as amended from time to
time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "NASDAQ System" has the meaning set forth under "Type I Utility Stocks"
below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act RP Asset Coverage" means asset coverage, as defined in section 18(h) of the
1940 Act, of at least 200% of the aggregate liquidation preference with respect to all outstanding senior securities of the Corporation which are stock, including all outstanding shares of RP and Other RP (or such other asset coverage as may be specified in or under
the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of paying dividends on its common stock).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act Cure Date," with respect to the failure by the Corporation to maintain the
1940 Act RP Asset Coverage (as required by paragraph 7 of this Part I) as of the last day of each month, means the last Business Day of the following such month.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period" means any period beginning on and including the day on which the
Corporation shall fail to (i) declare, prior to 12:00 noon, New York City time, on the second Business Day preceding any Dividend Payment Date for any shares of RP, for payment on such Dividend Payment Date to the Beneficial Owners of such shares of RP as of 12:00
noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on such shares of RP payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Paying Agent by 12:00
noon, New York City time, (A) on any Dividend Payment Date the full amount of any declared cash dividend (whether or not earned) payable on such Dividend Payment Date or (B) on any redemption date for any shares of RP, the redemption price of such shares of $100,000
per share plus the full amount of any cash dividends thereon (whether or not earned or declared) accumulated but unpaid to such redemption date after a Notice of Redemption with respect to such shares of RP has been given pursuant to paragraph 4(e) of Part I hereof,
and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Beneficial Owners in same-day funds; provided
that a Non-Payment Period shall not end during the first seven days thereof unless the Corporation shall have given at least three days' written notice to the Paying Agent, the Remarketing Agent and the Securities Depository and thereafter shall not end unless the
Corporation shall have given at least fourteen days' written notice to the Paying Agent, the Remarketing Agent, the Securities Depository and all Beneficial Owners.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period Rate" means, initially, 200% of the applicable "AA" Composite
Commercial Paper Rate, provided that the Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors determines and the Rating Agencies advise the Corporation in
writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Notice of Redemption" means any notice with respect to the redemption of shares of RP
pursuant to paragraph 4 of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Other RP" means the remarketed preferred stock of the Corporation, other than the
RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent" means Bankers Trust Company, or any successor company or entity, which
has entered into a Paying Agent Agreement with the Corporation to act for the Corporation, among other things, as the transfer agent, registrar, dividend and redemption price disbursing agent, settlement agent and agent for certain notifications in connection with
the shares of RP in accordance with such agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent Agreement" means an agreement to be entered into between the Corporation
and the Paying Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Permitted Tax Liens" means liens for general and special taxes and assessments on the
property in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Preferred Stock" means the preferred stock of the Corporation, and includes RP and
Other RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Projected Dividend Amount" for the RP and the Other RP shall mean, initially, if the
date of determination is a Valuation Date, the amount of cash dividends, based on the number of shares of RP and the Other RP outstanding on such Valuation Date, projected to accumulate on such shares from such Valuation Date until the 70th day after such Valuation
Date, at the following dividend rates:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp; If the Valuation Date is the Date of Original Issue or a Dividend<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment Date (which terms, for purposes of this definition, shall refer to the equivalent<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; date in the case of Other RP), (i) for the Dividend Period beginning on the Date of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original Issue or such Dividend Payment Date and ending on (but not including) the first<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; following Dividend Payment Date, the Applicable Dividend Rate (which terms, for<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purposes of this definition, shall refer to the equivalent date in the case of Other RP) in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effect on such Valuation Date, and (ii) for the period beginning on (and including) the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; first following Dividend Payment Date and ending on (and including) the 70th day<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; following such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (which terms, for purposes of this definition, shall refer to the equivalent date in the case<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Other RP) on the Date of Original Issue (in the case of the Date of Original Issue) or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y) the Maximum Dividend Rate as of the last occurring Settlement Date or, in the case<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Other RP, the equivalent date (in the case of any Dividend Payment Date); and</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp; If such Valuation Date is not the Date of Original Issue or a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Payment Date, (i) for the period beginning on such Valuation Date and ending<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on (but not including) the first following Dividend Payment Date, the Applicable<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Rate in effect on such Valuation Date, and (ii) for the period beginning on (and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; including) the first following Dividend Payment Date and ending on (but not including)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sooner of the second following Dividend Payment Date or the 71st day following<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate on the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Original Issue (in the case of a Valuation Date occurring prior to the first<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Settlement Date) or (y) the Maximum Dividend Rate on the last occurring Settlement<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date or, in the case of Other RP, the equivalent date (in the case of any other Valuation<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date) and (iii) for the period, if any, beginning on (and including) the second following<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Payment Date and ending on (but not including) the 71st day following such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Date, the product of 3.20 and the rate specified in clause (x) or (y) above.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the date of determination is not a Valuation Date, then the Projected Dividend Amount on such date of determination shall equal the Projected Dividend
Amount therefor on the immediately preceding Valuation Date, adjusted to reflect any decrease in the number of shares of RP and Other RP outstanding.&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the
initial bases for the calculation of the Projected Dividend Amount if the Board of Directors determines and the Rating Agencies shall have advised the Corporation in writing that such adjustment, modification, alteration or change would not adversely affect their
then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Quarterly Valuation Date" means, for so long as any shares of RP are outstanding, the
last Business Day of March, June, September and December of each year, commencing December 31, 1988, or, if such day is not a Valuation Date, the next preceding Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Rating Agencies" means S&amp;P and Moody's for so long as S&amp;P and Moody's issue
ratings for the RP, and, at such time as S&amp;P and/or Moody's no longer issues a rating for the RP, the Substitute Rating Agency or Substitute Rating Agencies, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing" means each periodic operation of the process for remarketing shares of RP
as described in Part II hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing Agent" means MLPF&amp;S and any additional or successor companies or
entities which have entered into an agreement with the Corporation to carry out the remarketing procedures for the purpose of determining the Applicable Dividend Rates.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Reporting Date," with respect to any price referred to in the definition of the Market
Value of an item of Eligible Portfolio Property, shall mean the date as of which the Market Value of such item of Eligible Portfolio Property is to be determined or, if no such price is available as provided above under "Market Value" for such date, the next closest
prior date as of which such price is so available; provided that, no such price shall be deemed to be available as of a Reporting Date if such price is not available as of a date within five Business Days next preceding the date as of which the determination of such
Market Value is to be made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Required Documentation," with respect to a mortgage loan underlying a Conventional
Mortgage Pass-Through Certificate means:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp; the mortgage note or other evidence of indebtedness secured by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mortgage endorsed without recourse in blank or other trustee or other custodian and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accompanied by an assignment thereof;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp; the mortgage, deed of trust, deed to secure debt or similar security<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; instruments encumbering real property or related documentation, with evidence of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; recording or filing thereof, in each case accompanied by assignments thereof, executed in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; blank or to the trustee or other custodian, in recordable form as may be appropriate in the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; jurisdiction where the property is located and evidence that such assignment has been<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; recorded in the name of the trustee or other custodian, and such trustee or other custodian<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; receives an opinion of counsel (containing only such exceptions as may be permissible<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; under the indenture or other agreement pursuant to which the mortgage loan is pledged to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the trustee in connection with the related Conventional Mortgage Pass-Through<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate) to the effect that, notwithstanding that the assignment of the mortgage has not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; been recorded, the actions taken with respect to the mortgage loan are sufficient to permit<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the trustee or other custodian to avail itself of all protection available under applicable<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; law against the claims of any present or future creditors of the issuer, and are sufficient to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prevent any other sale, transfer, assignment, pledge or hypothecation of the mortgage and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the related mortgage note by the issuer from being enforceable, or will create a valid<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assignment of and a valid and perfected lien upon and security interest in a mortgage and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; related mortgage note, which lien and security interest is (except for the trustee's lien<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securing certain obligations of the issuer to the trustee as provided in the indenture<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pursuant to which the mortgage loan is pledged to the trustee in connection with the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; related Conventional Mortgage Pass-Through Certificate) prior in right to all other<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; security interests therein created or perfected under the Uniform Commercial Code (as in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effect in the jurisdiction where the property is located);</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp; in the case of mortgage notes covered by private mortgage<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; insurance, evidence that such mortgage notes are so insured; and</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</font>&nbsp; a copy of the title insurance policy or an opinion or certificate of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; counsel stating that the mortgage constitutes a first lien on the premises described in such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mortgage (which opinion or certificate may be subject to exceptions for Permitted Tax<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens and other matters to which like properties are commonly subject which neither<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; individually nor in the aggregate materially interfere with the benefits of the security<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest intended to be provided by such mortgage and standard exceptions and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exclusions from mortgage title insurance policies).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Right" has the meaning set forth in paragraph 3(1) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP" means either the Remarketed Preferred Stock, Series A; the Remarketed Preferred
Stock, Series B; the Remarketed Preferred Stock, Series C; the Remarketed Preferred Stock, Series D; or the Remarketed Preferred Stock, Series E.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Amount" means, initially, as of any date, the sum of (i) the
aggregate liquidation preference of the shares of RP outstanding and shares of Other RP outstanding, (ii) to the extent no covered in (i), the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of RP outstanding and shares of Other
RP outstanding, (iii) any Rights due and payable and any equivalent rights to receive cash with respect to Other RP which are due and payable, (iv) the principal amount of the Corporation's loan from the Aid Association for Lutherans then outstanding, (v) an amount
equal to accrued but unpaid interest on the principal amount of the Corporation's loan from the Aid Association For Lutherans then outstanding, (vi) the aggregate principal amount of, and an amount equal to accrued but unpaid interest on, any other then outstanding
indebtedness of the Corporation for money borrowed, (vii) the aggregate Projected Dividend Amount, (viii) redemption premium, if any, and (ix) the greater of $200,000 or an amount equal to projected expenses of the Corporation for the next three month period.&nbsp;
The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial elements comprising the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that
such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Cure Date," with respect to the failure by the Corporation to
maintain the RP Basic Maintenance Amount (as required by paragraph 8 of this Part I) as of each Valuation Date, means the eighth Business Day following such Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Report" means a report signed by the President, the Treasurer,
any Senior Vice President or any Vice President of the Corporation which sets forth, as of the related Valuation Date, the assets of the Corporation, the Market Value and the Discounted Value thereof (seriatum and in the aggregate), and the RP Basic Maintenance
Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P" means Standard &amp; Poor's Corporation, and includes any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Securities Depository" means The Depository Trust Company, a securities depository, or
any successory company or other entity selected by the Corporation for the shares of RP that agrees to follow the procedures required to be followed by such securities depository in connection with the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Service" means the Internal Revenue Service.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Settlement Date" means any date on which (i) a new Dividend Period begins, and (ii)
shares of RP which have been tendered and sold in a Remarketing are delivered through the Securities Depository.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Short Term Money Market Instruments" means the following kinds of instruments, if on
the date of purchase or other acquisition by the Corporation of any such instrument the remaining term to maturity thereof is not more than 30 days:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp; demand deposits in, certificates of deposit of, bankers' acceptances<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issued by, or federal funds sold to, any depository institution, the deposits of which are<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; insured by the Federal Deposit Insurance Corporation (or any successor thereto) or the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Savings and Loan Insurance Corporation (or any successor thereto), provided<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; that, at the time of the Corporation's investment therein, the commercial paper or other<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unsecured short-term debt obligations of such depository institution are rated at least A-<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1+ by S&amp;P and Prime-1 by Moody's;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp; repurchase obligations with respect to a U.S. Government<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligation, FNMA Certificate, FHLMC Certificate or GNMA Certificate entered into<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with a depository institution, the deposits of which are insured by the Federal Deposit<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Corporation (or any successor thereto) or the Federal Savings and Loan<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Corporation (or any successor thereto) and the commercial paper or other<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unsecured short-term debt obligations of which are rated at least A-1+ by S&amp;P and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime-1 by Moody's, which must be repurchased within one Business Day from the date<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such repurchase obligation was entered into; and</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp; commercial paper rated at the time of the Corporation's investment<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; therein at least A-1+ by S&amp;P and Prime-1 by Moody's.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Commercial Paper Dealers" means such Substitute Commercial Paper Dealer or
Dealers as the Corporation may from time to time appoint or, in lieu of any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Rating Agency" and "Substitute Rating Agencies" mean a nationally
recognized statistical rating organization or two nationally recognized statistical rating organizations, respectively, selected by the Corporation to act as the substitute rating agency or substitute rating agencies, as the case may be, to determine the credit
ratings of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender and Dividend Reset" means the process pursuant to which shares of RP may be
tendered or deemed tendered in a Remarketing or held and become subject to the new Applicable Dividend Rate determined by the Remarketing Agency in such Remarketing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender Date" means any date on which (i) each holder of shares of RP must provide to
the Remarketing Agent irrevocable telephonic notice of intent to tender shares of RP in a Remarketing, and (ii) such Remarketing formally commences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Bonds" as of any date means Utility Bonds rated A- or higher by
S&amp;P.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Bonds" as of any date means (a) Utility Bonds held by the Corporation
at such date and continuously since at least September 30, 1988 which are rated from BBB- to BBB+ by S&amp;P or (b) Utility Bonds rated BBB- to BBB+ by S&amp;P provided that the Utility Bonds rated BBB- shall be limited to twenty-five percent of the Market Value of
the Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Bonds" as of any date means Utility Bonds rated Aaa by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type II Utility Bonds" as of any date means Utility Bonds rated Aa3 to Aa1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type III Utility Bonds" as of any date means Utility Bonds rated A3 to A1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type IV Utility Bonds" as of any date means Utility Bonds rated Baa3 to Baa1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Stocks" as of any date means Utility Stocks which are traded on the New
York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends, and have been issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of A- or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Stocks" as of any date means (a) Utility Stocks which are traded on the
New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends, are held by the Corporation at such date and continuously since at least September 30, 1988 and have been issued by public utility companies having debt
obligations outstanding with implied senior debt ratings from S&amp;P of BBB- to BBB+ or (b) Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends and have been issued by public
utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P from BBB- to BBB+ provided that Utility Stocks issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of
BBB- shall be limited to twenty-five percent of the Market Value of the Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Stocks" as of any date means Utility Stocks which are traded on the New
York Stock Exchange, Inc. or the American Stock Exchange, Inc. or are quoted on the National Association of Securities Dealers Automated Quotation ("NASDAQ") System and have been issued by public utility companies having debt obligations outstanding with senior or
subordinated debt ratings from Moody's of Baa3 or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "U.S. Government Obligations" means direct obligations of the United States, provided
that such direct obligations are entitled to the full faith and credit of the United States and that any such obligations, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for
redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Bonds" means, initially, corporate debt obligations issued by state regulated
public utility companies rated from BBB- to AAA by S&amp;P and from Baa3 to Aaa by Moody's, which corporate debt obligations (a) provide for the periodic payment of interest thereon in cash in U.S. dollars, (b) do not provide for conversion or exchange into equity
capital at any time over their respective lives, (c) have been registered under the Securities Act of 1933, as amended, and (d) have not had notice given in respect thereof that any such corporate debt obligations are the subject of an offer by the issuer thereof of
exchange or tender for cash, securities or any other type of consideration.&nbsp; In addition, so long as the shares of RP are rate by S&amp;P or Moody's, no corporate debt obligation held by the Corporation shall be deemed a Utility Bond (i) if it fails to meet the
criteria in column (1) below or (ii) to the extent (but only to the proportionate extent) the acquisition or holding thereof by the Corporation causes&nbsp; the Corporation to exceed any applicable limitation set forth in column (2) below in the event the shares of
RP are rated by S&amp;P or column (2), (3) or (4) below in the event the shares to RP are rated by Moody's as of any relevant date of determination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in
its sole discretion, the particular Utility Bond(s) and/or portions thereof which shall be deemed to have caused the Corporation to exceed such limitation):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><b><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (1)&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (2)&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (3)&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (4)&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">S&amp;P and<br />
 Moody's Rating of<br />
 Utility Bonds or<br />
 <u>Debt Obligations(1)</u></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Minimum<br />
 Original<br />
 Issue Size of<br />
 <u>Each Issue(2)</u></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Maximum Percent<br />
 of Market<br />
 Value of Eligible<br />
 Portfolio Property<br />
 Issued by any<br />
 <u>One Issuer(3)</u></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Maximum<br />
 Percent of<br />
 Market Value<br />
 of Corporation's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued by<br />
 Issuers in any<br />
 One Industry<br />
 &nbsp;<u>Category(4)</u>&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2" face="Times New Roman">Maximum<br />
 Percent<br />
 of Market<br />
 Value<br />
 of Corporation's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued<br />
 by Issuers<br />
 Regulated by<br />
 <u>any One State(5)</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">($ in millions)</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="1" face="Times New Roman">S&amp;P</font></b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><b><font size="1" face="Times New Roman">Moody's</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AAA; Aaa................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AA; Aa.....................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">60.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">A; A..........................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">BBB; Baa..................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">5.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">7.0</font></p>
</td>
</tr>
</table>

<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rating designations include (+) or (-) modifiers to the S&amp;P rating where appropriate.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rating designations include modifiers of 1 to 3 to the Moody's rating where appropriate.</font></p>

<p><font size="3" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This restriction is applicable only to Utility Bonds.</font></p>

<p><font size="3" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The referenced S&amp;P percentages represent maximum percentages only for the related<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&amp;P rating category.&nbsp; The referenced Moody's percentages represent maximum<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cumulative totals only for the Moody's rating category and each lower Moody's rating<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; category.</font></p>

<p><font size="3" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The referenced percentages represent maximum cumulative totals only for the related<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's rating category and each lower Moody's rating category.&nbsp; There are two industry<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; categories-- telecommunications and all other utilities.</font></p>

<p><font size="3" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Referenced percentages represent maximum cumulative totals only for the related<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's and each lower Moody's rating category.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the characteristics thereof) included
initially within the definition of Utility Bonds for purposes of determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration
or change will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Stocks" means, initially, common stocks issued by state regulated public
utility companies having debt obligations outstanding with senior debt ratings of BBB to AAA from S&amp;P or subordinated debt ratings of BBB- to AAA from S&amp;P and senior or subordinated debt ratings of Baa3 to Aaa from Moody's, which debt obligations have been
registered under the Securities Act of 1933, as amended ("Debt Obligations").&nbsp; In addition, so long as the shares of RP are rated by S&amp;P or Moody's, no common stock held by the Corporation shall be deemed a Utility Stock to the extent (but only to the
proportionate extent) the acquisition or holding thereof by the Corporation causes the Corporation to exceed any applicable limitation set forth in column (2) of the table set forth in "Utility Bonds" above in the event the shares of RP are rated by S&amp;P or column
(2), (3) or (4) of such table in the event the shares of RP are rated by Moody's as of any relevant date of a termination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in its sole discretion, the
particular Utility Stock(s) and/or portions thereof which shall be deemed to have caused the Corporation to exceed such limitation).&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the
characteristics thereof) initially included within the definition of Utility Stocks for purposes of determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such
adjustment, modification, alteration or change will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Valuation Date" means (i) the fifteenth day of each month or, if such day is not a
Business Day, the next succeeding Business Day, and (ii) the last Business Day of each month (or, in the case of the first Valuation Date, a date selected by the Corporation within fifteen days after the Original Issue Date).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Voting Period" has the meaning set forth in paragraph 6(b) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fractional Shares</u>.&nbsp; No fractional shares of RP shall be issued or recognized by the
Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividends</u>.&nbsp; (a)&nbsp; The Holders as of 12:00 noon, New York City time, on the Business Day
preceding the applicable Dividend Payment Dates, shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds legally available transfer, cumulative dividends each consisting of (i) cash at the Applicable Dividend Rate and (ii) a
Right to receive cash determined as set forth in paragraph 3(1) below and payable as set forth therein.&nbsp; The Board of Directors shall designate, in accordance with the applicable provisions of the Code, the cash dividends on the shares of RP so declared and paid
or payable and on the shares of Other RP declared and payable for any fiscal year as qualifying for the Dividends-Received Deduction in an amount equal to the lesser of (i) the amount of the Corporation's income for such fiscal year which qualifies for the
Dividends-Received Deduction, or (ii) the amount of such cash dividends.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp; Dividends on shares of RP shall accumulate from their Date of Original Issue and will be
payable, when, as and if declared by the Board of Directors, on each Dividend Payment Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp; Each declared dividend, including each Right, shall be payable on the applicable Dividend
Payment Date to the Holder or Holders of such shares of RP as set forth in paragraph 3(a).&nbsp; Dividends on any share in arrears for any past Dividend Payment Date may be declared and paid at any time, without reference to any regular Dividend Payment Date, to the
Holder of such share on a date not exceeding five Business Days preceding the payment date thereof, as may be fixed by the Board of Directors.&nbsp; Any dividend payment made on any share of RP shall first be credited against the earliest dividends accumulated but
unpaid (whether or not earned) with respect to such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp; Neither Holders nor Beneficial Owners of shares of RP shall be entitled to any dividends on the
shares of RP, whether payable in cash, property or stock, in excess of full cumulative dividends (including Rights) thereon.&nbsp; Except as provided in paragraph 3(h) or 3(l) of this Part I, neither Holders nor Beneficial Owners of shares of RP shall be entitled to
any interest, or other additional amount, on any dividend payment (including Rights) on any share of RP which may be in arrears.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise provided herein, the Applicable Dividend Rate on each share of RP for each
Dividend Period with respect to such share shall be equal to the rate per annum that results from implementation of the remarketing procedures described in Part II hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of cash dividends for shares of RP payable (if declared) on each Dividend
Payment Date shall be computed by the Corporation by multiplying the Applicable Dividend Rate in effect with respect to cash dividends payable on such share on such Dividend Payment Date by a fraction the numerator of which shall be the number of days such share was
outstanding from and including its Date of Original Issue or the preceding Dividend Payment Date on which a cash dividend was paid, as the case may be, to and including the last day of such Dividend Period, and the denominator of which shall be 360, and then
multiplying the percentage so obtained by $100,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp; No later than by 12:00 noon, New York City time, on each Dividend Payment Date, the Corporation
shall deposit in same-day funds with the Paying Agent the full amount of any dividend declared and payable on such Dividend Payment Date on any share of RP.&nbsp; For the purposes of the foregoing, payment in New York Clearing House (next-day) funds at any time on
any Business Day shall be considered equivalent to payment in same-day funds on the next Business Day at the same time, and any payment made after 12:00 noon, New York City time, on any Business Day shall be considered to have been made instead in the form of funds
before 12:00 noon, New York City time, on the next Business Day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp; The Applicable Dividend Rate for each Dividend Period commencing during a Non-Payment Period
shall be equal to the Non-Payment Period Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So long as any shares of RP are outstanding, the Corporation shall not, subject to the
requirements of the 1940 Act and Maryland law, without the affirmative vote or consent of the holders of at least two-thirds of the votes of the shares of RP outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as
one class):&nbsp; (a) authorize, create or issue, or increase the authorized or issued amount, of any class or series of stock ranking prior to the RP with respect to payment of dividends or the distribution of assets on liquidation, or (b) amend, alter or repeal the
provisions of the Corporation's Charter including these Articles Supplementary, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of such shares of RP or the Holders thereof;
provided that, any increase in the amount of the authorized RP or the creation and issuance of other series of Preferred Stock, or any increase in the amount of authorized shares of such series or of any other series remarketed preferred stock, in each case ranking
on a parity with or junior to the RP, will not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers unless such issuance would cause the Corporation not to satisfy the 1940 Act RP Asset Coverage or the RP Basic
Maintenance Amount.&nbsp; Unless a higher percentage is provided for under the Charter, the affirmative vote of the holders of a majority of the outstanding shares of Preferred Stock, including RP, voting together as a single class, will be required to approve any
plan of reorganization adversely affecting such shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act.&nbsp; The class vote of holders of shares of Preferred Stock, including RP, described above will in each case be in addition
to a separate vote of the requisite percentage of shares of Common Stock and shares of Preferred Stock, including RP, necessary to authorize the action in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be
effected, all outstanding shares of RP shall have been redeemed or called for redemption and sufficient funds shall have been deposited in trust to effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except during a Non-Payment Period, by 1:00&nbsp;p.m. on the Tender Date at the end of
the Initial Dividend Period and by 1:00&nbsp;p.m. on the Tender Date at the end of each subsequent Dividend Period, the Beneficial Owner of a share of RP may elect to tender such share or to hold such share for the next Dividend Period.&nbsp; If the Beneficial Owner
of such share of PR fails to elect to tender or hold such share by 1:00&nbsp;p.m. on such Tender Date, such Beneficial Owner shall continue to hold such share at the Applicable Dividend Rate determined in such Remarketing for the next Dividend Period; provided that,
if there is no Remarketing Agent, the Remarketing Agent does not conduct a Remarketing or the Remarketing Agent is unable to remarket in such Remarketing all shares of RP tendered to it at a price of $100,000 per share, then such Beneficial Owner shall hold such
share for the next Dividend Period and the Applicable Dividend Rate therefor shall be the Maximum Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)&nbsp;&nbsp;&nbsp;&nbsp; In the event of a change in law altering the Minimum Holding Period, the Board of Directors may
increase or decrease the period of time between Dividend Payment Dates so as to adjust uniformly the number of days in any Dividend Period commencing after the date of such change in law to equal or exceed the then current Minimum Holding Period; provided that, the
number of days for any Dividend Period as so adjusted shall not exceed 98 and shall be evenly divisible by seven (except as required from time to time by adjustments in the remarketing schedule as provided herein).&nbsp; Upon any such adjustment by the Board of
Directors, the Corporation shall notify the Remarketing Agent and the Paying Agent, and the Paying Agent shall in turn notify the Securities Depository, of such adjustment; provided that, during a Non-Payment Period, the Corporation also shall notify the Beneficial
Owners of shares of RP directly of such adjustment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each dividend shall consist of (i)&nbsp;cash at the Applicable Dividend Rate and
(ii)&nbsp;a right (a "Right") to receive cash (as determined below).&nbsp; Each Right shall thereafter be independent of the share or shares of RP on which the dividend was paid.&nbsp; The Corporation shall cause to be maintained a record of each Right received by
the respective Holders.&nbsp; The Corporation shall not be required to recognize any transfer of a Right.&nbsp; If all or any part of the cash dividends on the shares of RP during any fiscal year does not qualify for the Dividends-Received Deduction ("Nonqualifying
Distributions") because (i)&nbsp;the Corporation does not have income for such fiscal year eligible for the Dividends-Received Deduction at least equal to the dividends paid on the RP and the Other RP for such year, or (ii)&nbsp;the Corporation does not properly
designate dividends on the RP as being eligible for the Dividends-Received Deduction, the applicable Rights shall entitle the holders thereof ("Right Holders") to additional cash (as set forth below), and the Corporation will, within 270 days after the end of such
fiscal year, provide notice thereof to the Paying Agent.&nbsp; The Paying Agent will mail a copy of such notice to each Right Holder at the address specified in such Right Holder's Master Purchaser's Letter as promptly as practicable after its receipt of such notice
from the Corporation.&nbsp; The Corporation will within 30 days after such notice is given to the Paying Agent pay to the Paying Agent (who will then distribute to Right Holders), out of funds legally available therefor, cash in satisfaction of the applicable Rights
in an amount specified below with respect to all Nonqualifying Distributions made during such fiscal year.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash payable pursuant to a Right shall be paid to the Right Holder thereof in an amount which, when taken together with the aggregate Nonqualifying
Distributions paid to such Right Holder during any fiscal year, would cause such Right Holder's net yield in dollars (after Federal income tax consequences) from the aggregate of both the Nonqualifying Distributions and the cash receivable pursuant to such Right to
be equal to the net yield in dollars (after Federal income tax consequences) which would have been received by such Right Holder if the amount of the aggregate Nonqualifying Distributions would have qualified for the Dividends-Received Deduction in the hands of such
Right Holder.&nbsp; Such cash receivable on such Right shall be calculated without consideration being given to the time value of money and using the applicable maximum marginal corporate Federal tax rate in effect at the time such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation may estimate the amount payable in respect of any Right and pay all or any portion of such estimated amount prior to the end of the fiscal year
in which such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, for any fiscal year, all cash dividends paid at the Applicable Dividend Rate on the shares of RP are eligible in full for the Dividends-Received Deduction,
then the amount payable to holders of Rights applicable to that year shall be zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Redemption</u>.&nbsp; Shares of RP shall be redeemable by the Corporation as provided below:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; To the extent permitted under the 1940 Act and Maryland law, the
Corporation at its option, upon giving a Notice of Redemption, may redeem shares of RP, in whole or in part, on the next succeeding scheduled Dividend Payment Date, out of funds legally available therefor, at a redemption price equal to $100,000 per share plus an
amount equal to cash dividends thereon (whether or not earned or declared) accumulated but unpaid to the date fixed for redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The Corporation shall redeem, out of funds legally available therefor,
at a redemption price of $100,000 per share plus an amount equal to cash dividends thereon (whether or not earned or declared) accumulated but unpaid to the date of redemption, shares of RP to the extent permitted under the 1940 Act and Maryland law, on a date fixed
by the Board of Directors, if the Corporation fails to maintain the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage and such failure is not cured on or before the RP Basic Maintenance Cure Date or the 1940 Act Cure Date (herein referred to respectively
as the "Cure Date"), as the case may be.&nbsp; The number of shares to be redeemed shall be equal to the lesser of (i)&nbsp;the minimum number of shares of RP the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Cure
Date, together with all shares of other Preferred Stock subject to redemption or retirement, would result in the satisfaction of the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no
such minimum number of shares the redemption of which would have such result, all shares of RP then outstanding shall be redeemed), and (ii)&nbsp;the maximum number of shares of RP that can be redeemed out of funds expected to be legally available therefor on such
redemption date.&nbsp; In determining the number of shares of RP required to be redeemed in accordance with the foregoing, the Corporation shall locate the amount required to achieve the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may
be, pro rata among the RP and the Other RP.&nbsp; The Corporation shall effect such redemption not later than 41 days after such Cure Date, except that if the Corporation does not have funds legally available for the redemption of all of the required number of shares
of RP which are subject to mandatory redemption or the Corporation otherwise is unable to effect such redemption on or prior to such Cure Date, the Corporation shall redeem those shares of RP which it was unable to redeem on the earliest practicable date on which it
is able to effect such redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Subject to paragraph 4(d) of this Part&nbsp;I, if fewer than all the
outstanding shares of RP are to be redeemed pursuant to this paragraph 4, the number of shares of RP so to be redeemed shall be a whole number of shares and shall be determined by the Board of Directors, and the Corporation shall give a Notice of Redemption as
provided in paragraph 4(e) of this Part&nbsp;I.&nbsp; Unless certificates representing shares of RP are held by Holders other than the Securities Depository or its nominee, the Securities Depository, upon receipt of such notice, shall determine by lot the number of
shares of RP to be redeemed from the account of each Agent Member (which may include an Agent Member holding shares for its own account, including the Remarketing Agent) and notify the Paying Agent of such determination.&nbsp; The Paying Agent, upon receipt of such
notice, shall in turn determine by lot the number of shares of RP to be redeemed from the accounts of the Beneficial Owners of the shares of RP whose Agent Members have been selected by the Securities Depository and give notice of such determination to the
Remarketing Agent.&nbsp; In doing so, the Paying Agent may determine that shares of RP shall be redeemed from the accounts of some Beneficial Owners, which may include the Remarketing Agent, without shares of RP being redeemed from the accounts of other Beneficial
Owners.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Notwithstanding paragraph 4(c) of this Part&nbsp;I, if certificates
representing shares of RP are held by Holders other than the Securities Depository or its nominee, then the number of shares of RP to be redeemed shall be determined by the Board of Directors and the shares to be redeemed shall be selected by the Corporation by
lot.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; Any Notice of Redemption shall be given by the Corporation to the
Paying Agent, the Securities Depository (and any other Holder) and the Remarketing Agent, by telephone, not later than 3:00&nbsp;p.m., New York City time (and later confirmed in writing) on (A) in the case of optional redemption pursuant to paragraph&nbsp;4(a) of
this Part&nbsp;I (i)&nbsp;the Settlement Date in the case of a partial redemption of the shares of RP, (ii)&nbsp;the Tender Date in the case of a redemption in whole of the shares of RP or (iii)&nbsp;during a Non-Payment Period, the later of the Dividend Payment Date
and the seventh day, in each case prior to the earliest date upon which any such redemption shall occur and (B)&nbsp;in the case of mandatory redemption pursuant to paragraph&nbsp;4(b) of this Part&nbsp;I, on the fifth Business Day prior to the redemption date.&nbsp;
In the case of a partial redemption of the shares of PR, the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP called for redemption not later than the close of business on the Business Day on which the
Paying Agent determines the shares to be redeemed, as described in paragraph&nbsp;4(c) if this Part&nbsp;I (or, during a Non-Payment Period, not later than the close of business on the Business Day immediately following the day on which the Paying Agent receives a
Notice of Redemption from the Corporation).&nbsp; In the case of a redemption in whole of the shares of RP, the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner not later than the close of business on the Business Day
immediately following the day on which it receives a Notice of Redemption from the Corporation.&nbsp; In any case described in clause (i) or (iii) of the first sentence of this paragraph 4(e), such telephonic notice shall be confirmed promptly in writing not later
than the close of business on the third Business Day preceding the redemption date by notice sent by the Paying Agent to each Beneficial Owner of shares of RP called for redemption, the Remarketing Agent and the Securities Depository.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp;&nbsp; Every Notice of Redemption and other redemption notice shall
state:&nbsp; (i)&nbsp;the redemption date; (ii)&nbsp;the number of shares of RP to be redeemed; (iii)&nbsp;the redemption price; (iv)&nbsp;that dividends on the shares of RP to be redeemed shall cease to accumulate as of such redemption date; and (v)&nbsp;the
provision pursuant to which such shares are being redeemed.&nbsp; In addition, notice of redemption given to a Beneficial Owner shall state the CUSIP number, if any, of the shares of RP to be redeemed and the manner in which the Beneficial Owners of such shares may
obtain payment of the redemption price.&nbsp; No defect in the Notice of Redemption or other redemption notice or in the transmittal or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.&nbsp; The Paying
Agent shall use its reasonable efforts to cause the publication of a redemption notice in an Authorized Newspaper within two Business Days of the date of the Notice of Redemption, but failure so to publish such notification shall not affect the validity or
effectiveness of any such redemption proceedings.&nbsp; Shares of RP the Beneficial Owners of which shall have been given Notice of Redemption shall not be subject to transfer outside a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; On any redemption date, the Corporation shall deposit, irrevocably in
trust, in same-day funds, with the Paying Agent, by 12:00 noon, New York City time, the price to be paid on such redemption date of any shares of RP plus an amount equal to cash dividends thereon accumulated but unpaid to such redemption date (whether or not earned
or declared).&nbsp; For the purposes of the foregoing, payment in New York Clearing House (next-day) funds at any time on any Business Day shall be considered equivalent to payment in same-day funds on the next Business Day at the same time, and any payment made
after 12:00 noon, New York City time, on any Business Day shall be considered to have been made instead in the same form of funds before 12:00 noon, New York City time, on the next Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)</font>&nbsp; In connection with any redemption, upon the giving of a Notice of
Redemption and the deposit of the funds necessary for such redemption with the Paying Agent in accordance with this paragraph&nbsp;4, all rights of the Holders of shares of RP so called for redemption shall cease and terminate, except the right of the Holders thereof
to receive the redemption price thereof, inclusive of an amount equal to cash dividends (whether or not earned or declared) accumulated but unpaid to the redemption date but without any interest or other additional amount (except as provided in paragraph 3(h) or 3(l)
of this Part&nbsp;I), and such shares shall no longer be deemed outstanding for any purpose.&nbsp; The Corporation shall be entitled to receive from the Paying Agent, promptly after the date fixed for redemption, any cash deposited with the Paying Agent as aforesaid
in excess of the sum of (i)&nbsp;the aggregate redemption price of the shares of RP called for redemption on such date and (ii)&nbsp;all other amounts to which Holders of shares of RP called for redemption may be entitled.&nbsp; Any funds so deposited with the Paying
Agent which are unclaimed at the end of ninety days from such redemption date shall, to the extent permitted by law, be repaid to the Corporation, after which time the Holders of shares of RP so called for redemption shall look only to the Corporation for payment of
the redemption price and all other amounts to which they may be entitled.&nbsp; The Corporation shall be entitled to receive, from time to time after the date fixed for redemption, any interest on the funds so deposited.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp;&nbsp; To the extent that any redemption for which Notice of Redemption
has been given is not made by reason of the absence of legally available funds therefor, such redemption shall be made as soon as practicable to the extent such funds become available.&nbsp; Failure to redeem shares of RP shall be deemed to exist at any time after
the date specified for redemption in a Notice of Redemption when the Corporation shall have failed, for any reason whatsoever, to deposit funds with the Paying Agent pursuant to paragraph 4(g) of this Part&nbsp;I with respect to any shares for which such Notice of
Redemption has been given.&nbsp; Notwithstanding the fact that the Corporation shall not have redeemed shares of RP for which a Notice of Redemption has been given, dividends may be declared and paid on shares of RP and shall include those shares of RP for which a
Notice of Redemption has been given.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)</font>&nbsp;&nbsp; Notwithstanding the foregoing, (i)&nbsp;no share of RP may be
redeemed pursuant to paragraph&nbsp;4(a) of this Part&nbsp;I unless the full amount of accumulated but unpaid cash dividends to the date fixed for redemption for each such share of RP called for redemption shall have been declared, and (ii)&nbsp;no share of RP may be
redeemed unless all outstanding shares of RP are simultaneously redeemed, nor may any shares of RP be purchased or otherwise acquired by the Corporation except in accordance with a purchase offer made on substantially equivalent terms by the Corporation for all
outstanding shares of RP, unless, in each such instance, cash dividends on all outstanding shares of RP through the end of their most recently ended Dividend Period (or, if such transaction is on a Dividend Payment Date, through the Dividend Period ending on the day
prior to such Dividend Payment Date) shall have been paid or declared and sufficient funds for the payment thereof deposited with the Payment Agent.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)</font>&nbsp; Except as set forth in this paragraph&nbsp;4 with respect to
redemptions and subject to paragraph&nbsp;4(j) hereof, nothing contained herein shall limit any legal right of the Corporation or any affiliate to purchase or otherwise acquire any share of RP at any price.&nbsp; Any shares of RP which have been redeemed, purchased
or otherwise acquired by the Corporation or any affiliate thereof may be resold.&nbsp; In lieu of redeeming shares called for redemption, the Corporation shall have the right to arrange for other purchasers to purchase from Beneficial Owners all shares of RP to be
redeemed pursuant to this paragraph&nbsp;4 by their paying to such Beneficial Owners on or before the close of business on the redemption date an amount equal to not less than the redemption price payable by the Corporation on the redemption of such shares, and the
obligation of the Corporation to pay such redemption price shall be satisfied and discharged to the extent such payment is so made by such purchasers.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)</font>&nbsp;&nbsp; Notwithstanding any of the foregoing provisions of this
paragraph&nbsp;4, the Remarketing Agent may, in its sole discretion modify the procedures set forth above with respect to notification of redemption, provided that, any such modification does not adversely affect any Holder or Beneficial Owner of shares of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Liquidation</u>.&nbsp; (a)&nbsp; Upon a liquidation, dissolution or
winding up of the affairs of the Corporation, whether voluntary or involuntary, the Holders shall be entitled, whether from capital or surplus, before any assets of the Corporation shall be distributed among or paid over to holders of Common Stock or any other class
or series of stock of the Corporation junior to the RP as to liquidation payments, to be paid the amount of $100,000 per share of RP, plus an amount equal to all accumulated but unpaid dividends thereon (whether or not earned or declared) to and including the date of
final distribution.&nbsp; After any such payment, the Holders shall not be entitled to any further participation in any distribution of assets of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; If, upon any such liquidation, dissolution or winding up of the
Corporation, the assets of the Corporation shall be insufficient to make such full payments to the Holders and the holders of any Preferred Stock ranking as to liquidation, dissolution or winding up on a parity with the RP, then such assets shall be distributed among
the Holders and such parity holders ratably in accordance with the respective amounts which would be payable on such shares of RP and any other such Preferred Stock if all amounts thereon where paid in full.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Neither the consolidation nor the merger of the Corporation with or
into any corporation or corporations nor a reorganization of the Corporation alone nor the sale or transfer by the Corporation of all or substantially all of its assets shall be deemed to be a dissolution or liquidation of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>.&nbsp; (a)&nbsp; <u>General</u>.&nbsp; Each Holder
of shares of RP shall be entitled to one vote for each share held on each matter submitted to a vote of stockholders of the Corporation and, except as otherwise provided in the 1940 Act, the Charter or the Bylaws or as described below, the holders of shares of
Preferred Stock, including RP, and of shares of Common Stock shall vote together as one class.&nbsp; Prior to the issuance of any RP, the Board of Directors by resolution shall designate two existing directors representing holders of Preferred Stock.&nbsp; At the
first meeting of stockholders for which the record date is a date on which shares of Preferred Stock are outstanding, the holders of Preferred Stock entitled to vote at such meeting shall have the right as a class, to the exclusion of the holders of the common stock,
to elect two directors of the Corporation who shall serve for the unexpired terms of the directors originally designated by the Board of Directors as directors representing holders of Preferred Stock; except that, if such meeting is an annual meeting of stockholders
at which the term of one of such designated directors expires, the director so elected to succeed the designated director shall be elected for a term expiring at the time of the third succeeding annual meeting of stockholders, or thereafter when his successor is
elected and qualified.&nbsp; Thereafter, the holders of Preferred Stock shall have the right as a class, to the exclusion of the holders of the common stock, to elect directors to succeed either of the directors representing the Preferred Stock whose terms are
expiring or whose seats on the Board of Directors are vacant.&nbsp; Subject to paragraph&nbsp;6(b) hereof, the holders of a majority of the shares of Common Stock shall elect the balance of the directors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; <u>Right to Elect Majority of Board of Directors</u>.&nbsp; During any
period in which any one or more of the conditions described below shall exist (such period being referred to herein as a "Voting Period"), the number of directors constituting the Board of Directors shall be automatically increased by the smallest number that, when
added to the number of directors then constituting the Board of Directors, shall (together with the two directors elected by the holders of Preferred Stock, including RP, pursuant to paragraph&nbsp;6(a)) constitute a majority of such increased number, and the holders
of a majority of Preferred Stock, including RP, shall be entitled, voting as a single class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of capital stock of the Corporation), to elect the smallest number of
additional directors of the Corporation that shall constitute a majority of the total number of directors of the Corporation so increased.&nbsp; A Voting Period shall commence if at the close of business on any Dividend Payment Date accumulated dividends (whether or
not earned or declared, and whether or not funds are then legally available in an amount sufficient therefor) on the outstanding shares of RP equal to at least two full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not
have been deposited with the Paying Agent for the payment of such accumulated dividends.&nbsp; Upon the termination of a Voting Period, the voting rights described in this paragraph&nbsp;6(b) shall cease, subject always, however, to the revesting of such voting
rights in the holders of Preferred Stock, including RP, upon the further occurrence of any of the events described in this paragraph&nbsp;6(b).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp; <u>Voting Procedures</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; As soon as
practicable after the accrual of any right of the holders of Preferred Stock, including RP, to elect a majority of directors, the Corporation shall notify the Paying Agent and Paying Agent shall call a special meeting of the holders of Preferred Stock, including RP,
and shall mail a notice of such special meeting to such holders not less than 10 nor more than 20 days after the date of mailing of such notice.&nbsp; If the Corporation fails to send such notice to the Paying Agent or if the Paying Agent does not call such a special
meeting, it may be called by any holder of Preferred Stock, including RP, on like notice.&nbsp; The record date for determining the holders of Preferred Stock, including RP, entitled to notice of and to vote at such special meeting shall be the close of business on
the fifth Business Day preceding the day on which such notice is mailed.&nbsp; At any such special meeting and at each meeting held during a Voting Period, the holders of Preferred Stock, including RP, voting together as a class (to the exclusion of the holders of
all other securities and classes of capital stock of the Corporation), shall be entitled to elect the number of directors prescribed in paragraph&nbsp;6(b) above on a one-vote-per-share basis.&nbsp; At any such meeting or adjournment thereof in the absence of a
quorum, a majority of the holders of Preferred Stock, including RP, present in person or by proxy, shall have the power to adjourn the meeting without notice, other than an announcement at the meeting, until a quorum is present; provided, however, that no such
meeting may be adjourned to a date more than 120 days from the original record date without notice.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; For purposes of
determining any rights of the Holders to vote on any matter, whether such right is created by these Articles Supplementary, by statute or otherwise, no Holder shall be entitled to vote and no share of RP shall be deemed to be "outstanding" for the purpose of voting
or determining the number of shares required to constitute a quorum, if, prior to or concurrently with the time of determination of shares entitled to vote or shares deemed outstanding for quorum purposes, as the case may be, sufficient funds for the redemption of
such shares have been deposited in trust with the Paying Agent for that purpose and the requisite Notice of Redemption with respect to such shares shall have been given as provided in paragraph 4 of this Part&nbsp;I.&nbsp; No share of RP held by the Corporation or
any affiliate of the Corporation shall have any voting rights or be deemed to be outstanding for voting purposes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)</font>&nbsp; The terms of
office of all persons who are directors of the Corporation at the time of a special meeting of holders of Preferred Stock, including RP, to elect directors shall continue, notwithstanding the election at such meeting by such holders of the number of directors that
they are entitled to elect, and the persons so elected by such holders, together with the incumbent directors elected by the holders of the Common Stock, shall constitute the duly elected directors of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)</font>&nbsp; Simultaneously
with the expiration of a Voting Period, the terms of office of the additional directors elected by the holders of Preferred Stock, including RP, shall terminate, the incumbent directors who shall have been elected by the holders of the Common Stock (or by the Board
of Directors at a time which was not during a Voting Period) and the two incumbent directors the holders of Preferred Stock, including RP, have the right to elect in any event shall constitute the directors of the Corporation and the voting rights of such holders to
elect additional directors shall cease.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)</font>&nbsp; The directors
elected by the holders of Preferred Stock, including RP, shall (subject to the provisions of any applicable law) be subject to removal only by the vote of the holders of a majority of the shares of Preferred Stock, including RP, outstanding.&nbsp; Any vacancy on the
Board of Directors occurring by reason of such removal or otherwise may be filled only by vote of the holders of at least a majority of shares of Preferred Stock, including RP, outstanding, and if not so filled such vacancy shall (subject to the provisions of any
applicable law) be filled by a majority of the remaining directors (or the remaining director) who were elected by such holders.&nbsp; Any other vacancy on the Board of Directors during a Voting Period shall be filled by a vote of the holder or holders of Common
Stock.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; <u>Exclusive Remedy</u>.&nbsp; Unless otherwise required by law, the
Holders of shares of RP shall not have any relative rights or preferences or other special rights other than those specifically set forth herein.&nbsp; The Holders of shares of RP shall have no preemptive rights.&nbsp; In the event that the Corporation fails to pay
any dividends on the shares of RP, the exclusive remedy of the Holders shall be the right to vote for directors pursuant to the provisions of this paragraph&nbsp;6.&nbsp; In no event shall the Holders of shares of RP have any right to sue for, or bring a proceeding
with respect to, such dividends or redemptions or damages for the failure to receive the same.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1940 Act RP Asset Coverage</u>.&nbsp; The Corporation shall maintain, as of the last Business Day of each
month in which any share of RP is outstanding, the 1940 Act RP Asset Coverage.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Asset and Liquidity Coverage</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; <u>RP Basic Maintenance Amount</u>.&nbsp; (i)&nbsp; The Corporation
shall maintain, on each Valuation Date, Eligible Portfolio Property having an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; On or before
5:00&nbsp;p.m., New York City time, on the third Business Day after each Valuation Date, the Corporation shall complete and deliver to the Remarketing Agent and the Paying Agent an RP Basic Maintenance Report, which will be deemed to have been delivered to the
Remarketing Agent and the Paying Agent if the Remarketing Agent and the Paying Agent receive a copy or telecopy, telex or other electronic transcription thereof and on the same day the Corporation mails to the Remarketing Agent and the Paying Agent for delivery on
the next Business Day the full RP Basic Maintenance Report.&nbsp; A failure by the Corporation to deliver an RP Basic Maintenance Report under this paragraph&nbsp;8(a)(ii) without the prior consent of the Remarketing Agent and the Paying Agent shall be deemed to be
delivery of an RP Basic Maintenance Report indicating the Discounted Value for all assets of the Corporation is less than the RP Basic Maintenance Amount, as of the relevant Valuation Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)</font>&nbsp; Within ten
Business Days after the date of delivery to the Remarketing Agent and the Paying Agent of an RP Basic Maintenance Report in accordance with paragraph&nbsp;8(a)(ii) above relating to a Quarterly Valuation Date, the Independent Accountant will confirm in writing to the
Remarketing Agent and the Paying Agent (A) the mathematical accuracy of the calculations reflected in such Report, (B)&nbsp;that, in such Report, the Corporation determined in accordance with these Articles Supplementary the assets of the Corporation which constitute
Eligible Portfolio Property at such Quarterly Valuation Date, (C)&nbsp;that, in such Report, the Corporation determined in accordance with these Articles Supplementary whether the Corporation had, at such Quarterly Valuation Date, Eligible Portfolio Property of an
aggregate Discounted Value at least equal to the RP Basic Maintenance Amount, (D)&nbsp;with respect to the S&amp;P rating on Utility Bonds and Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report, that information has been traced and
agrees with the information listed in <u>The Standard&nbsp;&amp; Poor's Bond Guide</u> (in the event such information does not agree or such information is not listed in <u>The Standard&nbsp;&amp; Poor's Bond Guide</u>, the Independent Accountant will inquire of
S&amp;P what such information is, and provide a listing in their letter of such differences, if any), (E)&nbsp;with respect to the Moody's ratings on Utility Bonds and Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report, that
information has been traced and agrees with the information listed in <u>Moody's Bond Record</u> (in the event such information does not agree or such information is not listed in <u>Moody's Bond Record</u>, the Independent Accountant will inquire of Moody's what
such information is, and provide a listing in their letter of such differences), and (F)&nbsp;with respect to the lower of two bid prices (or alternative permissible factors used in calculating the Market Value) provided by the custodian of the Corporation's assets
to the Corporation for purposes of valuing securities in the Corporation's portfolio, the Independent Accountant has traced the price used in such Report to the lower of the two bid prices listed in the Report provided by such custodian and verified that such
information agrees (in the event such information does not agree, the Independent Accountant will provide a listing in its letter of such differences) (such confirmation is herein called the "Accountant's Confirmation").&nbsp; If any Accountant's Confirmation
delivered pursuant to this paragraph&nbsp;8(a)(iii) shows that an error was made in the RP Basic Maintenance Report for a Quarterly Valuation Date, or shows that a lower aggregate Discounted Value for the aggregate of all Eligible Portfolio Property of the
Corporation was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant shall be final and conclusive and shall be binding on the Corporation, and the Corporation shall accordingly amend the RP Basic Maintenance
Report to the Remarketing Agent and Paying Agent promptly following receipt by the Remarketing Agent and the Paying Agent of such Accountant's Confirmation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp; <u>Liquidity Coverage</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; As of each
Valuation Date as long as any share of RP is outstanding, the Corporation shall determine (A)&nbsp;the Market Value of the Dividend Coverage Assets owned by the Corporation as of that Valuation Date, (B)&nbsp;the Dividend Coverage Amount on that Valuation Date, and
(C)&nbsp;whether the Minimum Liquidity Level is met as of that Valuation Date.&nbsp; The calculations of the Dividend Coverage Assets, the Dividend Coverage Amount and whether the Minimum Liquidity Level is met shall be set forth in a certificate (a "Certificate of
Minimum Liquidity") dated as of the Valuation Date.&nbsp; The RP Basic Maintenance Report and the Certificate of Minimum Liquidity may be combined in one certificate.&nbsp; The Corporation shall cause the Certificate of Minimum Liquidity to be delivered to the
Remarketing Agent and the Paying Agent not later than the close of business on the third Business Day after the Valuation Date.&nbsp; The Minimum Liquidity Level shall be deemed to be met as of any date of determination if the Corporation has timely delivered a
Certificate of Minimum Liquidity relating to such date, which states that the same has been met and which is not manifestly inaccurate.&nbsp; In the event that a Certificate of Minimum Liquidity is not delivered to the Remarketing Agent and the Paying Agent when
required, the Minimum Liquidity Level shall be deemed not to have been met as of the applicable date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; If the Minimum
Liquidity Level is not met as of any Valuation Date, then the Corporation shall purchase or otherwise acquire Dividend Coverage Assets (with the proceeds from the liquidation of Eligible Portfolio Property or otherwise) to the extent necessary so that the Minimum
Liquidity Level is met as of the fifth Business Day following such Valuation Date.&nbsp; The Corporation shall, by such fifth Business Day, provide to the Paying Agent and the Remarketing Agent a Certificate of Minimum Liquidity setting forth the calculations of the
Dividend Coverage Assets and the Dividend Coverage Amount and showing that the Minimum Liquidity Level is met as of such fifth Business Day together with a report of the custodian of the Corporation's assets confirming the amount of the Corporation's Dividend
Coverage Assets as of such fifth Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Restrictions on Certain Distributions</u>.&nbsp; For so long as any share of RP is outstanding, the
Corporation shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Stock or other stock, if any, ranking junior
to the shares of RP as to dividends or upon liquidation) in respect of the Common Stock or any other stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends or upon liquidation, or call for redemption, redeem, purchase or
otherwise acquire for consideration any shares of the Common Stock or any other such junior stock (except by conversion into or exchange for stock of the Corporation ranking junior to the shares of RP as to dividends and upon liquidation) or any other such parity
stock (except by conversion into or exchange for stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends and upon liquidation), unless (A)&nbsp;immediately after such transaction, the RP Basic Maintenance Amount and the 1940
Act RP Asset Coverage would be achieved, (B)&nbsp;full cumulative dividends on shares of RP and shares of Other RP due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment thereof
deposited with the Paying Agent, (C)&nbsp;any Right required to be paid under paragraph&nbsp;3(l) of this Part&nbsp;I on or before the date of such declaration or payment has been paid and (D)&nbsp;the Corporation has redeemed the full number of shares of RP required
to be redeemed by any provision for mandatory redemption contained herein.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>.&nbsp; All notices or communications, unless otherwise specified in the Bylaws of the Corporation or
these Articles Supplementary, shall be sufficiently given if in writing and delivered in person or mailed by first-class mail, postage prepaid.&nbsp; Notice shall be deemed given on the earlier of the date received or the date seven days after which such notice is
mailed.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exchange Provisions</u>.&nbsp; (a)&nbsp;&nbsp;Upon receipt by the Corporation of an opinion of legal counsel, in
form and substance satisfactory to the Board of Directors, that dividends on the Corporation's Remarketed Preferred Stock, Series&nbsp;I will not be considered preferential under section&nbsp;562(c) of the Code, which opinion may, but is not required to, rely upon a
ruling on the matter by the Service, the Board of Directors may, but is not required to, adopt a resolution authorizing (such authorization shall be referred to herein as an "Exchange Event") that, on the first Dividend Payment Date for the RP which is at least
45&nbsp;days after the occurrence of an Exchange Event and as of which the conditions described below have been satisfied (the "Exchange Date"), the RP will be exchanged automatically, and without any action or choice on the part of Holders thereof, on a
share-for-share basis for the Corporation's Remarketed Preferred Stock, Series&nbsp;I.&nbsp; However, shares of RP will not be exchanged for shares of the Corporation's Remarketed Preferred Stock, Series&nbsp;I unless Moody's and S&amp;P shall have issued on or
before the Exchange Date ratings on the Corporation's Remarketed Preferred Stock, Series&nbsp;I equivalent to the ratings on the RP, provided that, if Moody's or S&amp;P shall not make a rating available, such exchange will take place if a Substitute Rating Agency or
Agencies shall have issued a rating or ratings which is/are equivalent to such then-current rating or ratings on the Exchange Date.&nbsp; Holders of outstanding shares of RP will receive one share of the Corporation's Remarketed Preferred Stock, Series&nbsp;I for
each share of RP held and exchanged by them on the Exchange Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The Fund will cause the publication of an exchange notice in an Authorized Newspaper, and cause the Paying Agent to mail an exchange notice to
each Holder, not less than 10 nor more than 30&nbsp;days prior to the Exchange Date.&nbsp; Such notice will state:&nbsp; (i)&nbsp;the Exchange Date, (ii)&nbsp;that on the Exchange Date all shares of Original RP will be exchanged automatically, and without any action
or choice on the part of the Holders, on a share-for-share basis for the Corporation's Remarketed Preferred Stock, Series&nbsp;I, (iii)&nbsp;that the Initial Dividend Period for the Corporation's Remarketed Preferred Stock, Series&nbsp;I issuable in exchange for the
RP will be a 49&#8209;day Dividend Period commencing on the Exchange Date, and (iv)&nbsp;that dividends on shares of RP will cease to accumulate on the Exchange Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; On the Exchange Date, the RP will cease to accumulate dividends, the shares of RP will no longer be deemed outstanding, the rights of the
Holders (except the right to receive accumulated but unpaid dividends to the Exchange Date) will cease, and the person or persons entitled to receive the Corporation's Remarketed Preferred Stock, Series&nbsp;I upon the exchange will be treated for all purposes as the
holder or holders of such Remarketed Preferred Stock, Series&nbsp;I.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Borrowings</u>.&nbsp; For so long as the shares of RP are rated by S&amp;P, the aggregate amount of borrowings by
the Corporation (including guarantees made by the Corporation) shall be limited to an amount equal to 10% of the value of the Corporation's assets; provided, further, that the Corporation shall not incur any such borrowings subsequent to the issuance of the RP unless
S&amp;P advises the Corporation in writing that such borrowings will not adversely affect its then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Options and Futures Transactions</u>.&nbsp; For so long as the shares of RP are rated by either Moody's or S&amp;P,
the Corporation will not purchase or sell futures contracts or related options or engage in reverse repurchase agreement transactions unless Moody's and/or S&amp;P, as the case may be, advise the Corporation in writing that such action or actions will not adversely
affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Restrictions</u>.&nbsp; For so long as the shares of RP are rated by S&amp;P, the Corporation may not
(i)&nbsp;engage in transactions involving repurchase obligations which do not constitute Short Term Money Market Instruments, (ii)&nbsp;engage in transactions involving short sales of portfolio securities or (iii)&nbsp;overdraw any bank accounts of the Corporation,
unless, in each case, S&amp;P advises the Corporation in writing that such action or actions will not adversely affect its then-current ratings on the RP.</font></p>

<b><u><font size="3" face="Times New Roman"><br clear="all" />
</font></u></b>

<p align="center"><b><u><font size="3" face="Times New Roman">PART II.</font></u></b></p>

<p align="center"><font size="3" face="Times New Roman">REMARKETING PROCEDURES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Remarketing Schedule</u>.&nbsp; Each Remarketing shall take place over a three-day period
consisting of the Tender Date, the Dividend Reset Date and the Settlement Date.&nbsp; Such dates or the method of establishing such dates shall be determined by the Board of Directors from time to time.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Procedure for Tendering</u>.&nbsp; (a)&nbsp; Each share of RP is subject to Tender and Dividend
Reset only at the end of each Dividend Period and may be tendered in a Remarketing only on the Tender Date immediately prior to the end of the current Dividend Period.&nbsp; By 12:00 noon, New York City time, on each such Tender Date, the Remarketing Agent shall,
after canvassing the market and considering prevailing market conditions at the time for shares of RP and similar securities, provide Beneficial Owners non-binding indications of Applicable Dividend Rates for the next Dividend Period.&nbsp; The actual Applicable
Dividend Rate for such Dividend Period may be greater than or less than the rate per annum indicated in such non-binding indications (but not greater than the applicable Maximum Dividend Rate).&nbsp; By 1:00&nbsp;p.m., New York City time, on such Tender Date, each
Beneficial Owner of shares of RP must notify the Remarketing Agent of its desire, on a share-by-share basis, either to tender such share of RP at a price of $100,000 per share or to continue to hold such share of RP for the next Dividend Period.&nbsp; Any notice
given to the Remarketing Agent to tender or hold shares for a particular Dividend Period shall be irrevocable and shall not be conditioned upon the level at which the Applicable Dividend Rate is established.&nbsp; Any such notice may not be waived by the Remarketing
Agent, except that prior to 4:00&nbsp;p.m., New York City time, on the Dividend Reset Date, the Remarketing Agent may, in its sole discretion (i)&nbsp;at the request of a Beneficial Owner that has tendered one or more shares to the Remarketing Agent, contingently
waive such Beneficial Owner's tender and thereby enable such Beneficial Owner to continue to hold the share or shares for the next Dividend Period as agreed to by such Beneficial Owner and the Remarketing Agent at such time, so long as such tendering Beneficial Owner
has indicated to the Remarketing Agent that it would accept the new Applicable Dividend Rate for such Dividend Period, such waiver to be contingent upon the Remarketing Agent's ability to remarket all shares of RP tendered in such Remarketing, and (ii) at the request
of a Beneficial Owner that has elected to hold one or more of its shares of RP, waive such Beneficial Owner's election with respect thereto.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The right of each Beneficial Owner to tender shares of RP in a
Remarketing therefor shall be limited to the extent that (i)&nbsp;the Remarketing Agent conducts a Remarketing pursuant to the terms of the Remarketing Agreement, (ii)&nbsp;shares tendered have not been called for redemption and (iii)&nbsp;the Remarketing Agent is
able to find a purchaser or purchasers for tendered shares of RP at an Applicable Dividend Rate for the next Dividend Period that is not in excess of the Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Determination of Applicable Dividend Rates</u>.&nbsp; (a)&nbsp; Between 1:00&nbsp;p.m., New York
City time, on each Tender Date and 4:00&nbsp;p.m., New York City time, on the succeeding Dividend Reset Date, the Remarketing Agent shall determine the Applicable Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum for the next Dividend
Period.&nbsp; The Applicable Dividend Rate for such Dividend Period, except as otherwise required herein, shall be the rate per annum which the Remarketing Agent determines, in its sole judgment, to be the lowest rate, giving effect to such allocation, that will
enable it to remarket on behalf of the Beneficial Owners thereof all shares of RP tendered to it at a price of $100,000 per share.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; If no Applicable Dividend Rate shall have been established on a
Dividend Reset Date in a Remarketing for the next Dividend Period for any reason (other than because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to the terms of the Remarketing Agreement), then the
Remarketing Agent, except during a Non-Payment Period, in its sole discretion, shall, after taking into account market conditions as reflected in the prevailing yields of fixed and variable rate taxable and tax-exempt debt securities and the prevailing dividend
yields of fixed and variable rate preferred stock, if necessary, determine the Applicable Dividend Rate that would be the initial dividend rate fixed in an offering on such Dividend Reset Date, assuming in each case a comparable dividend period, issuer and
security.&nbsp; If there is no Remarketing because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to the Remarketing Agreement, then, except during a Non-Payment Period, the Applicable Dividend Rate for each
subsequent Dividend Period for which no Remarketing takes place because of the foregoing shall be the applicable Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; In determining such Applicable Dividend Rate, the Remarketing Agent
shall, after taking into account market conditions as reflected in the prevailing yields of fixed and variable rate taxable and tax-exempt debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, in providing non-binding
indications of the Applicable Dividend Rate to Beneficial Owners and potential purchasers of shares of RP, (i)&nbsp;consider the number of shares of RP tendered and the number of shares of RP potential purchasers are willing to purchase and (ii) contact by telephone
or otherwise current and potential Beneficial Owners of shares of RP and ascertain the dividend rates at which they would be willing to hold shares of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; The Applicable Dividend Rate shall be determined as aforesaid by the
Remarketing Agent in its sole discretion (except as otherwise provided in these Articles Supplementary with respect to Applicable Dividend Rates that shall be the Non-Payment Period Rate and Maximum Dividend Rate) and shall be conclusive and binding on Holders and
Beneficial Owners.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; As a condition precedent to purchasing shares of RP in any offering,
in any Remarketing or outside any Remarketing, each purchaser of shares of RP shall sign and deliver a Master Purchaser's Letter, the sufficiency of any Master Purchaser's Letter to be determined by the Remarketing Agent in its sole discretion.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp;&nbsp; Except during a Non-Payment Period, the Applicable Dividend Rate
for any Dividend Period shall not be more than the applicable Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocation of Shares; Failure to Remarket at $100,000 Per Share</u>.&nbsp; (a)&nbsp; If the
Remarketing Agent is unable to remarket by 4:00&nbsp;p.m., New York City time, on any Dividend Reset Date all shares of RP tendered to it in the related Remarketing at a price of $100,000 per share (i)&nbsp;each Beneficial Owner that tendered shares of RP for sale
shall sell a number of shares of RP on a pro rata basis, to the extent practicable, or by lot, as determined by the Remarketing Agent in its sole discretion based on the number of orders to purchase shares of RP in such Remarketing; and (ii)&nbsp;the Applicable
Dividend Rate for the next Dividend Period shall be the Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; If the allocation procedures described above would result in the sale
of a fraction of a share of RP, the Remarketing Agent shall, in its sole discretion, round up or down the number of shares of RP sold by each Beneficial Owner on such Dividend Reset Date so that each share sold by a Beneficial Owner shall be a whole share of RP and
the total number of shares sold equals the total number of shares bought on such Dividend Reset Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notification of Results; Settlement</u>.&nbsp; (a)&nbsp;By telephone at approximately
4:30&nbsp;p.m., New York City time, on each Dividend Reset Date the Remarketing Agent shall advise each Beneficial Owner of tendered shares and each purchaser thereof (or the Agent Member thereof) (i)&nbsp;of the number of shares such Beneficial Owner or purchaser is
to sell or purchase and (ii)&nbsp;to give instructions to its Agent Member to deliver such shares against payment therefor or to pay the purchase price against delivery as appropriate.&nbsp; The Remarketing Agent will also advise each Beneficial Owner or purchaser
that is to continue to hold, or to purchase, shares for the Dividend Periods beginning on the Business Day following such Dividend Reset Date of the Applicable Dividend Rate for such Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; In accordance with the Securities Depository's normal procedures, on
the Settlement Date, the transactions described above with respect to each share of RP shall be executed through the Securities Depository, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to be purchased, and
the accounts of the respective Agent Members of the Securities Depository shall be debited and credited and shares delivered by book entry as necessary to effect the purchases and sales of shares of RP.&nbsp; Purchasers of shares of RP shall make payment to the
Paying Agent in same-day funds against delivery to other purchasers or their nominees of one or more certificates representing shares of RP, or, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to be purchased,
through their Agent Members in same-day funds to the Securities Depository against delivery through their Agent Members by book entry of shares of RP or as otherwise required by the Securities Depository.&nbsp; The Securities Depository shall make payment in
accordance with its normal procedures.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; If any Beneficial Owner selling shares of RP in a Remarketing fails to
deliver such shares, the Agent Member of such selling Beneficial Owner and of any other person that was to have purchased shares of RP in such Remarketing may deliver to any such other person a number of whole shares of RP that is less than the number of shares that
otherwise was to be purchased by such person.&nbsp; In such event, the number of shares of RP to be so delivered shall be determined by such Agent Member.&nbsp; Delivery of such lesser number of shares of RP shall constitute good delivery.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; The Remarketing Agent, the Paying Agent and the Securities Depository
each will use its reasonable commercial efforts to meet the timing requirements set forth in paragraphs&nbsp;(a) and (b) above; provided that, in the event that there is a delay in the occurrence of any delivery or other event connected with a Remarketing, the
Remarketing Agent, the Paying Agent and the Securities Depository each will use its reasonable commercial efforts to accommodate such delay in furtherance of the Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; Notwithstanding any of the foregoing provisions of this paragraph 5,
the Remarketing Agent may, in its sole discretion, modify the settlement procedures set forth above with respect to settlement, provided any such modification does not adversely affect the Beneficial Owners or the Holders of RP or the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase of Shares of RP by Remarketing Agent</u>.&nbsp; The Remarketing Agent may purchase for
its own account shares of RP in a Remarketing, provided that it purchases all tendered (or deemed tendered) shares of RP not sold in such Remarketing to other purchasers and that the Applicable Dividend Rate established in such Remarketing is no higher than the
Applicable Dividend Rate that would have been established if the Remarketing Agent had not purchased such shares.&nbsp; Except as provided in the previous sentence, the Remarketing Agent shall not be obligated to purchase any shares of RP that would otherwise remain
unsold in a Remarketing.&nbsp; If the Remarketing Agent owns any shares of RP subject to a Remarketing immediately prior to a Remarketing and if all other shares subject to such Remarketing and tendered for sale by other Beneficial Owners of shares of RP have been
sold in such Remarketing, then the Remarketing Agent may sell such number of its shares in such Remarketing as there are outstanding orders to purchase that have not been filled by such shares tendered for sale by other Beneficial Owners.&nbsp; Neither the
Corporation, the Paying Agent nor the Remarketing Agent shall be obligated in any case to provide funds to make payment to a Beneficial Owner upon such Beneficial Owner&rsquo;s tender of its shares of RP in a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Dividend Rate During a Non-Payment Period</u>.&nbsp; So long as a Non-Payment Period shall
continue, paragraphs 1, 2, 3, 4, 5, and 6 of this Part II shall not be applicable to any of the shares of RP and the shares of RP shall not be subject to Tender and Dividend Reset.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>.&nbsp; As a condition precedent to purchasing shares of RP in any offering, in any
Remarketing or outside any Remarketing, each purchaser of shares of RP shall be required to sign and deliver a Master Purchaser&rsquo;s Letter, the sufficiency of any Master Purchaser&rsquo;s Letter to be determined by the Remarketing Agent in its sole discretion, in
which such purchaser shall agree, among other things, (i) unless the Corporation has elected, during a Non-Payment Period, to waive this requirement, to have its ownership of such shares of RP maintained in book entry form by the Securities Depository, in the account
of a designated Agent Member which, in turn, shall maintain records of such purchaser's beneficial ownership, (ii) to be conclusively bound by the remarketing procedures, including the Remarketing Agent's determination of the Applicable Dividend Rates, pursuant to
the remarketing procedures, (iii) that its notice to tender shares of RP in a Remarketing will constitute an irrevocable offer, except as set forth in such Master Purchaser's Letter, to sell the shares specified in such notice and authorization to the Remarketing
Agent to sell, transfer or otherwise dispose of such shares as set forth herein and (v) unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, to sell, transfer or otherwise dispose of any share of RP held by it only
pursuant to orders placed in a Remarketing therefor or to a person that has signed and delivered a Master Purchaser's Letter as provided herein, and, in the case of any transfer other than pursuant to a Remarketing, to ensure that an Agent Member advises the
Remarketing Agent of such transfer.&nbsp; The Agent Member shall be authorized and instructed to disclose to the Remarketing Agent and/or the Paying Agent such information with respect to such purchaser's beneficial ownership as the Remarketing Agent or Paying Agent
shall request.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>.&nbsp; To the extent permitted by applicable law, the Board of Directors of the
Corporation may interpret or adjust the provisions hereof to resolve any inconsistency or ambiguity, remedy any formal defect or make any other change or modification which does not adversely affect the rights of Holders or Beneficial Owners of shares of RP and if
such inconsistency or ambiguity reflects an incorrect provision hereof then the Board of Directors may authorize the filing of a Certificate of Amendment or a Certificate of Correction, as the case may be.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Securities Depository; Stock Certificates</u>.&nbsp; (a)&nbsp; If there is a Securities Depository, one
certificate for all of the shares of RP shall be issued to the Securities Depository and registered in the name of the Securities Depository or its nominee.&nbsp; Such certificate shall bear a legend to the effect that such certificate is issued subject to the
provisions contained in these Articles Supplementary and each Master Purchaser's Letter.&nbsp; Unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, the Corporation will also issue stop-transfer instructions to the Paying
Agent for the shares of RP.&nbsp; Except as provided in paragraph (b) below, the Securities Depository or its nominee will be the Holder, and no Beneficial Owner shall receive certificates representing its ownership interest in such shares.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; If the Applicable Dividend Rate applicable to all shares of RP shall
be the Non-Payment Period Rate or there is no Securities Depository, the Corporation may at its option issue one or more new certificates with respect to such shares (without the legend referred to in paragraph 10(a) of this Part II) registered in the names of the
Beneficial Owners or their nominees and rescind the stop-transfer instruction referred to in paragraph 10(a) of this Part II with respect to such shares.</p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">IN WITNESS WHEREOF, DUFF &amp; PHELPS SELECTED UTILITIES INC. has caused these presents to be signed in its name and on its behalf by its President, and its
corporate seal to be hereunto affixed and attested by its Secretary, and the said officers of the Corporation further acknowledged said instrument to be the corporate act of the Corporation, and stated under the penalties of perjury that to the best of their
knowledge, information and belief the matters and facts therein set forth with respect to approval are true in all material respects, all on November 15, 1988.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By <u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Claire V. Hansen<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chairman</font></p>

<p><font size="3" face="Times New Roman">Attest:</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Richard J. Spletzer, Assistant Secretary</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>6
<FILENAME>ex_a4.htm
<TEXT>
<html>
<head>
<title>ex_a4</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.4</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p align="center"><font size="3" face="Times New Roman">Articles Supplementary creating five series of<br />
Remarketed Preferred Stock<a name="ReturnHereAfterFooterUpdate"></a></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC., a Maryland corporation having its principal Maryland office in the City of Baltimore (the "Corporation"), certifies
to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; Pursuant to authority expressly vested in the Board of Directors of the Corporation by article fifth of its Charter, the Board of Directors has
classified its preferred stock and has authorized the issuance of five series of 1,000 shares each of its authorized preferred stock, par value $.001 per share, liquidation preference $100,000 per share, designated respectively:&nbsp; Remarketed Preferred Stock,
Series A; Remarketed Preferred Stock, Series B; Remarketed Preferred Stock, Series C; Remarketed Preferred Stock, Series D; and Remarketed Preferred Stock, Series E.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, of the shares
of such series of preferred stock are as follows:</font></p>

<p align="center"><font size="3" face="Times New Roman">DESIGNATION</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES A:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series A." Each share of Remarketed Preferred Stock, Series A shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be determined by the
Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series A shall constitute a separate series of preferred stock of the Corporation, and each share of Remarked Preferred Stock, Series A shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES B:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but
unpaid&nbsp; dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series B." Each share of Remarketed Preferred Stock, Series B shall be issued on a date to be determined by the Board of Directors of the
Corporation or a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be
determined by the Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary.
The Remarketed Preferred Stock, Series B shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series B shall be identical except as provided in paragraph 4 of Part I of these Articles
Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES C:&nbsp; A series of 1,000 shares of preferred stock, par value of $.001 per share, liquidation preference $100,000 per share plus accumulated but
unpaid dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series C." Each share of Remarketed Preferred Stock, Series C shall be issued on a date to be determined by the Board of Directors of the
Corporation or a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be
determined by the Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary.
The Remarketed Preferred Stock, Series C shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series C shall be identical except as provided in paragraph 4 of Part I of these Articles
Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES D:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series D." Each share of Remarketed Preferred Stock, Series D shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of Part I of these Articles Supplementary) by the Corporation on a date to be determined by the
Board of Directors of the Corporation or a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth on the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series D shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series D shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SERIES E:&nbsp; A series of 1,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any, thereon (whether or not earned or declared), is hereby designated "Remarketed Preferred Stock, Series E." Each share of Remarketed Preferred Stock, Series E shall be issued on a date to be determined by the Board of Directors of the Corporation or
a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of these Articles Supplementary or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 11 of this Part I of these Articles Supplementary) by the Corporation on a date to be determined by
the Board of Directors of the Corporation of a duly authorized committee thereof at a redemption price of $100,000 per share plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared); and have such other preferences,
limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. The Remarketed
Preferred Stock, Series E shall constitute a separate series of preferred stock of the Corporation, and each share of Remarketed Preferred Stock, Series E shall be identical except as provided in paragraph 4 of Part I of these Articles Supplementary.</font></p>

<p align="center"><u><font size="3" face="Times New Roman">PART I.</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. Unless the context or use indicates another or different
meaning or intent, the following terms shall have the following meanings, whether used in the singular or plural:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "'AA' Composite Commercial Paper Rate," on any date, means (i) the Interest Equivalent
of the rate on commercial paper placed for the number of days specified in the succeeding sentence on behalf of issuers whose corporate bonds are rated "AA" by S&amp;P and "Aa" by Moody's, or the equivalent of such rating by another nationally recognized statistical
rating organization, as such rate is made available by the Federal Reserve Bank of New York on a discount basis or otherwise for the Business Day immediately preceding such date, or (ii) if the Federal Reserve Bank of New York does not make available such a rate,
then the arithmetic average of the Interest Equivalent of such rates on commercial paper placed on behalf of such issuers, as quoted on a discount basis or otherwise by the Commercial Paper Dealers to the Remarketing Agent for the close of business on the Business
Day immediately preceding such date. In respect of any Dividend Period (determined without regard to any adjustment in the remarketing schedule in respect of non-Business Days, as provided herein), the "AA" Composite Commercial Paper Rate shall be the Interest
Equivalent of the 60-day rate. If any Commercial Paper Dealer does not quote a rate required to determine the "AA" Composite Commercial Paper Rate, the "AA" Composite Commercial Paper Rate shall be determined on the basis of the quotation or quotations furnished by
the remaining Commercial Paper Dealer or Dealers or, if none of the Commercial Paper Dealers quotes such a rate, by any Substitute Commercial Paper Dealer or Dealers selected by the Corporation to provide such rate or rates not being supplied by any Commercial Paper
Dealer.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Accountant's Confirmation" has the meaning set forth in paragraph 8(a) (iii) of this
Part&nbsp;I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Adviser" means Duff &amp; Phelps Investment Management Co., the Corporation's
investment adviser.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Agent Member" means a designated member of the Securities Depository that will
maintain records for a Beneficial Owner of shares of RP that has identified such Agent Member in its Master Purchaser's Letter and that will be authorized and instructed to disclose information to the Remarketing Agent and the Paying Agent with respect to such
Beneficial Owner.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Dividend Rate" means, with respect to the Initial Dividend Period, the rate
of cash dividend per annum established by the Board of Directors and, for each subsequent Dividend Period, means the rate of cash dividend per annum that (i) except for a Dividend Period commencing during a Non-Payment Period, will be equal to the lower of the rate
of cash dividend per annum that the Remarketing Agent advises results on the Dividend Reset Date preceding the first day of such Dividend Period from implementation of the remarketing procedures set forth in Part II hereof and the Maximum Dividend Rate or (ii) for
each Dividend Period commencing during a Non-Payment Period, will be equal to the Non-Payment Period Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Percentage" has the meaning set forth under "Maximum Dividend Rate"
below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Authorized Newspaper" means a newspaper of general circulation in the English language
generally published on Business Days in The City of New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Beneficial Owner" means a person that has signed a Master Purchaser's Letter and is
listed as the beneficial owner of one or more shares of RP in the records of the Paying Agent or, with respect to any share not registered in the name of the Securities Depository on the stock transfer books of the Corporation, the person in whose name such share is
so registered.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Board of Directors" means the Board of Directors of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Business Day" means a day on which the New York Stock Exchange, Inc. is open for
trading, and is not a day on which banks in The City of New York are authorized or obligated by law to close.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Certificate of Minimum Liquidity" has the meaning set forth in paragraph 8(b) (i) of
this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Charter" means the Articles of Incorporation, as amended, of the Corporation,
including these Articles Supplementary and the Articles Supplementary relating to the Serial RP (if any) on file in the State Department of Assessments and Taxation of the State of Maryland.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Code" means the Internal Revenue Code of 1986, as amended from time to
time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Commercial Paper Dealers" means Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated
("MLPF&amp;S") and such other Commercial Paper Dealer or Dealers as the Corporation may from time to time appoint, or, in lieu of any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Common Stock" means the common stock, par value $.001 per share, of the
Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Conventional Mortgage Pass-Through Certificate" means an instrument publicly issued in
bearer or registered form, that is one of a class or series or by its terms is divisible into a class or series, and that is of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a
medium for investment, evidencing (directly or indirectly) a proportional undivided interest in specified pools of whole loans that are secured by a valid first lien on each mortgagor's fee or leasehold interest in related mortgaged property (except for Permitted Tax
Liens and other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such mortgages or deeds of trust, and standard exceptions and
exclusions in title insurance policies) on one- to four-unit residences (including, without limitation, owner-occupied attached or detached single-unit residences, one- to four-unit primary residences, condominiums, second/vacation homes and non-owner occupied
residences) and with respect to which the Required Documentation is required to be held by a trustee or independent custodian, which mortgage loans are serviced pursuant to servicing agreements with servicers that have either expressed the intention to advance funds
to meet deficiencies (to the extent such servicers reasonably believe such advances are recoverable) or provided for alternative credit enhancement in lieu thereof, and which instruments (a) have been rated AA or better by S&amp;P or Aa or better by Moody's or (b) do
not qualify pursuant to clause (a) above, but the inclusion of which in the Eligible Portfolio Property will not, in and of itself, impair, or cause the RP to fail to retain, the then-current ratings assigned to the RP by the Rating Agencies, as evidenced by letters
to the Corporation to such effect from the Rating Agencies which letters shall be delivered to the Remarketing Agent and the Paying Agent at the time each such Conventional Mortgage Pass-Through Certificate is to be included in the Eligible Portfolio Property;
provided that, a Conventional Mortgage Pass-Through Certificate shall be eligible for inclusion in the Eligible Portfolio Property as of any Valuation Date only if it continues to satisfy as of such Valuation Date the requirements of at least one of clauses (a) or
(b) above, as the Corporation may confirm verbally or in writing, directly or indirectly, or by reference to publications of the Rating Agencies, by confirmation from a nationally recognized securities dealer having a minimum capitalization of $25 million or by such
other means as the Rating Agencies shall approve. The Remarketing Agent and the Paying Agent shall be entitled to rely on the representation of the Corporation contained in the RP Basic Maintenance Report with respect to any Valuation Date that, as of such Valuation
Date, the Corporation has confirmed that the Conventional Mortgage Pass-Through Certificates included in the Corporation's Eligible Portfolio Property are within the scope of this paragraph.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Corporation" means Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation
and the issuer of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Date of Original Issue" means, with respect to any share of RP, the date on which the
Corporation originally issues such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Debt Obligations" has the meaning set forth under "Utility Stocks" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit Securities" means cash, U.S. Government Obligations and Short Term Money
Market Instruments. Except for purposes of determining compliance with the RP Basic Maintenance Amount, each Deposit Security shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of
such Deposit Security but only if payable on or prior to the applicable payment date in advance of which the relevant deposit is made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor" means Discount Factor Supplied by Moody's or Discount Factor supplied
by S&amp;P, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By S&amp;P" means, initially, for any asset held by the
Corporation, the number set forth opposite such type of asset in the following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of
zero):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%">
<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Discounted Factor (1)</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type A Utility Bonds:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">1.80</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type B Utility Bonds:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">1.85</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type A Utility Stocks:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">2.25</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type B Utility Stocks:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">2.35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with fixed<br />
 &nbsp; interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable<br />
 &nbsp; interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; fixed interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; adjustable interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with<br />
 &nbsp; variable interest rates:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through<br />
 &nbsp; Certificates (2):</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.55</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of 90<br />
 &nbsp; days or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 90 days but not more than five<br />
 &nbsp; years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than five years but not more than<br />
 &nbsp; 10 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 10 years but not more than<br />
 &nbsp; 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a<br />
 &nbsp; remaining term to maturity of more<br />
 &nbsp; than 15 years but not more than<br />
 &nbsp; 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market<br />
 &nbsp; Instruments:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>
</table>

<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the case of Eligible Portfolio Property rated by Moody's but not rated by S&amp;P, the Discount Factor Supplied by S&amp;P shall be the Discount Factor determined therefor in writing by S&amp;P. Absent such written
notification, the asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the event such asset is not rated AA or better by S&amp;P, such asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by S&amp;P to maintain its
then-current credit rating of the RP, the Discount Factor Supplied by S&amp;P with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the
Discounted Value of such Eligible Portfolio Property shall be the then-current Discount Factor provided by S&amp;P to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from
time to time the initial Discount Factor Supplied by S&amp;P listed above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by S&amp;P for any asset constituting Eligible
Portfolio Property if the Board of Directors determines and S&amp;P advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect S&amp;P's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By Moody's" means initially, for any asset held by the
Corporation, the number set forth opposite such type of asset in the following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of
zero):</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="80%">
<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Discount Factor (1)</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year<br />
 &nbsp;&nbsp;&nbsp;but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two years<br />
 &nbsp;&nbsp;&nbsp;but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three<br />
 &nbsp;&nbsp;&nbsp;years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four<br />
 &nbsp;&nbsp;&nbsp;years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five<br />
 &nbsp;&nbsp;&nbsp;years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.53</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven<br />
 &nbsp;&nbsp;&nbsp;years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than ten<br />
 &nbsp;&nbsp;&nbsp;years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.69</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15<br />
 &nbsp;&nbsp;&nbsp;years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20<br />
 &nbsp;&nbsp;&nbsp;years but less than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.79</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.24</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year<br />
 &nbsp;&nbsp;&nbsp;but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.31</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two years<br />
 &nbsp;&nbsp;&nbsp;but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three<br />
 &nbsp;&nbsp;&nbsp;years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four<br />
 &nbsp;&nbsp;&nbsp;years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five<br />
 &nbsp;&nbsp;&nbsp;years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven<br />
 &nbsp;&nbsp;&nbsp;years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.70</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than ten<br />
 &nbsp;&nbsp;&nbsp;years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15 years<br />
 &nbsp;&nbsp;&nbsp;but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20 years<br />
 &nbsp;&nbsp;&nbsp;but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.87</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year<br />
 &nbsp;&nbsp;&nbsp;but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two<br />
 &nbsp;&nbsp;&nbsp;years but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three<br />
 &nbsp;&nbsp;&nbsp;years but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four<br />
 &nbsp;&nbsp;&nbsp;years but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five<br />
 &nbsp;&nbsp;&nbsp;years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.67</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven<br />
 &nbsp;&nbsp;&nbsp;years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.77</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than ten<br />
 &nbsp;&nbsp;&nbsp;years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15<br />
 &nbsp;&nbsp;&nbsp;years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20<br />
 &nbsp;&nbsp;&nbsp;years but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.95</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of one year or less:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year<br />
 &nbsp;&nbsp;&nbsp;but not more than two years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two years<br />
 &nbsp;&nbsp;&nbsp;but not more than three years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three years<br />
 &nbsp;&nbsp;&nbsp;but not more than four years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four years<br />
 &nbsp;&nbsp;&nbsp;but not more than five years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five<br />
 &nbsp;&nbsp;&nbsp;years but not more than seven years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.74</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven<br />
 &nbsp;&nbsp;&nbsp;years but not more than ten years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.83</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than ten<br />
 &nbsp;&nbsp;&nbsp;years but not more than 15 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15<br />
 &nbsp;&nbsp;&nbsp;years but not more than 20 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.02</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20<br />
 &nbsp;&nbsp;&nbsp;years but not more than 30 years:</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.03</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility Stocks</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p><u><font size="3" face="Times New Roman">FHLMC or FNMA Certificates</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 Factor<br />
 (Fixed<br />
 Rate<br />
 <u>Mortgages)</u></font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 Factor<br />
 (Adjustable<br />
 Rate<br />
 <u>Mortgages)</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 6% but equal to or greater than 5%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.71</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 7% but equal to or greater than 6%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.66</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 8% but equal to or greater than 7%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 9% but equal to or greater than 8%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 10% but equal to or greater than 9%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.52</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 11% but equal to or greater than 10%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.49</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 12% but equal to or greater than 11%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.45</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 13% but equal to or greater than 12%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.43</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;equal to or greater than 13%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p><u><font size="3" face="Times New Roman">GNMA Certificates</font></u></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 <u>Factor</u></font></p>
</td>
<td valign="top">
<p align="right"><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 6% but equal to or greater than 5%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 7% but equal to or greater than 6%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 8% but equal to or greater than 7%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.52</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 9% but equal to or greater than 8%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.48</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 than 10% but equal to or greater than 9%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.45</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 11% but equal to or greater than 10%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.43</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 12% but equal to or greater than 11%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;than 13% but equal to or greater than 12%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;equal to or greater than 13%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.64</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with variable<br />
 &nbsp;&nbsp;&nbsp;interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities (seasoned):</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through Certificates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(5)</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of up to one year:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.09</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.15</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.41</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;more than 10 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.49</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 10 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.56</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.64</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.65</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market Instruments:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman">_______________________</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the case of Eligible Portfolio Property rated by S&amp;P but not by Moody's, the Discount Factor Supplied by Moody's shall be the Discount Factor Supplied by Moody's applicable to Eligible Portfolio Property with a
corresponding maturity but of the next lower rating category (e.g., a bond rated AAA by S&amp;P but not rated by Moody's shall have a Discount Factor Supplied by Moody's equal to a bond of comparable maturity rated Aa by Moody's).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The applicable Discount Factor set forth under "FHLMC or FNMA Certificates" above.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The same Discount Factor shall apply in the case of GNMA Graduated Payment Securities as applies to GNMA Certificates with fixed interest rates determined at the point the certificates become seasoned.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Discount Factor determined therefor in writing by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(5)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Discount Factor determined therefor in writing by Moody's.&nbsp; In the event such asset is not rated Aa or better by Moody's, such asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by Moody's to maintain its
then-current credit rating of the RP, the Discount Factor Supplied by Moody's with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the
Discounted Value of such Eligible Portfolio Property shall be the then-current discount factor provided by Moody's to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from
time to time the initial Discount Factor Supplied by Moody's listed above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by Moody's for any asset constituting Eligible
Portfolio Property if the Board of Directors determines and Moody's advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect Moody's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discounted Value," with respect to any asset held by the Corporation as of any date,
means the quotient of the Market Value of such asset divided by the applicable Discount Factor Supplied&nbsp; by S&amp;P (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall be zero) or the
quotient of the Market Value of such asset divided by the applicable Discount Factor Supplied by Moody's (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall mean the quotient of the lower of
the Market Value of such asset and the exercise price of such call option divided by the applicable Discount Factor Supplied by Moody's), as the case may be, provided that in no event shall the Discounted Value of any asset constituting Eligible Portfolio Property as
of any date exceed the unpaid principal balance or face amount of such asset as of that date.&nbsp; With respect to the calculation of the Discounted Value of any Utility Bond included in the Corporation's Eligible Portfolio Property, such calculation shall be made
using the criteria set forth in the definitions of Utility Bonds and Market Value.&nbsp; With respect to the calculation of the Discounted Value of any Utility Stock included in the Corporation's Eligible Portfolio Property, such calculation shall be made using the
criteria set forth in the definitions of Utility Stocks and Market Value.&nbsp; With respect to the calculation of the aggregate Discounted Value of the Corporation's Eligible Portfolio Property for comparison with the RP Basic Maintenance Amount, such aggregate
Discounted Value shall be the aggregate Discounted Value calculated using the Discount Factors Supplied by S&amp;P or the aggregate Discounted Value calculated using the Discount Factors Supplied by Moody's whichever aggregate Discounted Value is lower; provided
that, in calculating for such purpose the aggregate Discounted Value of the Corporation's Eligible Portfolio Property using the applicable Discount Factor Supplied by Moody's, the amount of Utility Stocks issued by public utility companies with nuclear facilities
under construction (as determined by the Adviser) which may be included in such calculation shall be limited to five percent of the Market Value of the Corporation's Eligible Portfolio Property.&nbsp; Notwithstanding any other provision of these Articles
Supplementary, any Utility Bond that has a remaining term to maturity of more than 30 years, and any asset as to which there is no Discount Factor Supplied by Moody's or Discount Factor Supplied by S&amp;P either in these Articles Supplementary or in an amendment or
supplement hereof, shall have a Discounted Value for purposes of determining the aggregate Discounted Value of the Corporation's Eligible Portfolio Property calculated using the Discount Factor Supplied by Moody's or S&amp;P, as the case may be, of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Divided Coverage Amount," as of any Valuation Date, means (a) the aggregate amount of
cash dividends that will accumulate on shares of RP to (but not including) the Dividend Payment Date that follows such Valuation Date less (b) the combined value of any Deposit Securities irrevocably deposited by the Corporation for the payment of cash dividends on
the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Coverage Assets," as of any date of determination, means Deposit Securities
with maturity dates not later than the day preceding the next Dividend Payment Date; provided, that, if the applicable date of determination is a Dividend Payment Date, any Deposit Securities to be applied to the dividends payable on the RP on such date shall not be
included in Dividend Coverage Assets.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Payment Date" means the day after the last day of the applicable Dividend
Period; provided that, if any such date shall not be a Business Day, the Dividend Payment Date shall be the Business Day next succeeding such day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Period" means, with respect to any share of RP, the Initial Dividend Period
for such share and thereafter a period which shall commence on each (but not the final) Dividend Payment Date for such share (which, except during a Non-Payment Period, shall be a Settlement Date for such share).&nbsp; Each such subsequent Dividend Period for such
share will comprise, beginning with and including the day upon which it commences, 49 consecutive days (or such other number of consecutive days as are specified by the Board of Directors in the event of a change in law altering the Minimum Holding Period, as
provided herein).&nbsp; Notwithstanding the foregoing, any adjustment of the remarketing schedule by the Remarketing Agent which includes an adjustment of a Settlement Date shall lengthen or shorten the related Dividend Period by causing it to end on and include the
day before the Settlement Date as so adjusted.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Reset Date" means any date on which the Remarketing Agent (i) determines the
Applicable Dividend Rate for the ensuing Dividend Period, (ii) notifies holders, purchasers and tendering holders of shares of RP by telephone, telex or otherwise of the results of the Remarketing and (iii) announces such Applicable Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividends-Received Deduction" means the deduction allowed to corporate holders of
certain preferred stock with respect to dividends received on such stock by Section 243(a)(1) of the Code, or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Eligible Portfolio Property" shall include Utility Bonds, Utility Stocks, cash, U.S.
Government Obligations, Short Term Money Market Instruments, FNMA Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, GNMA Multifamily Securities, GNMA Graduated Payment Securities, Conventional Mortgage Pass-Through Certificates and
any other assets held by the Corporation that has been assigned a Discount Factor by the Rating Agencies and is included within the definition of Eligible Portfolio Property set forth herein or pursuant to an amendment or supplement hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Exchange Date" has the meaning set forth in paragraph 11, of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Exchange Event" has the meaning set forth in paragraph 11 of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC" means the Federal Home Loan Mortgage Corporation created by Title III of the
Emergency Home Finance Act of 1970, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Certificate" means a mortgage participation certificate in physical or
book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or
adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on one- to four-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Multifamily Security" means a "Plan B Multifamily Security" in physical or
book-entry form, the timely payment of interest on and the ultimate collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or
adjustable-rate level payment fully amortizing mortgage loans secure by first-priority mortgages on multi-family residences, the inclusion of which in the Eligible Portfolio Property will not, in and of itself, impair or cause the RP to fail to retain the ratings
assigned to the RP by the Rating Agencies, as evidenced by letters to such effect delivered to the Corporation by the Rating Agencies.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA" means the Federal National Mortgage Association, a United States
Government-sponsored private corporation established pursuant to Title VIII of the Housing and Urban Development Act of 1968, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA Certificate" means a mortgage pass-through certificate in physical or book-entry
form, the full and timely payment of principal of and interest on which is guaranteed by FNMA, and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by
first-priority mortgages on single-family and multi-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA" means the Government National Mortgage Association, and includes any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Certificate" means a fully modified pass-through certificate in physical or
book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans
secured by first-priority mortgages on single-family and multi-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Graduated Payment Security" means a fully modified pass-through certificate in
physical or book-entry form, the full and timely payment of principal of and interest on which is guaranteed by GNMA, which obligation is backed by the full faith and credit of the United States, and which evidences a proportional undivided interest in specified
pools of graduated payment mortgage loans with payments that increase annually at a predetermined rate for up to the first five or ten years of the mortgage loan and that are secured by first-priority mortgages on one- to four-unit residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Holder" means, with respect to any share of RP, unless the context otherwise requires,
the person whose name appears on the stock transfer books of the Corporation as the registered holder of such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Independent Accountant" means a nationally recognized accountant, or firm of
accountants, that is with respect to the Corporation an independent public accountant or firm of independent public accountants under the Securities Act of 1933, as amended.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Initial Dividend Period" means, with respect to any share of RP, the period commencing
on and including the Date of Original Issue of such share and ending on the day prior to the Initial Dividend Payment Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Interest Equivalent" means a yield on a 360-day basis of a discount basis security
which is equal to the yield on an equivalent interest-bearing security.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Market Value" means, initially, the amount determined with respect to specific assets
of the Corporation in the manner set forth below:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as to any Utility Bond, (i) the product of (A) the unpaid principal balance of such Utility Bond as of the
Reporting Date, and (B)(1) if the Utility Bond is traded on a national securities exchange or quoted on the NASDAQ System, the last sales price reported on the date of valuation or (2) if there was no reported sales price on the date of valuation or if the Utility
Bond is not traded on a national securities exchange or quoted on the NASDAQ System, the lower of two bid prices for such Utility Bond provided by two nationally recognized securities dealers with a minimum capitalization of $25 million or by one such securities
dealer and any other source (provided that the utilization of such source would not adversely affect the ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by telecopy, telex, other electronic
transcription, computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian shall be provided to the Paying
Agent and the Remarketing Agent by the Corporation with the related RP Basic Maintenance Report), plus (ii) accrued interest on such Utility Bond, or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of
zero;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as to any Utility Stock, (i) if the Utility Stock is traded on a national securities exchange or quoted on
the NASDAQ System, the last sales price reported on the date of valuation or (ii) if there was no reported sales price on the date of valuation, the lower of two bid prices for such Utility Stock provided by two nationally recognized securities dealers with a minimum
capitalization of $25 million or by one such securities dealer and any other source (provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall
be provided in writing or by telecopy, telex, other electronic transcription, computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes
furnished by such custodian shall be provided to the Remarketing Agent by the Corporation with the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of zero;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the product of (i) as to GNMA Certificates, GNMA Graduated Payment Securities, GNMA Multifamily
Securities, FNMA Certificates, FHLMC Certificates and FHLMC Multifamily Securities, the aggregate unpaid principal amount of the mortgage loans evidenced by each such certificate or security, as the case may be, which may include amounts shown on the most recent
report related to the certificate or security received by the Corporation prior to the Reporting Date, and as to U.S. Government Obligations and Short Term Money Market Instruments (other than demand deposits, federal funds, bankers' acceptances and next Business
Day's repurchase agreements), the face amount or aggregate principal amount of such U.S. Government Obligations or Short Term Money Market Instruments, as the case may be, and (ii) the lower of the bid prices for the same kind of certificates, securities or
instruments, as the case may be, having, as nearly as practicable, comparable interest rates and maturities provided by two nationally recognized securities dealers having minimum capitalization of $25 million or by one such securities dealer and any other source
(provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by telecopy, telex, other electronic transcription,
computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian shall be delivered to the Remarketing Agent with
the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property will have a Market Value of zero;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as to Conventional Mortgage Pass-Through Certificates, the product of (i) the outstanding aggregate
principal balance of the mortgage loans underlying such certificates as determined by the Corporation by any method which the Corporation believes reliable, which may include amounts based on verbal reports of the servicers of the related mortgage loans to the
Corporation, as of the applicable Reporting Date and (ii) the dollar value of the lower of two bid prices per dollar of outstanding principal amount as of such applicable Reporting Date for such certificates, provided by two nationally recognized securities dealers
having minimum capitalization of $25 million or by one such securities dealer and any other source (provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one
of which shall be provided in writing or by telecopy, telex, other electronic transcription, computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of
the bid quotes furnished by such custodian shall be delivered to the Remarketing Agent with the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of zero; and</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as to cash, demand deposits, federal funds, bankers' acceptances and next Business Day's repurchase
agreements included in Short Term Money Market Instruments, the face value thereof.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial method of calculation of the Market Value of
an asset constituting Eligible Portfolio Property described above and the Board of Directors may specify from time to time the method for calculating the Market Value of any asset identified as Eligible Portfolio Property if the Board of Directors of the Corporation
determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Master Purchaser's Letter" means a letter substantially in the form of Appendix B to the
Corporation's prospectus relating to the shares of RP, or such other form as may be approved by the Remarketing Agent, which is required to be executed by each purchaser of shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Maximum Dividend Rate" for any Dividend Period at any Dividend Reset Date shall apply to a
cash dividend, and be the Applicable Percentage of the applicable "AA" Composite Commercial Paper Rate.&nbsp; The Applicable Percentage shall vary with the lower of the credit rating or ratings assigned to the shares of RP by Moody's and S&amp;P (or if Moody's or
S&amp;P or both shall not make such rating available, the equivalent of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies or, in the event that only one such rating shall be available, such rating) on each Dividend Reset
Date as follows:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom">
<p align="center"><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Ratings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><u><font size="3" face="Times New Roman">Applicable Percentage</font></u></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Moody's</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">S&amp;P</font></u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"aa3" or higher</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">AA- or higher</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">110%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"a3" to "a1"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">A- to A+</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">125%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"baa3" to "baa1"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">BBB- to BBB+</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">150%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below "baa3"</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below BBB-</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">200%</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Remarketing Agent shall round each applicable Maximum Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number
ending in five ten-thousandths (0.005) of one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent.&nbsp; The Remarketing Agent shall not round the applicable "AA" Composite Commercial Paper Rate as part of their calculation of any
Maximum Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Holding Period" means 46 days or such other minimum holding period required for
corporate taxpayers to be entitled to the Dividends-Received Deduction as provided in Section 246(c) of the Code or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Liquidity Level is met" means, as of any date of determination, that the aggregate
Market Value of the Dividend Coverage Assets equals or exceeds the Dividend Coverage Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Moody's" means Moody's Investors Service, Inc.; and includes any successor<br />
 thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act" means the Investment Company Act of 1940, as amended from time to
time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "NASDAQ System" has the meaning set forth under "Type I Utility Stocks" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act RP Asset Coverage" means asset coverage, as defined in section 18(h) of the
1940 Act, of at least 200% of the aggregate liquidation preference with respect to all outstanding senior securities of the Corporation which are stock, including all outstanding shares of RP and Other RP (or such other asset coverage as may be specified in or under
the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of paying dividends on its common stock).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act Cure Date," with respect to the failure by the Corporation to maintain the
1940 Act RP Asset Coverage (as required by paragraph 7 of this Part I) as of the last day of each month, means the last Business Day of the following such month.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period" means any period beginning on and including the day on which the
Corporation shall fail to (i) declare, prior to 12:00 noon, New York City time, on the second Business Day preceding any Dividend Payment Date for any shares of RP, for payment on such Dividend Payment Date to the Beneficial Owners of such shares of RP as of 12:00
noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on such shares of RP payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Paying Agent by 12:00
noon, New York City time, (A) on any Dividend Payment Date the full amount of any declared cash dividend (whether or not earned) payable on such Dividend Payment Date or (B) on any redemption date for any shares of RP, the redemption price of such shares of $100,000
per share plus the full amount of any cash dividends thereon (whether or not earned or declared) accumulated but unpaid to such redemption date after a Notice of Redemption with respect to such shares of RP has been given pursuant to paragraph 4(e) of Part I hereof,
and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Beneficial Owners in same-day funds; provided
that a Non-Payment Period shall not end during the first seven days thereof unless the Corporation shall have given at least three days' written notice to the Paying Agent, the Remarketing Agent and the Securities Depository and thereafter shall not end unless the
Corporation shall have given at least fourteen days' written notice to the Paying Agent, the Remarketing Agent, the Securities Depository and all Beneficial Owners.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period Rate" means, initially, 200% of the applicable "AA" Composite
Commercial Paper Rate, provided that the Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors determines and the Rating Agencies advise the Corporation in
writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Notice of Redemption" means any notice with respect to the redemption of shares of RP
pursuant to paragraph 4 of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Other RP" means the remarketed preferred stock of the Corporation, other than the
RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent" means Bankers Trust Company, or any successor company or entity, which
has entered into a Paying Agent Agreement with the Corporation to act for the Corporation, among other things, as the transfer agent, registrar, dividend and redemption price disbursing agent, settlement agent and agent for certain notifications in connection with
the shares of RP in accordance with such agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent Agreement" means an agreement to be entered into between the Corporation
and the Paying Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Permitted Tax Liens" means liens for general and special taxes and assessments on the
property in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Preferred Stock" means the preferred stock of the Corporation, and includes RP and
Other RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Projected Dividend Amount" for the RP and the Other RP shall mean, initially, if the
date of determination is a Valuation Date, the amount of cash dividends, based on the number of shares of RP and the Other RP outstanding on such Valuation Date, projected to accumulate on such shares from such Valuation Date until the 70th day after such Valuation
Date, at the following dividend rates:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> If the Valuation Date is the Date of Original Issue or a Dividend Payment Date (which terms, for purposes
of this definition, shall refer to the equivalent date in the case of Other RP), (i) for the Dividend Period beginning on the Date of Original Issue or such Dividend Payment Date and ending on (but not including) the first following Dividend Payment Date, the
Applicable Dividend Rate (which terms, for purposes of this definition, shall refer to the equivalent date in the case of Other RP) in effect on such Valuation Date, and (ii) for the period beginning on (and including) the first following Dividend Payment Date and
ending on (and including) the 70th day following such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate (which terms, for purposes of this definition, shall refer to the equivalent date in the case of Other RP) on the Date of Original Issue (in
the case of the Date of Original Issue) or (y) the Maximum Dividend Rate as of the last occurring Settlement Date or, in the case of Other RP, the equivalent date (in the case of any Dividend Payment Date); and</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> If such Valuation Date is not the Date of Original Issue or a Dividend Payment Date, (i) for the period
beginning on such Valuation Date and ending on (but not including) the first following Dividend Payment Date, the Applicable Dividend Rate in effect on such Valuation Date, and (ii) for the period beginning on (and including) the first following Dividend Payment Date
and ending on (but not including) the sooner of the second following Dividend Payment Date or the 71st day following such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate on the Date of Original Issue (in the case of a Valuation Date occurring
prior to the first Settlement Date) or (y) the Maximum Dividend Rate on the last occurring Settlement Date or, in the case of Other RP, the equivalent date (in the case of any other Valuation Date) and (iii) for the period, if any, beginning on (and including) the
second following Dividend Payment Date and ending on (but not including) the 71st day following such Valuation Date, the product of 3.20 and the rate specified in clause (x) or (y) above.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the date of determination is not a Valuation Date, then the Projected Dividend Amount on such date of determination shall equal the Projected Dividend
Amount therefor on the immediately preceding Valuation Date, adjusted to reflect any decrease in the number of shares of RP and Other RP outstanding.&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the
initial bases for the calculation of the Projected Dividend Amount if the Board of Directors determines and the Rating Agencies shall have advised the Corporation in writing that such adjustment, modification, alteration or change would not adversely affect their
then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Quarterly Valuation Date" means, for so long as any shares of RP are outstanding, the
last Business Day of March, June, September and December of each year, commencing December 31, 1988, or, if such day is not a Valuation Date, the next preceding Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Rating Agencies" means S&amp;P and Moody's for so long as S&amp;P and Moody's issue
ratings for the RP, and, at such time as S&amp;P and/or Moody's no longer issues a rating for the RP, the Substitute Rating Agency or Substitute Rating Agencies, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing" means each periodic operation of the process for remarketing shares of RP
as described in Part II hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing Agent" means MLPF&amp;S and any additional or successor companies or
entities which have entered into an agreement with the Corporation to carry out the remarketing procedures for the purpose of determining the Applicable Dividend Rates.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Reporting Date," with respect to any price referred to in the definition of the Market
Value of an item of Eligible Portfolio Property, shall mean the date as of which the Market Value of such item of Eligible Portfolio Property is to be determined or, if no such price is available as provided above under "Market Value" for such date, the next closest
prior date as of which such price is so available; provided that, no such price shall be deemed to be available as of a Reporting Date if such price is not available as of a date within five Business Days next preceding the date as of which the determination of such
Market Value is to be made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Required Documentation," with respect to a mortgage loan underlying a Conventional
Mortgage Pass-Through Certificate means:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the mortgage note or other evidence of indebtedness secured by the mortgage endorsed without
recourse in blank or other trustee or other custodian and accompanied by an assignment thereof;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the mortgage, deed of trust, deed to secure debt or similar security instruments encumbering
real property or related documentation, with evidence of recording or filing thereof, in each case accompanied by assignments thereof, executed in blank or to the trustee or other custodian, in recordable form as may be appropriate in the jurisdiction where the
property is located and evidence that such assignment has been recorded in the name of the trustee or other custodian, and such trustee or other custodian receives an opinion of counsel (containing only such exceptions as may be permissible under the indenture or
other agreement pursuant to which the mortgage loan is pledged to the trustee in connection with the related Conventional Mortgage Pass-Through Certificate) to the effect that, notwithstanding that the assignment of the mortgage has not been recorded, the actions
taken with respect to the mortgage loan are sufficient to permit the trustee or other custodian to avail itself of all protection available under applicable law against the claims of any present or future creditors of the issuer, and are sufficient to prevent any
other sale, transfer, assignment, pledge or hypothecation of the mortgage and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the related mortgage note by the issuer from being enforceable, or will create a valid assignment of and a valid and perfected lien
upon and security interest in a mortgage and related mortgage note, which lien and security interest is (except for the trustee's lien securing certain obligations of the issuer to the trustee as provided in the indenture pursuant to which the mortgage loan is
pledged to the trustee in connection with the related Conventional Mortgage Pass-Through Certificate) prior in right to all other security interests therein created or perfected under the Uniform Commercial Code (as in effect in the jurisdiction where the property is
located);</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of mortgage notes covered by private mortgage insurance, evidence that such
mortgage notes are so insured; and</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of the title insurance policy or an opinion or certificate of counsel stating that the
mortgage constitutes a first lien on the premises described in such mortgage (which opinion or certificate may be subject to exceptions for Permitted Tax Liens and other matters to which like properties are commonly subject which neither individually nor in the
aggregate materially interfere with the benefits of the security interest intended to be provided by such mortgage and standard exceptions and exclusions from mortgage title insurance policies).</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Right" has the meaning set forth in paragraph 3(1) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP" means either the Remarketed Preferred Stock, Series A; the Remarketed Preferred
Stock, Series B; the Remarketed Preferred Stock, Series C; the Remarketed Preferred Stock, Series D; or the Remarketed Preferred Stock, Series E.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Amount" means, initially, as of any date, the sum of (i) the
aggregate liquidation preference of the shares of RP outstanding and shares of Other RP outstanding, (ii) to the extent no covered in (i), the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of RP outstanding and shares of Other
RP outstanding, (iii) any Rights due and payable and any equivalent rights to receive cash with respect to Other RP which are due and payable, (iv) the principal amount of the Corporation's loan from the Aid Association for Lutherans then outstanding, (v) an amount
equal to accrued but unpaid interest on the principal amount of the Corporation's loan from the Aid Association For Lutherans then outstanding, (vi) the aggregate principal amount of, and an amount equal to accrued but unpaid interest on, any other then outstanding
indebtedness of the Corporation for money borrowed, (vii) the aggregate Projected Dividend Amount, (viii) redemption premium, if any, and (ix) the greater of $200,000 or an amount equal to projected expenses of the Corporation for the next three month period.&nbsp;
The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial elements comprising the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that
such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Cure Date," with respect to the failure by the Corporation to
maintain the RP Basic Maintenance Amount (as required by paragraph 8 of this Part I) as of each Valuation Date, means the eighth Business Day following such Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Report" means a report signed by the President, the Treasurer,
any Senior Vice President or any Vice President of the Corporation which sets forth, as of the related Valuation Date, the assets of the Corporation, the Market Value and the Discounted Value thereof (seriatum and in the aggregate), and the RP Basic Maintenance
Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P" means Standard &amp; Poor's Corporation, and includes any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Securities Depository" means The Depository Trust Company, a securities depository, or
any successory company or other entity selected by the Corporation for the shares of RP that agrees to follow the procedures required to be followed by such securities depository in connection with the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Service" means the Internal Revenue Service.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Settlement Date" means any date on which (i) a new Dividend Period begins, and (ii)
shares of RP which have been tendered and sold in a Remarketing are delivered through the Securities Depository.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Short Term Money Market Instruments" means the following kinds of instruments, if on
the date of purchase or other acquisition by the Corporation of any such instrument the remaining term to maturity thereof is not more than 30 days:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; demand deposits in, certificates of deposit of, bankers' acceptances issued by, or federal funds sold to,
any depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation (or any successor thereto) or the Federal Savings and Loan Insurance Corporation (or any successor thereto), provided that, at the time of the Corporation's
investment therein, the commercial paper or other unsecured short term debt obligations of such depository institution are rated at least A-1+ by S&amp;P and Prime-1 by Moody's;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; repurchase obligations with respect to a U.S. Government Obligation, FNMA Certificate, FHLMC Certificate
or GNMA Certificate entered into with a depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation (or any successor thereto) or the Federal Savings and Loan Insurance Corporation (or any successor thereto) and the
commercial paper or other unsecured short-term debt obligations of which are rated at least A-1+ by S&amp;P and Prime-1 by Moody's, which must be repurchased within one Business Day from the date such repurchase obligation was entered into; and</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; commercial paper rated at the time of the Corporation's investment therein at least A-1+ by S&amp;P and
Prime-1 by Moody's.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Commercial Paper Dealers" means such Substitute Commercial Paper Dealer or
Dealers as the Corporation may from time to time appoint or, in lieu of any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Rating Agency" and "Substitute Rating Agencies" mean a nationally
recognized statistical rating organization or two nationally recognized statistical rating organizations, respectively, selected by the Corporation to act as the substitute rating agency or substitute rating agencies, as the case may be, to determine the credit
ratings of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender and Dividend Reset" means the process pursuant to which shares of RP may be
tendered or deemed tendered in a Remarketing or held and become subject to the new Applicable Dividend Rate determined by the Remarketing Agency in such Remarketing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender Date" means any date on which (i) each holder of shares of RP must provide to
the Remarketing Agent irrevocable telephonic notice of intent to tender shares of RP in a Remarketing, and (ii) such Remarketing formally commences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Bonds" as of any date means Utility Bonds rated A- or higher by
S&amp;P.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Bonds" as of any date means (a) Utility Bonds held by the Corporation
at such date and continuously since at least September 30, 1988 which are rated from BBB- to BBB+ by S&amp;P or (b) Utility Bonds rated BBB- to BBB+ by S&amp;P provided that the Utility Bonds rated BBB- shall be limited to twenty-five percent of the Market Value of
the Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Bonds" as of any date means Utility Bonds rated Aaa by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type II Utility Bonds" as of any date means Utility Bonds rated Aa3 to Aa1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type III Utility Bonds" as of any date means Utility Bonds rated A3 to A1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type IV Utility Bonds" as of any date means Utility Bonds rated Baa3 to Baa1 by
Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Stocks" as of any date means Utility Stocks which are traded on the New
York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends, and have been issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of A- or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Stocks" as of any date means (a) Utility Stocks which are traded on the
New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends, are held by the Corporation at such date and continuously since at least September 30, 1988 and have been issued by public utility companies having debt
obligations outstanding with implied senior debt ratings from S&amp;P of BBB- to BBB+ or (b) Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends and have been issued by public
utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P from BBB- to BBB+ provided that Utility Stocks issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of
BBB- shall be limited to twenty-five percent of the Market Value of the Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Stocks" as of any date means Utility Stocks which are traded on the New
York Stock Exchange, Inc. or the American Stock Exchange, Inc. or are quoted on the National Association of Securities Dealers Automated Quotation ("NASDAQ") System and have been issued by public utility companies having debt obligations outstanding with senior or
subordinated debt ratings from Moody's of Baa3 or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "U.S. Government Obligations" means direct obligations of the United States, provided
that such direct obligations are entitled to the full faith and credit of the United States and that any such obligations, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for
redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Bonds" means, initially, corporate debt obligations issued by state regulated
public utility companies rated from BBB- to AAA by S&amp;P and from Baa3 to Aaa by Moody's, which corporate debt obligations (a) provide for the periodic payment of interest thereon in cash in U.S. dollars, (b) do not provide for conversion or exchange into equity
capital at any time over their respective lives, (c) have been registered under the Securities Act of 1933, as amended, and (d) have not had notice given in respect thereof that any such corporate debt obligations are the subject of an offer by the issuer thereof of
exchange or tender for cash, securities or any other type of consideration.&nbsp; In addition, so long as the shares of RP are rate by S&amp;P or Moody's, no corporate debt obligation held by the Corporation shall be deemed a Utility Bond (i) if it fails to meet the
criteria in column (1) below or (ii) to the extent (but only to the proportionate extent) the acquisition or holding thereof by the Corporation causes&nbsp; the Corporation to exceed any applicable limitation set forth in column (2) below in the event the shares of
RP are rated by S&amp;P or column (2), (3) or (4) below in the event the shares to RP are rated by Moody's as of any relevant date of determination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in
its sole discretion, the particular Utility Bond(s) and/or portions thereof which shall be deemed to have caused the Corporation to exceed such limitation):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (1)&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p align="center"><u><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (2)&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (3)&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="2" face="Times New Roman">&nbsp;&nbsp;Column (4)&nbsp;&nbsp;</font></u></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="top"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">S&amp;P and<br />
 Moody's Rating of<br />
 Utility Bonds or<br />
 <u>Debt Obligations(1)</u></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">Minimum<br />
 Original<br />
 Issue Size of<br />
 <u>Each Issue(2)</u></font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="bottom">
<p align="center"><font size="2" face="Times New Roman">Maximum Percent<br />
 of Market<br />
 Value of Eligible<br />
 Portfolio Property<br />
 Issued by any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>One Issuer(3)</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">Maximum<br />
 Percent of<br />
 Market Value<br />
 of Corporation's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued by<br />
 Issuers in any<br />
 One Industry<br />
 &nbsp;<u>Category(4)</u>&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">Maximum<br />
 Percent<br />
 of Market<br />
 Value<br />
 of Corporation's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued<br />
 by Issuers<br />
 Regulated by<br />
 <u>any One State(5)</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="1" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">($ in millions)</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">S&amp;P</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">Moody's</font></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AAA; Aaa................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AA; Aa.....................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">60.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">A; A..........................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">BBB; Baa..................</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">5.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">7.0</font></p>
</td>
</tr>
</table>

<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Rating designations include (+) or (-) modifiers to the S&amp;P rating where appropriate.&nbsp; Rating designations include modifiers of 1 to 3 to the Moody's rating where appropriate.</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">This restriction is applicable only to Utility Bonds.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The referenced S&amp;P percentages represent maximum percentages only for the related S&amp;P rating category.&nbsp; The referenced Moody's percentages represent maximum cumulative totals only for the Moody's rating category
and each lower Moody's rating category.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The referenced percentages represent maximum cumulative totals only for the related Moody's rating category and each lower Moody's rating category.&nbsp; There are two industry categories-- telecommunications and all other
utilities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(5)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Referenced percentages represent maximum cumulative totals only for the related Moody's and each lower Moody's rating category.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the characteristics thereof) included
initially within the definition of Utility Bonds for purposes of determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration
or change will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Stocks" means, initially, common stocks issued by state regulated public
utility companies having debt obligations outstanding with senior debt ratings of BBB to AAA from S&amp;P or subordinated debt ratings of BBB- to AAA from S&amp;P and senior or subordinated debt ratings of Baa3 to Aaa from Moody's, which debt obligations have been
registered under the Securities Act of 1933, as amended ("Debt Obligations").&nbsp; In addition, so long as the shares of RP are rated by S&amp;P or Moody's, no common stock held by the Corporation shall be deemed a Utility Stock to the extent (but only to the
proportionate extent) the acquisition or holding thereof by the Corporation causes the Corporation to exceed any applicable limitation set forth in column (2) of the table set forth in "Utility Bonds" above in the event the shares of RP are rated by S&amp;P or column
(2), (3) or (4) of such table in the event the shares of RP are rated by Moody's as of any relevant date of a termination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in its sole discretion, the
particular Utility Stock(s) and/or portions thereof which shall be deemed to have caused the Corporation to exceed such limitation).&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the
characteristics thereof) initially included within the definition of Utility Stocks for purposes of determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such
adjustment, modification, alteration or change will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Valuation Date" means (i) the fifteenth day of each month or, if such day is not a
Business Day, the next succeeding Business Day, and (ii) the last Business Day of each month (or, in the case of the first Valuation Date, a date selected by the Corporation within fifteen days after the Original Issue Date).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Voting Period" has the meaning set forth in paragraph 6(b) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fractional Shares</u>.&nbsp; No fractional shares of RP shall be issued or recognized
by the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividends</u>.&nbsp; (a)&nbsp; The Holders as of 12:00 noon, New York City time, on the
Business Day preceding the applicable Dividend Payment Dates, shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds legally available transfer, cumulative dividends each consisting of (i) cash at the Applicable Dividend Rate
and (ii) a Right to receive cash determined as set forth in paragraph 3(1) below and payable as set forth therein.&nbsp; The Board of Directors shall designate, in accordance with the applicable provisions of the Code, the cash dividends on the shares of RP so
declared and paid or payable and on the shares of Other RP declared and payable for any fiscal year as qualifying for the Dividends-Received Deduction in an amount equal to the lesser of (i) the amount of the Corporation's income for such fiscal year which qualifies
for the Dividends-Received Deduction, or (ii) the amount of such cash dividends.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on
shares of RP shall accumulate from their Date of Original Issue and will be payable, when, as and if declared by the Board of Directors, on each Dividend Payment Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each declared
dividend, including each Right, shall be payable on the applicable Dividend Payment Date to the Holder or Holders of such shares of RP as set forth in paragraph 3(a).&nbsp; Dividends on any share in arrears for any past Dividend Payment Date may be declared and paid
at any time, without reference to any regular Dividend Payment Date, to the Holder of such share on a date not exceeding five Business Days preceding the payment date thereof, as may be fixed by the Board of Directors.&nbsp; Any dividend payment made on any share of
RP shall first be credited against the earliest dividends accumulated but unpaid (whether or not earned) with respect to such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither Holders
nor Beneficial Owners of shares of RP shall be entitled to any dividends on the shares of RP, whether payable in cash, property or stock, in excess of full cumulative dividends (including Rights) thereon.&nbsp; Except as provided in paragraph 3(h) or 3(l) of this
Part I, neither Holders nor Beneficial Owners of shares of RP shall be entitled to any interest, or other additional amount, on any dividend payment (including Rights) on any share of RP which may be in arrears.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
otherwise provided herein, the Applicable Dividend Rate on each share of RP for each Dividend Period with respect to such share shall be equal to the rate per annum that results from implementation of the remarketing procedures described in Part II hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of
cash dividends for shares of RP payable (if declared) on each Dividend Payment Date shall be computed by the Corporation by multiplying the Applicable Dividend Rate in effect with respect to cash dividends payable on such share on such Dividend Payment Date by a
fraction the numerator of which shall be the number of days such share was outstanding from and including its Date of Original Issue or the preceding Dividend Payment Date on which a cash dividend was paid, as the case may be, to and including the last day of such
Dividend Period, and the denominator of which shall be 360, and then multiplying the percentage so obtained by $100,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No later than by
12:00 noon, New York City time, on each Dividend Payment Date, the Corporation shall deposit in same-day funds with the Paying Agent the full amount of any dividend declared and payable on such Dividend Payment Date on any share of RP.&nbsp; For the purposes of the
foregoing, payment in New York Clearing House (next-day) funds at any time on any Business Day shall be considered equivalent to payment in same-day funds on the next Business Day at the same time, and any payment made after 12:00 noon, New York City time, on any
Business Day shall be considered to have been made instead in the form of funds before 12:00 noon, New York City time, on the next Business Day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Applicable
Dividend Rate for each Dividend Period commencing during a Non-Payment Period shall be equal to the Non-Payment Period Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; So long as any
shares of RP are outstanding, the Corporation shall not, subject to the requirements of the 1940 Act and Maryland law, without the affirmative vote or consent of the holders of at least two-thirds of the votes of the shares of RP outstanding at the time, given in
person or by proxy, either in writing or at a meeting (voting separately as one class):&nbsp; (a) authorize, create or issue, or increase the authorized or issued amount, of any class or series of stock ranking prior to the RP with respect to payment of dividends or
the distribution of assets on liquidation, or (b) amend, alter or repeal the provisions of the Corporation's Charter including these Articles Supplementary, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference,
privilege or voting power of such shares of RP or the Holders thereof; provided that, any increase in the amount of the authorized RP or the creation and issuance of other series of Preferred Stock, or any increase in the amount of authorized shares of such series or
of any other series remarketed preferred stock, in each case ranking on a parity with or junior to the RP, will not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers unless such issuance would cause the Corporation not
to satisfy the 1940 Act RP Asset Coverage or the RP Basic Maintenance Amount.&nbsp; Unless a higher percentage is provided for under the Charter, the affirmative vote of the holders of a majority of the outstanding shares of Preferred Stock, including RP, voting
together as a single class, will be required to approve any plan of reorganization adversely affecting such shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act.&nbsp; The class vote of holders of shares of Preferred Stock,
including RP, described above will in each case be in addition to a separate vote of the requisite percentage of shares of Common Stock and shares of Preferred Stock, including RP, necessary to authorize the action in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be
effected, all outstanding shares of RP shall have been redeemed or called for redemption and sufficient funds shall have been deposited in trust to effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except during a
Non-Payment Period, by 1:00&nbsp;p.m. on the Tender Date at the end of the Initial Dividend Period and by 1:00&nbsp;p.m. on the Tender Date at the end of each subsequent Dividend Period, the Beneficial Owner of a share of RP may elect to tender such share or to hold
such share for the next Dividend Period.&nbsp; If the Beneficial Owner of such share of PR fails to elect to tender or hold such share by 1:00&nbsp;p.m. on such Tender Date, such Beneficial Owner shall continue to hold such share at the Applicable Dividend Rate
determined in such Remarketing for the next Dividend Period; provided that, if there is no Remarketing Agent, the Remarketing Agent does not conduct a Remarketing or the Remarketing Agent is unable to remarket in such Remarketing all shares of RP tendered to it at a
price of $100,000 per share, then such Beneficial Owner shall hold such share for the next Dividend Period and the Applicable Dividend Rate therefor shall be the Maximum Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of a
change in law altering the Minimum Holding Period, the Board of Directors may increase or decrease the period of time between Dividend Payment Dates so as to adjust uniformly the number of days in any Dividend Period commencing after the date of such change in law to
equal or exceed the then current Minimum Holding Period; provided that, the number of days for any Dividend Period as so adjusted shall not exceed 98 and shall be evenly divisible by seven (except as required from time to time by adjustments in the remarketing
schedule as provided herein).&nbsp; Upon any such adjustment by the Board of Directors, the Corporation shall notify the Remarketing Agent and the Paying Agent, and the Paying Agent shall in turn notify the Securities Depository, of such adjustment; provided that,
during a Non-Payment Period, the Corporation also shall notify the Beneficial Owners of shares of RP directly of such adjustment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each dividend
shall consist of (i)&nbsp;cash at the Applicable Dividend Rate and (ii)&nbsp;a right (a "Right") to receive cash (as determined below).&nbsp; Each Right shall thereafter be independent of the share or shares of RP on which the dividend was paid.&nbsp; The Corporation
shall cause to be maintained a record of each Right received by the respective Holders.&nbsp; The Corporation shall not be required to recognize any transfer of a Right.&nbsp; If all or any part of the cash dividends on the shares of RP during any fiscal year does
not qualify for the Dividends-Received Deduction ("Nonqualifying Distributions") because (i)&nbsp;the Corporation does not have income for such fiscal year eligible for the Dividends-Received Deduction at least equal to the dividends paid on the RP and the Other RP
for such year, or (ii)&nbsp;the Corporation does not properly designate dividends on the RP as being eligible for the Dividends-Received Deduction, the applicable Rights shall entitle the holders thereof ("Right Holders") to additional cash (as set forth below), and
the Corporation will, within 270 days after the end of such fiscal year, provide notice thereof to the Paying Agent.&nbsp; The Paying Agent will mail a copy of such notice to each Right Holder at the address specified in such Right Holder's Master Purchaser's Letter
as promptly as practicable after its receipt of such notice from the Corporation.&nbsp; The Corporation will within 30 days after such notice is given to the Paying Agent pay to the Paying Agent (who will then distribute to Right Holders), out of funds legally
available therefor, cash in satisfaction of the applicable Rights in an amount specified below with respect to all Nonqualifying Distributions made during such fiscal year.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash payable pursuant to a Right shall be paid to the Right Holder thereof in an amount which, when taken together with the aggregate Nonqualifying
Distributions paid to such Right Holder during any fiscal year, would cause such Right Holder's net yield in dollars (after Federal income tax consequences) from the aggregate of both the Nonqualifying Distributions and the cash receivable pursuant to such Right to
be equal to the net yield in dollars (after Federal income tax consequences) which would have been received by such Right Holder if the amount of the aggregate Nonqualifying Distributions would have qualified for the Dividends-Received Deduction in the hands of such
Right Holder.&nbsp; Such cash receivable on such Right shall be calculated without consideration being given to the time value of money and using the applicable maximum marginal corporate Federal tax rate in effect at the time such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation may estimate the amount payable in respect of any Right and pay all or any portion of such estimated amount prior to the end of the fiscal year
in which such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, for any fiscal year, all cash dividends paid at the Applicable Dividend Rate on the shares of RP are eligible in full for the Dividends-Received Deduction,
then the amount payable to holders of Rights applicable to that year shall be zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Redemption</u>.&nbsp; Shares of RP shall be redeemable by the Corporation as provided
below:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted under the 1940 Act and Maryland law, the Corporation at its option, upon giving a Notice of
Redemption, may redeem shares of RP, in whole or in part, on the next succeeding scheduled Dividend Payment Date, out of funds legally available therefor, at a redemption price equal to $100,000 per share plus an amount equal to cash dividends thereon (whether or not
earned or declared) accumulated but unpaid to the date fixed for redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation shall redeem, out of funds legally available therefor, at a redemption price of $100,000 per share
plus an amount equal to cash dividends thereon (whether or not earned or declared) accumulated but unpaid to the date of redemption, shares of RP to the extent permitted under the 1940 Act and Maryland law, on a date fixed by the Board of Directors, if the
Corporation fails to maintain the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage and such failure is not cured on or before the RP Basic Maintenance Cure Date or the 1940 Act Cure Date (herein referred to respectively as the "Cure Date"), as the case
may be.&nbsp; The number of shares to be redeemed shall be equal to the lesser of (i)&nbsp;the minimum number of shares of RP the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Cure Date, together with all shares
of other Preferred Stock subject to redemption or retirement, would result in the satisfaction of the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no such minimum number of shares the
redemption of which would have such result, all shares of RP then outstanding shall be redeemed), and (ii)&nbsp;the maximum number of shares of RP that can be redeemed out of funds expected to be legally available therefor on such redemption date.&nbsp; In
determining the number of shares of RP required to be redeemed in accordance with the foregoing, the Corporation shall locate the amount required to achieve the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, pro rata among the RP
and the Other RP.&nbsp; The Corporation shall effect such redemption not later than 41 days after such Cure Date, except that if the Corporation does not have funds legally available for the redemption of all of the required number of shares of RP which are subject
to mandatory redemption or the Corporation otherwise is unable to effect such redemption on or prior to such Cure Date, the Corporation shall redeem those shares of RP which it was unable to redeem on the earliest practicable date on which it is able to effect such
redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to paragraph 4(d) of this Part&nbsp;I, if fewer than all the outstanding shares of RP are to be redeemed
pursuant to this paragraph 4, the number of shares of RP so to be redeemed shall be a whole number of shares and shall be determined by the Board of Directors, and the Corporation shall give a Notice of Redemption as provided in paragraph 4(e) of this
Part&nbsp;I.&nbsp; Unless certificates representing shares of RP are held by Holders other than the Securities Depository or its nominee, the Securities Depository, upon receipt of such notice, shall determine by lot the number of shares of RP to be redeemed from the
account of each Agent Member (which may include an Agent Member holding shares for its own account, including the Remarketing Agent) and notify the Paying Agent of such determination.&nbsp; The Paying Agent, upon receipt of such notice, shall in turn determine by lot
the number of shares of RP to be redeemed from the accounts of the Beneficial Owners of the shares of RP whose Agent Members have been selected by the Securities Depository and give notice of such determination to the Remarketing Agent.&nbsp; In doing so, the Paying
Agent may determine that shares of RP shall be redeemed from the accounts of some Beneficial Owners, which may include the Remarketing Agent, without shares of RP being redeemed from the accounts of other Beneficial Owners.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding paragraph 4(c) of this Part&nbsp;I, if certificates representing shares of RP are held by Holders
other than the Securities Depository or its nominee, then the number of shares of RP to be redeemed shall be determined by the Board of Directors and the shares to be redeemed shall be selected by the Corporation by lot.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Notice of Redemption shall be given by the Corporation to the Paying Agent, the Securities Depository (and any
other Holder) and the Remarketing Agent, by telephone, not later than 3:00&nbsp;p.m., New York City time (and later confirmed in writing) on (A) in the case of optional redemption pursuant to paragraph&nbsp;4(a) of this Part&nbsp;I (i)&nbsp;the Settlement Date in the
case of a partial redemption of the shares of RP, (ii)&nbsp;the Tender Date in the case of a redemption in whole of the shares of RP or (iii)&nbsp;during a Non-Payment Period, the later of the Dividend Payment Date and the seventh day, in each case prior to the
earliest date upon which any such redemption shall occur and (B)&nbsp;in the case of mandatory redemption pursuant to paragraph&nbsp;4(b) of this Part&nbsp;I, on the fifth Business Day prior to the redemption date.&nbsp; In the case of a partial redemption of the
shares of PR, the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP called for redemption not later than the close of business on the Business Day on which the Paying Agent determines the shares to be
redeemed, as described in paragraph&nbsp;4(c) if this Part&nbsp;I (or, during a Non-Payment Period, not later than the close of business on the Business Day immediately following the day on which the Paying Agent receives a Notice of Redemption from the
Corporation).&nbsp; In the case of a redemption in whole of the shares of RP, the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner not later than the close of business on the Business Day immediately following the day on
which it receives a Notice of Redemption from the Corporation.&nbsp; In any case described in clause (i) or (iii) of the first sentence of this paragraph 4(e), such telephonic notice shall be confirmed promptly in writing not later than the close of business on the
third Business Day preceding the redemption date by notice sent by the Paying Agent to each Beneficial Owner of shares of RP called for redemption, the Remarketing Agent and the Securities Depository.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every Notice of Redemption and other redemption notice shall state:&nbsp; (i)&nbsp;the redemption date; (ii)&nbsp;the
number of shares of RP to be redeemed; (iii)&nbsp;the redemption price; (iv)&nbsp;that dividends on the shares of RP to be redeemed shall cease to accumulate as of such redemption date; and (v)&nbsp;the provision pursuant to which such shares are being
redeemed.&nbsp; In addition, notice of redemption given to a Beneficial Owner shall state the CUSIP number, if any, of the shares of RP to be redeemed and the manner in which the Beneficial Owners of such shares may obtain payment of the redemption price.&nbsp; No
defect in the Notice of Redemption or other redemption notice or in the transmittal or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.&nbsp; The Paying Agent shall use its reasonable efforts to cause
the publication of a redemption notice in an Authorized Newspaper within two Business Days of the date of the Notice of Redemption, but failure so to publish such notification shall not affect the validity or effectiveness of any such redemption proceedings.&nbsp;
Shares of RP the Beneficial Owners of which shall have been given Notice of Redemption shall not be subject to transfer outside a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On any redemption date, the Corporation shall deposit, irrevocably in trust, in same-day funds, with the Paying Agent,
by 12:00 noon, New York City time, the price to be paid on such redemption date of any shares of RP plus an amount equal to cash dividends thereon accumulated but unpaid to such redemption date (whether or not earned or declared).&nbsp; For the purposes of the
foregoing, payment in New York Clearing House (next-day) funds at any time on any Business Day shall be considered equivalent to payment in same-day funds on the next Business Day at the same time, and any payment made after 12:00 noon, New York City time, on any
Business Day shall be considered to have been made instead in the same form of funds before 12:00 noon, New York City time, on the next Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with any redemption, upon the giving of a Notice of Redemption and the deposit of the funds necessary
for such redemption with the Paying Agent in accordance with this paragraph&nbsp;4, all rights of the Holders of shares of RP so called for redemption shall cease and terminate, except the right of the Holders thereof to receive the redemption price thereof,
inclusive of an amount equal to cash dividends (whether or not earned or declared) accumulated but unpaid to the redemption date but without any interest or other additional amount (except as provided in paragraph 3(h) or 3(l) of this Part&nbsp;I), and such shares
shall no longer be deemed outstanding for any purpose.&nbsp; The Corporation shall be entitled to receive from the Paying Agent, promptly after the date fixed for redemption, any cash deposited with the Paying Agent as aforesaid in excess of the sum of (i)&nbsp;the
aggregate redemption price of the shares of RP called for redemption on such date and (ii)&nbsp;all other amounts to which Holders of shares of RP called for redemption may be entitled.&nbsp; Any funds so deposited with the Paying Agent which are unclaimed at the end
of ninety days from such redemption date shall, to the extent permitted by law, be repaid to the Corporation, after which time the Holders of shares of RP so called for redemption shall look only to the Corporation for payment of the redemption price and all other
amounts to which they may be entitled.&nbsp; The Corporation shall be entitled to receive, from time to time after the date fixed for redemption, any interest on the funds so deposited.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that any redemption for which Notice of Redemption has been given is not made by reason of the absence
of legally available funds therefor, such redemption shall be made as soon as practicable to the extent such funds become available.&nbsp; Failure to redeem shares of RP shall be deemed to exist at any time after the date specified for redemption in a Notice of
Redemption when the Corporation shall have failed, for any reason whatsoever, to deposit funds with the Paying Agent pursuant to paragraph 4(g) of this Part&nbsp;I with respect to any shares for which such Notice of Redemption has been given.&nbsp; Notwithstanding
the fact that the Corporation shall not have redeemed shares of RP for which a Notice of Redemption has been given, dividends may be declared and paid on shares of RP and shall include those shares of RP for which a Notice of Redemption has been given.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, (i)&nbsp;no share of RP may be redeemed pursuant to paragraph&nbsp;4(a) of this
Part&nbsp;I unless the full amount of accumulated but unpaid cash dividends to the date fixed for redemption for each such share of RP called for redemption shall have been declared, and (ii)&nbsp;no share of RP may be redeemed unless all outstanding shares of RP are
simultaneously redeemed, nor may any shares of RP be purchased or otherwise acquired by the Corporation except in accordance with a purchase offer made on substantially equivalent terms by the Corporation for all outstanding shares of RP, unless, in each such
instance, cash dividends on all outstanding shares of RP through the end of their most recently ended Dividend Period (or, if such transaction is on a Dividend Payment Date, through the Dividend Period ending on the day prior to such Dividend Payment Date) shall have
been paid or declared and sufficient funds for the payment thereof deposited with the Payment Agent.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as set forth in this paragraph&nbsp;4 with respect to redemptions and subject to paragraph&nbsp;4(j) hereof,
nothing contained herein shall limit any legal right of the Corporation or any affiliate to purchase or otherwise acquire any share of RP at any price.&nbsp; Any shares of RP which have been redeemed, purchased or otherwise acquired by the Corporation or any
affiliate thereof may be resold.&nbsp; In lieu of redeeming shares called for redemption, the Corporation shall have the right to arrange for other purchasers to purchase from Beneficial Owners all shares of RP to be redeemed pursuant to this paragraph&nbsp;4 by
their paying to such Beneficial Owners on or before the close of business on the redemption date an amount equal to not less than the redemption price payable by the Corporation on the redemption of such shares, and the obligation of the Corporation to pay such
redemption price shall be satisfied and discharged to the extent such payment is so made by such purchasers.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any of the foregoing provisions of this paragraph&nbsp;4, the Remarketing Agent may, in its sole
discretion modify the procedures set forth above with respect to notification of redemption, provided that, any such modification does not adversely affect any Holder or Beneficial Owner of shares of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Liquidation</u>.&nbsp; (a)&nbsp; Upon a liquidation, dissolution or winding up of the
affairs of the Corporation, whether voluntary or involuntary, the Holders shall be entitled, whether from capital or surplus, before any assets of the Corporation shall be distributed among or paid over to holders of Common Stock or any other class or series of stock
of the Corporation junior to the RP as to liquidation payments, to be paid the amount of $100,000 per share of RP, plus an amount equal to all accumulated but unpaid dividends thereon (whether or not earned or declared) to and including the date of final
distribution.&nbsp; After any such payment, the Holders shall not be entitled to any further participation in any distribution of assets of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation shall be
insufficient to make such full payments to the Holders and the holders of any Preferred Stock ranking as to liquidation, dissolution or winding up on a parity with the RP, then such assets shall be distributed among the Holders and such parity holders ratably in
accordance with the respective amounts which would be payable on such shares of RP and any other such Preferred Stock if all amounts thereon where paid in full.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the consolidation nor the merger of the Corporation with or into any corporation or corporations nor a
reorganization of the Corporation alone nor the sale or transfer by the Corporation of all or substantially all of its assets shall be deemed to be a dissolution or liquidation of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>.&nbsp; (a)&nbsp; <u>General</u>.&nbsp; Each Holder of shares of RP
shall be entitled to one vote for each share held on each matter submitted to a vote of stockholders of the Corporation and, except as otherwise provided in the 1940 Act, the Charter or the Bylaws or as described below, the holders of shares of Preferred Stock,
including RP, and of shares of Common Stock shall vote together as one class.&nbsp; Prior to the issuance of any RP, the Board of Directors by resolution shall designate two existing directors representing holders of Preferred Stock.&nbsp; At the first meeting of
stockholders for which the record date is a date on which shares of Preferred Stock are outstanding, the holders of Preferred Stock entitled to vote at such meeting shall have the right as a class, to the exclusion of the holders of the common stock, to elect two
directors of the Corporation who shall serve for the unexpired terms of the directors originally designated by the Board of Directors as directors representing holders of Preferred Stock; except that, if such meeting is an annual meeting of stockholders at which the
term of one of such designated directors expires, the director so elected to succeed the designated director shall be elected for a term expiring at the time of the third succeeding annual meeting of stockholders, or thereafter when his successor is elected and
qualified.&nbsp; Thereafter, the holders of Preferred Stock shall have the right as a class, to the exclusion of the holders of the common stock, to elect directors to succeed either of the directors representing the Preferred Stock whose terms are expiring or whose
seats on the Board of Directors are vacant.&nbsp; Subject to paragraph&nbsp;6(b) hereof, the holders of a majority of the shares of Common Stock shall elect the balance of the directors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Elect Majority of Board of Directors</u>.&nbsp; During any period in which any one or more of the
conditions described below shall exist (such period being referred to herein as a "Voting Period"), the number of directors constituting the Board of Directors shall be automatically increased by the smallest number that, when added to the number of directors then
constituting the Board of Directors, shall (together with the two directors elected by the holders of Preferred Stock, including RP, pursuant to paragraph&nbsp;6(a)) constitute a majority of such increased number, and the holders of a majority of Preferred Stock,
including RP, shall be entitled, voting as a single class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of capital stock of the Corporation), to elect the smallest number of additional directors of the Corporation
that shall constitute a majority of the total number of directors of the Corporation so increased.&nbsp; A Voting Period shall commence if at the close of business on any Dividend Payment Date accumulated dividends (whether or not earned or declared, and whether or
not funds are then legally available in an amount sufficient therefor) on the outstanding shares of RP equal to at least two full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Paying Agent
for the payment of such accumulated dividends.&nbsp; Upon the termination of a Voting Period, the voting rights described in this paragraph&nbsp;6(b) shall cease, subject always, however, to the revesting of such voting rights in the holders of Preferred Stock,
including RP, upon the further occurrence of any of the events described in this paragraph&nbsp;6(b).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Procedures</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; As soon as practicable after the accrual of any right of the holders
of Preferred Stock, including RP, to elect a majority of directors, the Corporation shall notify the Paying Agent and Paying Agent shall call a special meeting of the holders of Preferred Stock, including RP, and shall mail a notice of such special meeting to such
holders not less than 10 nor more than 20 days after the date of mailing of such notice.&nbsp; If the Corporation fails to send such notice to the Paying Agent or if the Paying Agent does not call such a special meeting, it may be called by any holder of Preferred
Stock, including RP, on like notice.&nbsp; The record date for determining the holders of Preferred Stock, including RP, entitled to notice of and to vote at such special meeting shall be the close of business on the fifth Business Day preceding the day on which such
notice is mailed.&nbsp; At any such special meeting and at each meeting held during a Voting Period, the holders of Preferred Stock, including RP, voting together as a class (to the exclusion of the holders of all other securities and classes of capital stock of the
Corporation), shall be entitled to elect the number of directors prescribed in paragraph&nbsp;6(b) above on a one-vote-per-share basis.&nbsp; At any such meeting or adjournment thereof in the absence of a quorum, a majority of the holders of Preferred Stock,
including RP, present in person or by proxy, shall have the power to adjourn the meeting without notice, other than an announcement at the meeting, until a quorum is present; provided, however, that no such meeting may be adjourned to a date more than 120 days from
the original record date without notice.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; For purposes of determining any rights of the Holders to vote on any
matter, whether such right is created by these Articles Supplementary, by statute or otherwise, no Holder shall be entitled to vote and no share of RP shall be deemed to be "outstanding" for the purpose of voting or determining the number of shares required to
constitute a quorum, if, prior to or concurrently with the time of determination of shares entitled to vote or shares deemed outstanding for quorum purposes, as the case may be, sufficient funds for the redemption of such shares have been deposited in trust with the
Paying Agent for that purpose and the requisite Notice of Redemption with respect to such shares shall have been given as provided in paragraph 4 of this Part&nbsp;I.&nbsp; No share of RP held by the Corporation or any affiliate of the Corporation shall have any
voting rights or be deemed to be outstanding for voting purposes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)</font>&nbsp; The terms of office of all persons who are directors of the
Corporation at the time of a special meeting of holders of Preferred Stock, including RP, to elect directors shall continue, notwithstanding the election at such meeting by such holders of the number of directors that they are entitled to elect, and the persons so
elected by such holders, together with the incumbent directors elected by the holders of the Common Stock, shall constitute the duly elected directors of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)</font>&nbsp; Simultaneously with the expiration of a Voting Period, the terms of
office of the additional directors elected by the holders of Preferred Stock, including RP, shall terminate, the incumbent directors who shall have been elected by the holders of the Common Stock (or by the Board of Directors at a time which was not during a Voting
Period) and the two incumbent directors the holders of Preferred Stock, including RP, have the right to elect in any event shall constitute the directors of the Corporation and the voting rights of such holders to elect additional directors shall cease.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)</font>&nbsp; The directors elected by the holders of Preferred Stock, including RP,
shall (subject to the provisions of any applicable law) be subject to removal only by the vote of the holders of a majority of the shares of Preferred Stock, including RP, outstanding.&nbsp; Any vacancy on the Board of Directors occurring by reason of such removal or
otherwise may be filled only by vote of the holders of at least a majority of shares of Preferred Stock, including RP, outstanding, and if not so filled such vacancy shall (subject to the provisions of any applicable law) be filled by a majority of the remaining
directors (or the remaining director) who were elected by such holders.&nbsp; Any other vacancy on the Board of Directors during a Voting Period shall be filled by a vote of the holder or holders of Common Stock.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exclusive Remedy</u>.&nbsp; Unless otherwise required by law, the Holders of shares of RP shall not have any
relative rights or preferences or other special rights other than those specifically set forth herein.&nbsp; The Holders of shares of RP shall have no preemptive rights.&nbsp; In the event that the Corporation fails to pay any dividends on the shares of RP, the
exclusive remedy of the Holders shall be the right to vote for directors pursuant to the provisions of this paragraph&nbsp;6.&nbsp; In no event shall the Holders of shares of RP have any right to sue for, or bring a proceeding with respect to, such dividends or
redemptions or damages for the failure to receive the same.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1940 Act RP Asset Coverage</u>.&nbsp; The Corporation shall maintain, as of the last
Business Day of each month in which any share of RP is outstanding, the 1940 Act RP Asset Coverage.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Asset and Liquidity Coverage</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>RP Basic Maintenance Amount</u>.&nbsp; (i)&nbsp; The Corporation shall maintain, on each Valuation Date, Eligible
Portfolio Property having an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; On
or before 5:00&nbsp;p.m., New York City time, on the third Business Day after each Valuation Date, the Corporation shall complete and deliver to the Remarketing Agent and the Paying Agent an RP Basic Maintenance Report, which will be deemed to have been delivered to
the Remarketing Agent and the Paying Agent if the Remarketing Agent and the Paying Agent receive a copy or telecopy, telex or other electronic transcription thereof and on the same day the Corporation mails to the Remarketing Agent and the Paying Agent for delivery
on the next Business Day the full RP Basic Maintenance Report.&nbsp; A failure by the Corporation to deliver an RP Basic Maintenance Report under this paragraph&nbsp;8(a)(ii) without the prior consent of the Remarketing Agent and the Paying Agent shall be deemed to
be delivery of an RP Basic Maintenance Report indicating the Discounted Value for all assets of the Corporation is less than the RP Basic Maintenance Amount, as of the relevant Valuation Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)</font>&nbsp;
Within ten Business Days after the date of delivery to the Remarketing Agent and the Paying Agent of an RP Basic Maintenance Report in accordance with paragraph&nbsp;8(a)(ii) above relating to a Quarterly Valuation Date, the Independent Accountant will confirm in
writing to the Remarketing Agent and the Paying Agent (A) the mathematical accuracy of the calculations reflected in such Report, (B)&nbsp;that, in such Report, the Corporation determined in accordance with these Articles Supplementary the assets of the Corporation
which constitute Eligible Portfolio Property at such Quarterly Valuation Date, (C)&nbsp;that, in such Report, the Corporation determined in accordance with these Articles Supplementary whether the Corporation had, at such Quarterly Valuation Date, Eligible Portfolio
Property of an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount, (D)&nbsp;with respect to the S&amp;P rating on Utility Bonds and Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report, that information has
been traced and agrees with the information listed in <u>The Standard&nbsp;&amp; Poor's Bond Guide</u> (in the event such information does not agree or such information is not listed in <u>The Standard&nbsp;&amp; Poor's Bond Guide</u>, the Independent Accountant will
inquire of S&amp;P what such information is, and provide a listing in their letter of such differences, if any), (E)&nbsp;with respect to the Moody's ratings on Utility Bonds and Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report,
that information has been traced and agrees with the information listed in <u>Moody's Bond Record</u> (in the event such information does not agree or such information is not listed in <u>Moody's Bond Record</u>, the Independent Accountant will inquire of Moody's
what such information is, and provide a listing in their letter of such differences), and (F)&nbsp;with respect to the lower of two bid prices (or alternative permissible factors used in calculating the Market Value) provided by the custodian of the Corporation's
assets to the Corporation for purposes of valuing securities in the Corporation's portfolio, the Independent Accountant has traced the price used in such Report to the lower of the two bid prices listed in the Report provided by such custodian and verified that such
information agrees (in the event such information does not agree, the Independent Accountant will provide a listing in its letter of such differences) (such confirmation is herein called the "Accountant's Confirmation").&nbsp; If any Accountant's Confirmation
delivered pursuant to this paragraph&nbsp;8(a)(iii) shows that an error was made in the RP Basic Maintenance Report for a Quarterly Valuation Date, or shows that a lower aggregate Discounted Value for the aggregate of all Eligible Portfolio Property of the
Corporation was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant shall be final and conclusive and shall be binding on the Corporation, and the Corporation shall accordingly amend the RP Basic Maintenance
Report to the Remarketing Agent and Paying Agent promptly following receipt by the Remarketing Agent and the Paying Agent of such Accountant's Confirmation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Liquidity Coverage</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; As
of each Valuation Date as long as any share of RP is outstanding, the Corporation shall determine (A)&nbsp;the Market Value of the Dividend Coverage Assets owned by the Corporation as of that Valuation Date, (B)&nbsp;the Dividend Coverage Amount on that Valuation
Date, and (C)&nbsp;whether the Minimum Liquidity Level is met as of that Valuation Date.&nbsp; The calculations of the Dividend Coverage Assets, the Dividend Coverage Amount and whether the Minimum Liquidity Level is met shall be set forth in a certificate (a
"Certificate of Minimum Liquidity") dated as of the Valuation Date.&nbsp; The RP Basic Maintenance Report and the Certificate of Minimum Liquidity may be combined in one certificate.&nbsp; The Corporation shall cause the Certificate of Minimum Liquidity to be
delivered to the Remarketing Agent and the Paying Agent not later than the close of business on the third Business Day after the Valuation Date.&nbsp; The Minimum Liquidity Level shall be deemed to be met as of any date of determination if the Corporation has timely
delivered a Certificate of Minimum Liquidity relating to such date, which states that the same has been met and which is not manifestly inaccurate.&nbsp; In the event that a Certificate of Minimum Liquidity is not delivered to the Remarketing Agent and the Paying
Agent when required, the Minimum Liquidity Level shall be deemed not to have been met as of the applicable date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)</font>&nbsp; If
the Minimum Liquidity Level is not met as of any Valuation Date, then the Corporation shall purchase or otherwise acquire Dividend Coverage Assets (with the proceeds from the liquidation of Eligible Portfolio Property or otherwise) to the extent necessary so that the
Minimum Liquidity Level is met as of the fifth Business Day following such Valuation Date.&nbsp; The Corporation shall, by such fifth Business Day, provide to the Paying Agent and the Remarketing Agent a Certificate of Minimum Liquidity setting forth the calculations
of the Dividend Coverage Assets and the Dividend Coverage Amount and showing that the Minimum Liquidity Level is met as of such fifth Business Day together with a report of the custodian of the Corporation's assets confirming the amount of the Corporation's Dividend
Coverage Assets as of such fifth Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Restrictions on Certain Distributions</u>.&nbsp; For so long as any share of RP is
outstanding, the Corporation shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Stock or other stock, if any,
ranking junior to the shares of RP as to dividends or upon liquidation) in respect of the Common Stock or any other stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends or upon liquidation, or call for redemption, redeem,
purchase or otherwise acquire for consideration any shares of the Common Stock or any other such junior stock (except by conversion into or exchange for stock of the Corporation ranking junior to the shares of RP as to dividends and upon liquidation) or any other
such parity stock (except by conversion into or exchange for stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends and upon liquidation), unless (A)&nbsp;immediately after such transaction, the RP Basic Maintenance Amount and
the 1940 Act RP Asset Coverage would be achieved, (B)&nbsp;full cumulative dividends on shares of RP and shares of Other RP due on or prior to the date of the transaction have been declared and paid or shall have been declared and sufficient funds for the payment
thereof deposited with the Paying Agent, (C)&nbsp;any Right required to be paid under paragraph&nbsp;3(l) of this Part&nbsp;I on or before the date of such declaration or payment has been paid and (D)&nbsp;the Corporation has redeemed the full number of shares of RP
required to be redeemed by any provision for mandatory redemption contained herein.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>.&nbsp; All notices or communications, unless otherwise specified in the
Bylaws of the Corporation or these Articles Supplementary, shall be sufficiently given if in writing and delivered in person or mailed by first-class mail, postage prepaid.&nbsp; Notice shall be deemed given on the earlier of the date received or the date seven days
after which such notice is mailed.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exchange Provisions</u>.&nbsp; (a)&nbsp;&nbsp;Upon receipt by the Corporation of an
opinion of legal counsel, in form and substance satisfactory to the Board of Directors, that dividends on the Corporation's Remarketed Preferred Stock, Series&nbsp;I will not be considered preferential under section&nbsp;562(c) of the Code, which opinion may, but is
not required to, rely upon a ruling on the matter by the Service, the Board of Directors may, but is not required to, adopt a resolution authorizing (such authorization shall be referred to herein as an "Exchange Event") that, on the first Dividend Payment Date for
the RP which is at least 45&nbsp;days after the occurrence of an Exchange Event and as of which the conditions described below have been satisfied (the "Exchange Date"), the RP will be exchanged automatically, and without any action or choice on the part of Holders
thereof, on a share-for-share basis for the Corporation's Remarketed Preferred Stock, Series&nbsp;I.&nbsp; However, shares of RP will not be exchanged for shares of the Corporation's Remarketed Preferred Stock, Series&nbsp;I unless Moody's and S&amp;P shall have
issued on or before the Exchange Date ratings on the Corporation's Remarketed Preferred Stock, Series&nbsp;I equivalent to the ratings on the RP, provided that, if Moody's or S&amp;P shall not make a rating available, such exchange will take place if a Substitute
Rating Agency or Agencies shall have issued a rating or ratings which is/are equivalent to such then-current rating or ratings on the Exchange Date.&nbsp; Holders of outstanding shares of RP will receive one share of the Corporation's Remarketed Preferred Stock,
Series&nbsp;I for each share of RP held and exchanged by them on the Exchange Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund will
cause the publication of an exchange notice in an Authorized Newspaper, and cause the Paying Agent to mail an exchange notice to each Holder, not less than 10 nor more than 30&nbsp;days prior to the Exchange Date.&nbsp; Such notice will state:&nbsp; (i)&nbsp;the
Exchange Date, (ii)&nbsp;that on the Exchange Date all shares of Original RP will be exchanged automatically, and without any action or choice on the part of the Holders, on a share-for-share basis for the Corporation's Remarketed Preferred Stock, Series&nbsp;I,
(iii)&nbsp;that the Initial Dividend Period for the Corporation's Remarketed Preferred Stock, Series&nbsp;I issuable in exchange for the RP will be a 49&#8209;day Dividend Period commencing on the Exchange Date, and (iv)&nbsp;that dividends on shares of RP will cease
to accumulate on the Exchange Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the Exchange
Date, the RP will cease to accumulate dividends, the shares of RP will no longer be deemed outstanding, the rights of the Holders (except the right to receive accumulated but unpaid dividends to the Exchange Date) will cease, and the person or persons entitled to
receive the Corporation's Remarketed Preferred Stock, Series&nbsp;I upon the exchange will be treated for all purposes as the holder or holders of such Remarketed Preferred Stock, Series&nbsp;I.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Borrowings</u>.&nbsp; For so long as the shares of RP are rated by S&amp;P, the
aggregate amount of borrowings by the Corporation (including guarantees made by the Corporation) shall be limited to an amount equal to 10% of the value of the Corporation's assets; provided, further, that the Corporation shall not incur any such borrowings
subsequent to the issuance of the RP unless S&amp;P advises the Corporation in writing that such borrowings will not adversely affect its then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Options and Futures Transactions</u>.&nbsp; For so long as the shares of RP are rated
by either Moody's or S&amp;P, the Corporation will not purchase or sell futures contracts or related options or engage in reverse repurchase agreement transactions unless Moody's and/or S&amp;P, as the case may be, advise the Corporation in writing that such action
or actions will not adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Restrictions</u>.&nbsp; For so long as the shares of RP are rated by S&amp;P,
the Corporation may not (i)&nbsp;engage in transactions involving repurchase obligations which do not constitute Short Term Money Market Instruments, (ii)&nbsp;engage in transactions involving short sales of portfolio securities or (iii)&nbsp;overdraw any bank
accounts of the Corporation, unless, in each case, S&amp;P advises the Corporation in writing that such action or actions will not adversely affect its then-current ratings on the RP.</font></p>

<b><u><font size="3" face="Times New Roman"><br clear="all" />
</font></u></b>

<p align="center"><b><u><font size="3" face="Times New Roman">PART II.</font></u></b></p>

<p align="center"><font size="3" face="Times New Roman">REMARKETING PROCEDURES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Remarketing Schedule</u>.&nbsp; Each Remarketing shall take place over a
three-day period consisting of the Tender Date, the Dividend Reset Date and the Settlement Date.&nbsp; Such dates or the method of establishing such dates shall be determined by the Board of Directors from time to time.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Procedure for Tendering</u>.&nbsp; (a)&nbsp; Each share of RP is subject to
Tender and Dividend Reset only at the end of each Dividend Period and may be tendered in a Remarketing only on the Tender Date immediately prior to the end of the current Dividend Period.&nbsp; By 12:00 noon, New York City time, on each such Tender Date, the
Remarketing Agent shall, after canvassing the market and considering prevailing market conditions at the time for shares of RP and similar securities, provide Beneficial Owners non-binding indications of Applicable Dividend Rates for the next Dividend Period.&nbsp;
The actual Applicable Dividend Rate for such Dividend Period may be greater than or less than the rate per annum indicated in such non-binding indications (but not greater than the applicable Maximum Dividend Rate).&nbsp; By 1:00&nbsp;p.m., New York City time, on
such Tender Date, each Beneficial Owner of shares of RP must notify the Remarketing Agent of its desire, on a share-by-share basis, either to tender such share of RP at a price of $100,000 per share or to continue to hold such share of RP for the next Dividend
Period. &nbsp; Any notice given to the Remarketing Agent to tender or hold shares for a particular Dividend Period shall be irrevocable and shall not be conditioned upon the level at which the Applicable Dividend Rate is established.&nbsp; Any such notice may not be
waived by the Remarketing Agent, except that prior to 4:00&nbsp;p.m., New York City time, on the Dividend Reset Date, the Remarketing Agent may, in its sole discretion (i)&nbsp;at the request of a Beneficial Owner that has tendered one or more shares to the
Remarketing Agent, contingently waive such Beneficial Owner's tender and thereby enable such Beneficial Owner to continue to hold the share or shares for the next Dividend Period as agreed to by such Beneficial Owner and the Remarketing Agent at such time, so long as
such tendering Beneficial Owner has indicated to the Remarketing Agent that it would accept the new Applicable Dividend Rate for such Dividend Period, such waiver to be contingent upon the Remarketing Agent's ability to remarket all shares of RP tendered in such
Remarketing, and (ii) at the request of a Beneficial Owner that has elected to hold one or more of its shares of RP, waive such Beneficial Owner's election with respect thereto.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The right of
each Beneficial Owner to tender shares of RP in a Remarketing therefor shall be limited to the extent that (i)&nbsp;the Remarketing Agent conducts a Remarketing pursuant to the terms of the Remarketing Agreement, (ii)&nbsp;shares tendered have not been called for
redemption and (iii)&nbsp;the Remarketing Agent is able to find a purchaser or purchasers for tendered shares of RP at an Applicable Dividend Rate for the next Dividend Period that is not in excess of the Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Determination of Applicable Dividend Rates</u>.&nbsp; (a)&nbsp; Between
1:00&nbsp;p.m., New York City time, on each Tender Date and 4:00&nbsp;p.m., New York City time, on the succeeding Dividend Reset Date, the Remarketing Agent shall determine the Applicable Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum
for the next Dividend Period. &nbsp; The Applicable Dividend Rate for such Dividend Period, except as otherwise required herein, shall be the rate per annum which the Remarketing Agent determines, in its sole judgment, to be the lowest rate, giving effect to such
allocation, that will enable it to remarket on behalf of the Beneficial Owners thereof all shares of RP tendered to it at a price of $100,000 per share.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If no
Applicable Dividend Rate shall have been established on a Dividend Reset Date in a Remarketing for the next Dividend Period for any reason (other than because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to
the terms of the Remarketing Agreement), then the Remarketing Agent, except during a Non-Payment Period, in its sole discretion, shall, after taking into account market conditions as reflected in the prevailing yields of fixed and variable rate taxable and tax-exempt
debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, if necessary, determine the Applicable Dividend Rate that would be the initial dividend rate fixed in an offering on such Dividend Reset Date, assuming in each case a
comparable dividend period, issuer and security.&nbsp; If there is no Remarketing because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to the Remarketing Agreement, then, except during a Non-Payment Period,
the Applicable Dividend Rate for each subsequent Dividend Period for which no Remarketing takes place because of the foregoing shall be the applicable Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In determining
such Applicable Dividend Rate, the Remarketing Agent shall, after taking into account market conditions as reflected in the prevailing yields of fixed and variable rate taxable and tax-exempt debt securities and the prevailing dividend yields of fixed and variable
rate preferred stock, in providing non-binding indications of the Applicable Dividend Rate to Beneficial Owners and potential purchasers of shares of RP, (i)&nbsp;consider the number of shares of RP tendered and the number of shares of RP potential purchasers are
willing to purchase and (ii) contact by telephone or otherwise current and potential Beneficial Owners of shares of RP and ascertain the dividend rates at which they would be willing to hold shares of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Applicable
Dividend Rate shall be determined as aforesaid by the Remarketing Agent in its sole discretion (except as otherwise provided in these Articles Supplementary with respect to Applicable Dividend Rates that shall be the Non-Payment Period Rate and Maximum Dividend Rate)
and shall be conclusive and binding on Holders and Beneficial Owners.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a condition
precedent to purchasing shares of RP in any offering, in any Remarketing or outside any Remarketing, each purchaser of shares of RP shall sign and deliver a Master Purchaser's Letter, the sufficiency of any Master Purchaser's Letter to be determined by the
Remarketing Agent in its sole discretion.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except during a
Non-Payment Period, the Applicable Dividend Rate for any Dividend Period shall not be more than the applicable Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocation of Shares; Failure to Remarket at $100,000 Per Share</u>.&nbsp;
(a)&nbsp; If the Remarketing Agent is unable to remarket by 4:00&nbsp;p.m., New York City time, on any Dividend Reset Date all shares of RP tendered to it in the related Remarketing at a price of $100,000 per share (i)&nbsp;each Beneficial Owner that tendered shares
of RP for sale shall sell a number of shares of RP on a pro rata basis, to the extent practicable, or by lot, as determined by the Remarketing Agent in its sole discretion based on the number of orders to purchase shares of RP in such Remarketing; and (ii)&nbsp;the
Applicable Dividend Rate for the next Dividend Period shall be the Maximum Dividend Rate.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the
allocation procedures described above would result in the sale of a fraction of a share of RP, the Remarketing Agent shall, in its sole discretion, round up or down the number of shares of RP sold by each Beneficial Owner on such Dividend Reset Date so that each
share sold by a Beneficial Owner shall be a whole share of RP and the total number of shares sold equals the total number of shares bought on such Dividend Reset Date.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notification of Results; Settlement</u>.&nbsp; (a)&nbsp;By telephone at
approximately 4:30&nbsp;p.m., New York City time, on each Dividend Reset Date the Remarketing Agent shall advise each Beneficial Owner of tendered shares and each purchaser thereof (or the Agent Member thereof) (i)&nbsp;of the number of shares such Beneficial Owner
or purchaser is to sell or purchase and (ii)&nbsp;to give instructions to its Agent Member to deliver such shares against payment therefor or to pay the purchase price against delivery as appropriate.&nbsp; The Remarketing Agent will also advise each Beneficial Owner
or purchaser that is to continue to hold, or to purchase, shares for the Dividend Periods beginning on the Business Day following such Dividend Reset Date of the Applicable Dividend Rate for such Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with the Securities Depository's normal procedures, on the Settlement Date, the transactions described
above with respect to each share of RP shall be executed through the Securities Depository, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to be purchased, and the accounts of the respective Agent Members of
the Securities Depository shall be debited and credited and shares delivered by book entry as necessary to effect the purchases and sales of shares of RP.&nbsp; Purchasers of shares of RP shall make payment to the Paying Agent in same-day funds against delivery to
other purchasers or their nominees of one or more certificates representing shares of RP, or, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to be purchased, through their Agent Members in same-day funds to the
Securities Depository against delivery through their Agent Members by book entry of shares of RP or as otherwise required by the Securities Depository.&nbsp; The Securities Depository shall make payment in accordance with its normal procedures.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Beneficial Owner selling shares of RP in a Remarketing fails to deliver such shares, the Agent Member of such
selling Beneficial Owner and of any other person that was to have purchased shares of RP in such Remarketing may deliver to any such other person a number of whole shares of RP that is less than the number of shares that otherwise was to be purchased by such
person.&nbsp; In such event, the number of shares of RP to be so delivered shall be determined by such Agent Member.&nbsp; Delivery of such lesser number of shares of RP shall constitute good delivery.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Remarketing Agent, the Paying Agent and the Securities Depository each will use its reasonable commercial efforts
to meet the timing requirements set forth in paragraphs&nbsp;(a) and (b) above; provided that, in the event that there is a delay in the occurrence of any delivery or other event connected with a Remarketing, the Remarketing Agent, the Paying Agent and the Securities
Depository each will use its reasonable commercial efforts to accommodate such delay in furtherance of the Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any of the foregoing provisions of this paragraph 5, the Remarketing Agent may, in its sole
discretion, modify the settlement procedures set forth above with respect to settlement, provided any such modification does not adversely affect the Beneficial Owners or the Holders of RP or the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase of Shares of RP by Remarketing Agent</u>.&nbsp; The Remarketing Agent
may purchase for its own account shares of RP in a Remarketing, provided that it purchases all tendered (or deemed tendered) shares of RP not sold in such Remarketing to other purchasers and that the Applicable Dividend Rate established in such Remarketing is no
higher than the Applicable Dividend Rate that would have been established if the Remarketing Agent had not purchased such shares.&nbsp; Except as provided in the previous sentence, the Remarketing Agent shall not be obligated to purchase any shares of RP that would
otherwise remain unsold in a Remarketing.&nbsp; If the Remarketing Agent owns any shares of RP subject to a Remarketing immediately prior to a Remarketing and if all other shares subject to such Remarketing and tendered for sale by other Beneficial Owners of shares
of RP have been sold in such Remarketing, then the Remarketing Agent may sell such number of its shares in such Remarketing as there are outstanding orders to purchase that have not been filled by such shares tendered for sale by other Beneficial Owners.&nbsp;
Neither the Corporation, the Paying Agent nor the Remarketing Agent shall be obligated in any case to provide funds to make payment to a Beneficial Owner upon such Beneficial Owner&rsquo;s tender of its shares of RP in a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Dividend Rate During a Non-Payment Period</u>.&nbsp; So long as a
Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5, and 6 of this Part II shall not be applicable to any of the shares of RP and the shares of RP shall not be subject to Tender and Dividend Reset.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>.&nbsp; As a condition precedent to purchasing shares of RP in any
offering, in any Remarketing or outside any Remarketing, each purchaser of shares of RP shall be required to sign and deliver a Master Purchaser&rsquo;s Letter, the sufficiency of any Master Purchaser&rsquo;s Letter to be determined by the Remarketing Agent in its
sole discretion, in which such purchaser shall agree, among other things, (i) unless the Corporation has elected, during a Non-Payment Period, to waive this requirement, to have its ownership of such shares of RP maintained in book entry form by the Securities
Depository, in the account of a designated Agent Member which, in turn, shall maintain records of such purchaser's beneficial ownership, (ii) to be conclusively bound by the remarketing procedures, including the Remarketing Agent's determination of the Applicable
Dividend Rates, pursuant to the remarketing procedures, (iii) that its notice to tender shares of RP in a Remarketing will constitute an irrevocable offer, except as set forth in such Master Purchaser's Letter, to sell the shares specified in such notice and
authorization to the Remarketing Agent to sell, transfer or otherwise dispose of such shares as set forth herein and (v) unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, to sell, transfer or otherwise dispose of any
share of RP held by it only pursuant to orders placed in a Remarketing therefor or to a person that has signed and delivered a Master Purchaser's Letter as provided herein, and, in the case of any transfer other than pursuant to a Remarketing, to ensure that an Agent
Member advises the Remarketing Agent of such transfer.&nbsp; The Agent Member shall be authorized and instructed to disclose to the Remarketing Agent and/or the Paying Agent such information with respect to such purchaser's beneficial ownership as the Remarketing
Agent or Paying Agent shall request.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>.&nbsp; To the extent permitted by applicable law, the Board of
Directors of the Corporation may interpret or adjust the provisions hereof to resolve any inconsistency or ambiguity, remedy any formal defect or make any other change or modification which does not adversely affect the rights of Holders or Beneficial Owners of
shares of RP and if such inconsistency or ambiguity reflects an incorrect provision hereof then the Board of Directors may authorize the filing of a Certificate of Amendment or a Certificate of Correction, as the case may be.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Securities Depository; Stock Certificates</u>.&nbsp; (a)&nbsp; If there is a
Securities Depository, one certificate for all of the shares of RP shall be issued to the Securities Depository and registered in the name of the Securities Depository or its nominee.&nbsp; Such certificate shall bear a legend to the effect that such certificate is
issued subject to the provisions contained in these Articles Supplementary and each Master Purchaser's Letter.&nbsp; Unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, the Corporation will also issue stop-transfer
instructions to the Paying Agent for the shares of RP.&nbsp; Except as provided in paragraph (b) below, the Securities Depository or its nominee will be the Holder, and no Beneficial Owner shall receive certificates representing its ownership interest in such
shares.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the
Applicable Dividend Rate applicable to all shares of RP shall be the Non-Payment Period Rate or there is no Securities Depository, the Corporation may at its option issue one or more new certificates with respect to such shares (without the legend referred to in
paragraph 10(a) of this Part II) registered in the names of the Beneficial Owners or their nominees and rescind the stop-transfer instruction referred to in paragraph 10(a) of this Part II with respect to such shares.</p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">IN WITNESS WHEREOF, DUFF &amp; PHELPS SELECTED UTILITIES INC. has caused these presents to be signed in its name and on its behalf by its President, and its
corporate seal to be hereunto affixed and attested by its Secretary, and the said officers of the Corporation further acknowledged said instrument to be the corporate act of the Corporation, and stated under the penalties of perjury that to the best of their
knowledge, information and belief the matters and facts therein set forth with respect to approval are true in all material respects, all on November&nbsp;15, 1988.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC.<br />
<br />
<br />
</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By <u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Claire V. Hansen<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Chairman</font></p>

<p><font size="3" face="Times New Roman">Attest:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Richard J. Spletzer, Assistant Secretary</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>7
<FILENAME>ex_a5.htm
<TEXT>
<html>
<head>
<title>ex_a5</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.5</font></p>

<p align="center"><b><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">Articles Supplementary creating one series of<br />
Remarketed Preferred Stock</font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC., a Maryland corporation having its principal Maryland office in the City of Baltimore (the "Corporation"), certifies
to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; Pursuant to author<a name="ReturnHereAfterFooterUpdate"></a>ity expressly vested in the Board of Directors of the Corporation by article fifth of
its Charter, the Board of Directors has classified its preferred stock and has authorized the issuance of a series of 5,000 shares of its authorized preferred stock, par value $.001 per share, liquidation preference $100,000 per share, designated Remarketed Preferred
Stock, Series I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption, of the shares
of such series of preferred stock are as follows:</font></p>

<p align="center"><b><font size="3" face="Times New Roman">DESIGNATION</font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This series of 5,000 shares of preferred stock, par value $.001 per share, liquidation preference $100,000 per share plus premium, if any, resulting from the
designation of a Premium Call Period (as herein defined), plus accumulated but unpaid dividends, if any, thereon (whether or not earned or declared), is designated "Remarketed Preferred Stock, Series I" and is referred to below as "RP"</font><sup><font size=
"2">1</font></sup>. Each share of RP shall be issued on a date to be determined by the Board of Directors of the Corporation or a duly authorized committee thereof; have an Initial Dividend Payment Date (as herein defined) to be determined by the Board of Directors
of the Corporation or a duly authorized committee thereof; and have such other redemption provisions, preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Corporation's Charter applicable to
preferred stock of the Corporation, as are set forth in Part I and Part II of these Articles Supplementary. Except as to Dates of Original Issue (as defined herein), Dividend Periods (as defined herein), Dividend Payment Dates (as defined herein), and redemption
dates, if any, each share of RP shall be identical to every other share of RP.</p>

<p align="center"><b><font size="3" face="Times New Roman">PART I.</font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions</u>. Unless the context or use indicates another or different meaning or
intent, the following terms shall have the following meanings, whether used in the singular or plural:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "'AA' Composite Commercial Paper Rate," on any date, means (i) the Interest Equivalent of the rate on commercial paper placed for the number of days specified
in the succeeding sentence on behalf of issuers whose corporate bonds are rated "AA" by S&amp;P and "Aa" by<br />
 ________________<br />
<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">Registered trademark of Merrill Lynch &amp; Co., Inc</font>.</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Moody's, or the equivalent of such rating by another nationally recognized statistical rating organization, as such rate is made available by the Federal Reserve Bank of New York on a discount basis or otherwise for the
Business Day immediately preceding such date, or (ii) if the Federal Reserve Bank of New York does not make available such a rate, then the arithmetic average of the Interest Equivalent of such rates on commercial paper placed on behalf of such issuers, as quoted on
a discount basis or otherwise by the Commercial Paper Dealers to the Remarketing Agent for the close of business on the Business Day immediately preceding such date.&nbsp; In respect of any Dividend Period (or other period) of 98 or fewer days (determined without
regard to any adjustment in the remarketing schedule in respect of non-Business Days, as provided herein), the "AA" Composite Commercial Paper Rate shall be as follows: if the number of days in such Dividend Period is (i) less than 8, the Interest Equivalent of the
5-day rate, (ii) 8 or more but less than 20, the Interest Equivalent of the 15-day rate, (iii) 20 or more but less than 49, the Interest Equivalent of the 30-day rate, (iv) 49 or more but less than 70, the Interest Equivalent of the 60-day rate, (v) 70 or more but
less than 85, the arithmetic average of the Interest Equivalent of the 60-day and 90-day rates and (vi) 85 or more but less than 99, the Interest Equivalent of the 90-day rate. If any Commercial Paper Dealer does not quote a rate required to determine the "AA"
Composite Commercial Paper Rate, the "AA" Composite Commercial Paper Rate shall be determined on the basis of the quotation or quotations furnished by the remaining Commercial Paper Dealer or Dealers or, if none of the Commercial Paper Dealers quotes such a rate, by
any Substitute Commercial Paper Dealer or Dealers selected by the Corporation to provide such rate or rates not being supplied by any Commercial Paper Dealer.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Accountant's Confirmation" has the meaning set forth in paragraph 8(a)(iii) of this Part&nbsp;I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Adviser" means Duff &amp; Phelps Investment Management Co., the Corporation's investment adviser.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Agent Member" means designated member of the Securities Depository that will maintain records for a Beneficial Owner of shares of RP that has identified such
Agent Member in its Master Purchaser's Letter and that will be authorized and instructed to disclose information to the Remarketing Agent and the Paying Agent with respect to such Beneficial Owner.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Dividend Rate" means, with respect to the initial Dividend Period, the rate of cash dividend per annum established by the Board of Directors and,
for each subsequent Dividend Period for each share of RP, means the rate of cash dividend per annum that (i) except for a Dividend Period commencing during a Non-Payment Period will be equal to the lower of the rate of cash dividend per annum that the Remarketing
Agent advises results on the Dividend Reset Date preceding the first day of such Dividend Period from implementation of the remarketing procedures set forth in Part II hereof and the Maximum Dividend Rate or (ii) for each Dividend Period commencing during a
Non-Payment Period, will be equal to the Non-Payment Period Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Applicable Percentage" has the meaning set forth under "Maximum Dividend Rate" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Authorized Newspaper" means a newspaper of general circulation in the English language generally published on Business Days in The City of New
York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Beneficial Owner" means a person that has signed a Master Purchaser's Letter and is listed as the beneficial owner of one or more shares of RP in the records
of the Paying Agent or, with respect to any share not registered in the name of the Securities Depository on the stock transfer books of the Corporation, the person in whose name such share is so registered.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Board of Directors" means the Board of Directors of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Business Day" means a day on which the New York Stock Exchange, Inc. is open for trading, and is not a day on which banks in The City of New York are
authorized or obligated by law to close.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Certificate of Minimum Liquidity" has the meaning set forth in paragraph 8(b)(i) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Charter" means the Articles of Incorporation, as amended, of the Corporation, including these Articles Supplementary, on file in the State Department of
Assessments and Taxation of the State of Maryland.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Code" means the Internal Revenue Code of 1986, as amended from time to time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Commercial Paper Dealers" means Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated ("MLPF&amp;S") and such other Commercial Paper Dealer or Dealers as the
Corporation may from time to time appoint, or, in lieu of any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Common Stock" means the common stock, par value $.001 per share, of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Conventional Mortgage Pass-Through Certificate" means an instrument publicly issued in bearer or registered form, that is one of a class or series or by its
terms is divisible into a class or series, and that is of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment, evidencing (directly or indirectly) a proportional
undivided interest in specified pools of whole loans that are secured by a valid first lien on each mortgagor's fee or leasehold interest in related mortgaged property (except for Permitted Tax Liens and other matters to which like properties are company subject
which neither individually nor in the aggregate materially interfere with the benefits of the security intended to be provided by such mortgages or deeds of trust, and standard exceptions and exclusions in title insurance policies) on one- to four-unit primary
residences (including, without limitation, owner-occupied attached or detached single-unit residences, one- to four-unit primary residences, condominiums, second/vacation homes and non-owner occupied residences) and with respect to which the Required Documentation is
required to be held by a trustee or independent custodian, which mortgage loans are serviced pursuant to servicing agreements with servicers that have either expressed the intention to advance funds to meet deficiencies (to the extent such servicers reasonably
believe such advances are recoverable) or provided for alternative credit enhancement in lieu thereof, and which instruments (a) have been rated AA or better by S&amp;P or Aa or better by Moody's or (b) do not qualify pursuant to clause (a) above, but the inclusion
of which in the Eligible Portfolio Property will not, in and of itself, impair, or cause the RP to fail to retain, the then-current ratings assigned to the RP by the Rating Agencies, as evidenced by letters to the Corporation to such effect from the Rating Agencies
which letters shall be delivered to the Remarketing Agent and the Paying Agent at the time each such Conventional Mortgage Pass-Through Certificate is to be included in the Eligible Portfolio Property; provided that, a Conventional Mortgage Pass-Through Certificate
shall be eligible for inclusion in the Eligible Portfolio Property as of any Valuation Date only if it continues to satisfy as of such Valuation Date the requirements of at least one of clauses (a) or (b) above, as the Corporation may confirm verbally or in writing,
directly or indirectly, or by reference to publications of the Rating Agencies, by confirmation from a nationally recognized securities dealer having a minimum capitalization of $25 million or by such other means as the Rating Agencies shall approve.&nbsp; The
Remarketing Agent and the Paying Agent shall be entitled to rely on the representation of the Corporation contained in the RP Basic Maintenance Report with respect to any Valuation Date that, as of such Valuation Date, the Corporation has confirmed that the
Conventional Mortgage Pass-Through Certificates included in the Corporation's Eligible Portfolio Property are within the scope of this paragraph.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Corporation" means Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation and the issuer of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Date of Original Issue" means, with respect to any share of RP, the date on which the Corporation originally issues such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Debt Obligations" has the meaning set forth under "Utility Stocks" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit Securities" means cash, U.S. Government Obligations and Short Term Money Market Instruments.&nbsp; Except for purposes of determining compliance with
the RP Basic Maintenance Amount, each Deposit Security shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of such Deposit Security but only if payable on or prior to the
applicable payment date in advance of which the relevant deposit is made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor" means Discount Factor Supplied by Moody's or Discount Factor supplied by S&amp;P, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By S&amp;P" means, initially, for any asset held by the Corporation, the number set forth opposite such type of asset in the
following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of zero):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="84%">
<tr>
<td valign="bottom">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><u><font size="3" face="Times New Roman">Discount Factor(1)</font></u></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type A Utility Bonds:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.80</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type B Utility Bonds:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.85</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type A Utility Stocks:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.25</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type B Utility Stocks:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.35</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with fixed interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with fixed<br />
 &nbsp;&nbsp;&nbsp;interest rates:&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with adjustable<br />
 &nbsp;&nbsp;&nbsp;interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with variable<br />
 &nbsp;&nbsp;&nbsp;interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through Certificates (2):</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.55</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of 90 days or less:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 90 days but not more than<br />
 &nbsp;&nbsp;&nbsp;five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.28</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than five years but not more than<br />
 &nbsp;&nbsp;&nbsp;10 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.35</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining term<br />
 &nbsp;&nbsp;&nbsp;&nbsp;to maturity of more than 10 years but not more than<br />
 &nbsp;&nbsp;&nbsp;15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 15 years but not more than<br />
 &nbsp;&nbsp;&nbsp;30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market Instruments:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman">____________________</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the case of Eligible Portfolio Property rated by Moody's but not rated by S&amp;P, the&nbsp; Discount Factor Supplied by S&amp;P shall be the Discount Factor determined therefor in&nbsp; writing by S&amp;P.&nbsp; Absent
such written notification, the asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the event such asset is not rated AA or better by S&amp;P, such asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by S&amp;P to maintain its then-current credit rating of the RP, the Discount Factor Supplied by
S&amp;P with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the Discounted Value of such Eligible Portfolio Property shall be the
then-current Discount Factor provided by S&amp;P to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial Discount Factor Supplied by S&amp;P listed
above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by S&amp;P for any asset constituting Eligible Portfolio Property if the Board of Directors determines and S&amp;P
advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect S&amp;P's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discount Factor Supplied By Moody's" means, initially, for any asset held by the Corporation, the number set forth opposite such type of asset in the
following table (it being understood that any asset held by the Corporation and not listed in the following table or in an amendment or supplement thereto shall have a Discounted Value of zero):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="85%">
<tr>
<td valign="bottom">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><u><font size="3" face="Times New Roman">Discount Factor(1)</font></u></p>
</td>
</tr>

<tr height="44">
<td height="44" valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of one year or less:</font></p>
</td>
<td height="44" valign="top"></td>
<td height="44" valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.53</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;more than ten years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.69</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 20 years but less<br />
 &nbsp;&nbsp;&nbsp;than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.79</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of one year or less:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.24</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.31</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;</font> to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;more than ten years:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.70</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type II Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 20 years but not more<br />
 &nbsp;&nbsp;&nbsp;than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.87</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of one year or less:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.29</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.51</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.67</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;more than ten years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.77</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type III Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 20 years but not more<br />
 &nbsp;&nbsp;&nbsp;than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.95</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of one year or less:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.74</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;</font> more than ten years:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.83</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.02</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type IV Utility Bonds having a remaining term<br />
 &nbsp;&nbsp;&nbsp;to maturity of more than 20 years but not more<br />
 &nbsp;&nbsp;&nbsp;than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.03</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Type I Utility Stocks</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="bottom">
<p><u><font size="3" face="Times New Roman">FHLMC or FNMA Certificates</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 Factor<br />
 (Fixed<br />
 Rate<br />
 <u>Mortgages</u>)</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 Factor<br />
 (Adjustable<br />
 Rate<br />
 <u>Mortgages</u>)</font></p>
</td>
</tr>

<tr height="19">
<td height="19" valign="bottom"></td>
<td height="19" valign="top"></td>
<td height="19" valign="bottom"></td>
<td height="19" valign="top"></td>
<td height="19" valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 6% but equal to or greater than 5%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.71</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 7% but equal to or greater than 6%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.66</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;</font> less than 8% but equal to or greater than 7%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;</font> less than 9% but equal to or greater than 8%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 10% but equal to or greater than 9%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.52</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 11% but equal to or greater than 10%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.49</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 12% but equal to or greater than 11%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.45</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;less than 13% but equal to or greater than 12%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.43</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC or FNMA Certificates with interest rates<br />
 &nbsp;&nbsp;&nbsp;equal to or greater than 13%:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.68</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="76%">
<tr>
<td valign="bottom">
<p><u><font size="3" face="Times New Roman">GNMA Certificates</font></u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">Discount<br />
 <u>Factor</u></font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 6% but equal to or greater than 5%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 7% but equal to or greater than 6%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 8% but equal to or greater than 7%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.52</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 9% but equal to or greater than 8%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.48</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 10% but equal to or greater than 9%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.45</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 11% but equal to or greater than 10%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.43</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 12% but equal to or greater than 11%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.40</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates less<br />
 &nbsp;&nbsp;&nbsp;</font> than 13% but equal to or greater than 12%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with interest rates equal<br />
 &nbsp;&nbsp;&nbsp;</font> to or greater than 13%:</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Certificates with adjustable interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.64</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC Multifamily Securities:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(2)</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">FHLMC and FNMA Certificates with variable<br />
 &nbsp;&nbsp;&nbsp;interest rates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(4)</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">GNMA Graduated Payment Securities (seasoned):</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(3)</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Conventional Mortgage Pass-Through Certificates:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">(5)</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of up to one year:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.09</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than one year but not<br />
 &nbsp;&nbsp;&nbsp;more than two years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.15</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than two years but not<br />
 &nbsp;&nbsp;&nbsp;more than three years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than three years but not<br />
 &nbsp;&nbsp;&nbsp;more than four years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than four years but not<br />
 &nbsp;&nbsp;&nbsp;more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than five years but not<br />
 &nbsp;&nbsp;&nbsp;more than seven years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.41</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;more than 10 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.49</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 10 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 15 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.56</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 20 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.64</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">U.S. Government Obligations having a remaining<br />
 &nbsp;&nbsp;&nbsp;term to maturity of more than 20 years but not<br />
 &nbsp;&nbsp;&nbsp;more than 30 years:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.65</font></p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><font size="3" face="Times New Roman">Cash and Short Term Money Market Instruments:</font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.00</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman">___________________</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">In the case of Eligible Portfolio Property rated by S&amp;P but not by Moody's, the Discount Factor Supplied by Moody's shall be the Discount Factor Supplied by Moody's applicable to Eligible Portfolio Property with a
corresponding maturity but of the next lower rating category (e.g., a bond rated AAA by S&amp;P but not rated by Moody's shall have a Discount Factor Supplied by Moody's equal to a bond of comparable maturity rated Aa by Moody's).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The applicable Discount Factor set forth under "FHLMC or FNMA Certificates" above.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The same Discount Factor shall apply in the case of GNMA Graduated Payment Securities as applies to GNMA Certificates with fixed interest rates determined at the point the certificates become seasoned.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Discount Factor determined therefor in writing by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(5)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The Discount Factor determined therefor in writing by Moody's. In the event such asset is not rated Aa or better by Moody's, such asset shall have a Discounted Value of zero.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, for so long as is required by Moody's to maintain its then-current credit rating of the RP, the Discount Factor Supplied by
Moody's with respect to Eligible Portfolio Property sold pursuant to a reverse repurchase agreement with a remaining term to maturity of more than 25 days on the date of determination of the Discounted Value of such Eligible Portfolio Property shall be the
then-current discount factor provided by Moody's to the Corporation in writing for the purpose of such determination.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial Discount Factor Supplied by Moody's listed
above applied to calculate the Discounted Value of any item of Eligible Portfolio Property or may specify from time to time a Discount Factor Supplied by Moody's for any asset constituting Eligible Portfolio Property if the Board of Directors determines and Moody's
advises the Corporation in writing that such adjustment, modification, alteration, change or specification will not adversely affect Moody's then-current rating of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discounted Value," with respect to any asset held by the Corporation as of any date, means the quotient of the Market Value of such asset divided by the
applicable Discount Factor Supplied by S&amp;P (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall be zero) or the quotient of the Market Value of such asset divided by the applicable Discount
Factor Supplied by Moody's (provided that, in the event the Corporation has written a call option on such asset, the Discounted Value of such asset shall mean the quotient of the lower of the Market Value of such asset and the exercise price of such call option
divided by the applicable Discount Factor Supplied by Moody's), as the case may be, provided that in no event shall the Discounted Value of any asset constituting Eligible Portfolio Property as of any date exceed the unpaid principal balance or face amount of such
asset as of the date. With respect to the calculation of the Discounted Value of any Utility Bond included in the Corporation's Eligible Portfolio Property, such calculation shall be made using the criteria set forth in the definitions of Utility Bonds and Market
Value. With respect to the calculation of the Discounted Value of any Utility Stock included in the Corporation's Eligible Portfolio Property, such calculation shall be made using the criteria set forth in the definitions of Utility Stocks and Market Value. With
respect to the calculation of the aggregate Discounted Value of the Corporation's Eligible Portfolio Property for comparison with the RP Basic Maintenance Amount, such aggregate Discounted Value shall be the aggregate Discounted Value calculated using the Discount
Factors Supplied by S&amp;P or the aggregate Discounted Value calculated using the Discount Factors Supplied by Moody's whichever aggregate Discounted Value is lower; provided that, in calculating for such purpose the aggregate Discounted Value of the Corporation's
Eligible Portfolio Property using the applicable Discount Factor Supplied by Moody's, the amount of Utility Stocks issued by public utility companies with nuclear facilities under construction (as determined by the Adviser) which may be included in such calculation
shall be limited to five percent of the Market Value of the Corporation's Eligible Portfolio Property.&nbsp; Notwithstanding any other provision of these Articles Supplementary, any Utility Bond that has a remaining term to maturity of more than 30 years, and any
asset as to which there is no Discount Factor Supplied by Moody's or Discount Factor Supplied by S&amp;P either in these Articles Supplementary or in an amendment or supplement hereof, shall have a Discounted Value for purposes of determining the aggregate Discounted
Value of the Corporation's Eligible Portfolio Property calculated using the Discount Factor Supplied by Moody's or S&amp;P, as the case may be, of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Coverage Amount," as of any Valuation Date, means (a) the aggregate amount of cash dividends that will accumulate on shares of RP to (but not
including) the respective Dividend Payment Dates therefor that follow such Valuation Date less (b) the combined value of any Deposit Securities irrevocably deposited by the Corporation for the payment of cash dividends on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Coverage Assets," as of any date of determination, means Deposit Securities with maturity dates not later than the day preceding the next Dividend
Payment Dates for all shared of RP; provided that, if the applicable date of determination is a Dividend Payment Date, any Deposit Securities to be applied to the dividends payable on the RP on such date shall not be included in the Dividend Coverage
Assets.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Payment Date" means (i) with respect to any Optional Dividend Period or Special Dividend Period of more than 91 but fewer than 365 days, the 92nd day
thereof, the 183rd day thereof, if any, the 274th day thereof, if any, and the day after the last day thereof; (ii) with respect to any Optional Dividend Period of 365 or more days or Special Dividend Period of 365 or more days, the third Wednesday of each January,
April, July and October therein and the day after the last day thereof; and (iii) with respect to any other Dividend Period, the day after the last day thereof; provided that, if any such date shall not be a Business Day, the Dividend Payment Date shall be the
Business Day next succeeding such day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Period" means, with respect to any share of RP, the Initial Dividend Period for such share and thereafter a period which shall commence on each (but
not the final) Dividend Payment Date for such share (which, except during a Non-Payment Period, shall be a Settlement Date for such share).&nbsp; Each such subsequent Dividend Period for such share will comprise, beginning with and including the day upon which it
commences, 7 consecutive days in the case of a 7-day Dividend Period; 49 consecutive days (or such other number of consecutive days as are specified by the Board of Directors in the event of a change in law altering the Minimum Holding Period, as provided herein) in
the case of a 49-day Dividend Period; or such number of consecutive days as shall be designated by the Board of Directors in the case of any Optional Dividend Period or Special Dividend Period at the time such Optional Dividend Period is made available or the Board
of Directors designates a Special Dividend Period, as the case may be. Notwithstanding the foregoing, any adjustment of the remarketing schedule by the Remarketing Agent which includes an adjustment of a Settlement Date shall lengthen or shorten the related Dividend
Periods by causing them always to end on and include the day before the Settlement Date as so adjusted.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividend Reset Date" means any date on which the Remarketing Agent (i) determines the Applicable Dividend Rates for the ensuing Dividend Periods, (ii)
notifies holders, purchasers and tendering holders of shares of RP by telephone, telex or otherwise of the results of the Remarketing and (iii) announces such Applicable Dividend Rates.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Dividends-Received Deduction" means the deduction allowed to corporate holders of certain preferred stock with respect to dividends received on such stock by
Section 243(a)(1) of the Code, or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Eligible Portfolio Property" shall include Utility Bonds, Utility Stocks, cash, U.S. Government Obligations, Short Term Money Market Instruments, FNMA
Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, GNMA Multifamily Securities, GNMA Graduated Payment Securities, Conventional Mortgage Pass-Through Certificates and any other asset held by the corporation that has been assigned a
Discount Factor by the Rating Agencies and is included within the definition of Eligible Portfolio Property set forth herein or pursuant to an amendment or supplement hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC" means the Federal Home Loan Mortgage Corporation created by Title III of the Emergency Home Finance Act of 1970, and includes any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Certificate" means a mortgage participation certificate in physical or book-entry form, the timely payment of interest on and the ultimate collection of
principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority
mortgages on one- to four-family residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FHLMC Multifamily Security" means a "Plan B Multifamily Security" in physical or book-entry form, the timely payment of interest on and the ultimate
collection of principal of which is guaranteed by FHLMC, and which evidences a proportional undivided interest in, or participation interest in, specified pools of fixed-, variable- or adjustable-rate level payment fully amortizing mortgage loans secured by
first-priority mortgages on multi-family residences, the inclusion of which in the Eligible Portfolio Property will not, in and of itself, impair or cause the RP to fail to retain the ratings assigned to the RP by the Rating Agencies, as evidenced by letters to such
effect delivered to the Corporation by the Rating Agencies.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA" means the Federal National Mortgage Association, a United States Government-sponsored private corporation established pursuant to Title VIII of the
Housing and Urban Development Act of 1968, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FNMA Certificate" means a mortgage pass-through certificate in physical or book-entry form, the full and timely payment of principal of and interest on which
is guaranteed by FNMA, and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on single-family and multi-family
residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "49-day Dividend Period" means (i) a Dividend Period designated as such by a Beneficial Owner of a share of RP or (ii) any Dividend Period commencing after the
first day of, and during, a Non-Payment Period, and, in all such cases, generally containing 49 days.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA" means the Government National Mortgage Association, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Certificate" means a fully modified pass-through certificate in physical or book-entry form, the full and timely payment of principal of and interest on
which is guaranteed by GNMA and which evidences a proportional undivided interest in specified pools of fixed-, variable- or adjustable-rate, level payment fully amortizing mortgage loans secured by first-priority mortgages on single-family and multi-family
residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "GNMA Graduated Payment Security" means a fully modified pass-through certificate in physical or book-entry form, the full and timely payment of principal of
and interest on which is guaranteed by GNMA, which obligation is backed by the full faith and credit of the United States, and which evidences a proportional undivided interest in specified pools of graduated payment mortgage loans with payments that increase
annually at a predetermined rate for up to the first five or ten years of the mortgage loan and that are secured by first-priority mortgages on one- to four-unit residences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Holder" means, with respect to any share of RP, unless the context otherwise requires, the person whose name appears on the stock transfer books of the
Corporation as the registered holder of such share.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Independent Accountant" means a nationally recognized accountant, or firm of accountants, that is with respect to the Corporation an independent public
accountant or firm of independent public accountants under the Securities Act of 1933, as amended.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Initial Dividend Period" means, with respect to any share of RP, a 49-day Dividend Period commencing on and including the Date of Original Issue of such share
and ending on the day prior to the Initial Dividend Payment Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Interest Equivalent" means a yield on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing
security.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Market Value" means, initially, the amount determined with respect to specific assets of the Corporation in the manner set forth below:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; as to any Utility Bond, (i) the product of (A) the unpaid principal balance of such Utility Bond as of the Reporting Date, and (B) (1) if the Utility
Bond is traded on a national securities exchange or quoted on the NASDAQ System, the last sales price reported on the date of valuation or (2) if there was no reported sales price on the date of valuation or if the Utility Bond is not traded on a national securities
exchange or quoted on the NASDAQ System, the lower of two bid prices for such Utility Bond provided by two nationally recognized securities dealers with a minimum capitalization of $25 million or by one such securities dealer and any other source (provided that the
utilization of such source would not adversely affect the ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by telecopy, telex, other electronic transcription, computer obtained quotation reducible
to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian shall be provided to the Paying Agent and the Remarketing Agent by the Corporation with
the related RP Basic Maintenance Report), plus (ii) accrued interest on such Utility Bond, or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of zero;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; as to any Utility Stock, (i) if the Utility Stock is traded on a national securities exchange or quoted on the NASDAQ System, the last sales price
reported on the date of valuation or (ii) if there was no reported sales price on the date of valuation, the lower of two bid prices for such Utility Stock provided by two nationally recognized securities dealers with a minimum capitalization of $25 million or by one
such securities dealer and any other source (provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by telecopy,
telex, other electronic transcription, computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian shall be
provided to the Remarketing Agent by the Corporation with the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of zero;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp; the product of (i) as to GNMA Certificates, GNMA Graduated Payment Securities, GNMA Multifamily Securities, FNMA Certificates, FHLMC Certificates and
FHLMC Multifamily Securities, the aggregate unpaid principal amount of the mortgage loans evidenced by each such certificate or security, as the case may be, which may include amounts shown on the most recent report related to the certificate or security received by
the Corporation prior to the Reporting Date, and as to U.S. Government Obligations and Short Term Money Market Instruments (other than demand deposits, federal funds, bankers' acceptances and next Business Day's repurchase agreements), the face amount or aggregate principal amount of such U.S. Government Obligations or Short Term Money Market Instruments, as the case may be, and (ii) the lower of the bid prices for the same kind of certificates, securities or
instruments, as the case may be, having, as nearly as practicable, comparable interest rates and maturities provided by two nationally recognized securities dealers having minimum capitalization of $25 million or by one such securities dealer and any other source
(provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by telecopy, telex, other electronic transcription,
computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be delivered
to the Remarketing Agent with the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property will have a Market Value of zero;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp; as to Conventional Mortgage Pass-Through Certificates, the product of (i) the outstanding aggregate principal balance of the mortgage loans
underlying such certificates as determined by the Corporation by any method which the Corporation believes reliable, which may include amounts based on verbal reports of the servicers of the related mortgage loans to the Corporation, as of the applicable Reporting
Date and (ii) the dollar value of the lower of two bid prices per dollar of outstanding principal amount as of such applicable Reporting Date for such certificates, provided by two nationally recognized securities dealers having minimum capitalization of $25 million
or by one such securities dealer and any other source (provided that the utilization of such source would not adversely affect the then-current ratings of the RP) to the custodian of the Corporation's assets, at least one of which shall be provided in writing or by
telecopy, telex, other electronic transcription, computer obtained quotation reducible to written form or similar means, and in turn provided to the Corporation by any such means by such custodian (provided that evidence of the bid quotes furnished by such custodian
shall be delivered to the Remarketing Agent with the related RP Basic Maintenance Report), or, if two bid prices cannot be obtained, such item of Eligible Portfolio Property shall have a Market Value of zero; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp; as to cash, demand deposits, federal funds, bankers' acceptances and next Business Day's repurchase agreements included in Short Term Money Market
Instruments, the face value thereof.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial method of calculation of the Market Value of an asset constituting Eligible Portfolio Property described above
and the Board of Directors may specify from time to time the method for calculating the Market Value of any asset identified as Eligible Portfolio Property if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such
adjustment, modification, alteration, change or specification will not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Master Purchaser's Letter" means a letter substantially in the form of Appendix B to the Corporation's prospectus relating to the shares of RP, or such other
form as may be approved by the Remarketing Agent, which is required to be executed by each purchaser of shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Maximum Dividend Rate" for any 7-day Dividend Period, 49-day Dividend Period or Optional Dividend Period of 98 or fewer days or Special Dividend Period of 98
or fewer days at any Dividend Reset Date shall apply to a cash dividend, and be the Applicable Percentage of the applicable "AA" Composite Commercial Paper Rate. The Applicable Percentage shall vary with the lower of the credit rating or ratings assigned to the
shares of RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall not make such rating available, the equivalent of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies or, in the event that only one such rating
shall be available, such rating) on each Dividend Reset Date as follows:</font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>
</table>
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" valign="top">
<p align="center"><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Ratings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Applicable Percentage</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">Moody's</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="3" face="Times New Roman">S&amp;P</font></u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"aa3" or higher</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">AA- or higher</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">110%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"a3" to "a1"</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">A- to A+</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">125%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">"baa3" to "baa1"</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">BBB- to BBB+</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">150%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below "baa3"</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Below BBB-</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">200%</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The applicable Maximum Dividend Rate or Rates for any Optional Dividend Period of more than 98 days or Special Dividend Period of more than 98 days at any Dividend Reset Date shall be a fixed or variable rate or rates
determined from time to time by formula or other means as designated by the Board of Directors in respect of such Optional Dividend Period or Special Dividend Period.&nbsp; The Remarketing Agent shall round each applicable Maximum Dividend Rate to the nearest
one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths (0.0005) of one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent.&nbsp; The Remarketing Agent shall not round the applicable "AA"
Composite Commercial Paper Rate as part of their calculation of any Maximum Dividend Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Holding Period" means 46 days or such other minimum holding period required for corporate taxpayers to be entitled to the Dividends-Received Deduction
as provided in Section 246(c) of the Code or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minimum Liquidity Level is Met" means, as of any date of determination, that the aggregate Market Value of the Dividend Coverage Assets equals or exceeds the
Dividend Coverage Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Moody's" means Moody's Investors Service, Inc., and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act" means the Investment Company Act of 1940, as amended from time to time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "NASDAQ System" has the meaning set forth under "Type I Utility Stocks" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act RP Asset Coverage" means asset coverage, as defined in section 18(h) of the 1940 Act, of at least 200% of the aggregate liquidation preference with
respect to all outstanding senior securities of the Corporation which are stock, including all outstanding shares of RP and Other RP (or such other asset coverage as may be specified in or under the 1940 Act as the minimum asset coverage for senior securities which
are stock of a closed-end investment company as a condition of paying dividends on its common stock).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1940 Act Cure Date," with respect to the failure by the Corporation to maintain the 1940 Act RP Asset Coverage (as required by paragraph 7 of this Part I) as
of the last day of each month, means the last Business Day of the following such month.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Call Period" has the meaning set forth under "Specific Redemption Provisions" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period" means any period beginning on and including the day on which the Corporation shall fail to (i) declare, prior to 12:00 noon, New York City
time, on the second Business Day preceding any Dividend Payment Date for any shares of RP, for payment on such Dividend Payment Date to the Beneficial Owners of such shares of RP as of 12:00 noon, New York City time, on the Business Day preceding such Dividend
Payment Date, the full amount of any dividend on such shares of RP payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Paying Agent by 12:00 noon, New York City time, (A) on any Dividend Payment Date for any shares
of RP the full amount of any declared cash dividend on such shares (whether or not earned) payable on such Dividend Payment Date or (B) on any redemption date for any shares of RP, the redemption price of such shares of $100,000 per share plus the full amount of any
cash dividends thereon (whether or not earned or declared) accumulated but unpaid to such redemption date after a Notice of Redemption with respect to such shares of RP has been given pursuant to paragraph 4(e) of Part I hereof, and ending on and including the
Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Beneficial Owners in same-day funds; provided that a Non-Payment Period shall
not end during the first seven days thereof unless the Corporation shall have given at least three days' written notice of the Paying Agent, the Remarketing Agent and the Securities Depository and thereafter shall not end unless the Corporation shall have given at
least fourteen days' written notice to the Paying Agent, the Remarketing Agent, the Securities Depository and all Beneficial Owners.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period Rate" means, initially, 200% of the applicable "AA" Composite Commercial Paper Rate, provided that the Board of Directors shall have the
authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration or change will not
adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Notice of Redemption" means any notice with respect to the redemption of shares of RP pursuant to paragraph 4 of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Optional Dividend Period" means a Dividend Period established by the Board of Directors pursuant to paragraph 3(1) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Other RP" means the remarketed preferred stock of the Corporation, other than the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent" means Bankers Trust Company, or any successor company or entity, which has entered into a Paying Agent Agreement with the Corporation to act for
the Corporation, among other things, as the transfer agent, registrar, dividend and redemption price disbursing agent, settlement agent and agent for certain notifications in connection with the shares of RP in accordance with such agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Paying Agent Agreement" means an agreement to be entered into between the Corporation and the Paying Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Permitted Tax Liens" means liens for general and special taxes and assessments on the property in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Preferred Stock" means the preferred stock of the Corporation, and includes RP and Other RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Premium Call Period" has the meaning set forth under "Specific Redemption Provisions" below.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Projected Dividend Amount" for the RP and the Other RP shall mean, initially, if the date of determination is a Valuation Date, the amount of cash dividends,
based on the number of shares of RP and the Other RP outstanding on such Valuation Date, projected to accumulate on such shares from such Valuation Date until the 70th day after such Valuation Date, at the following dividend rates:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; If the Valuation Date is the Date of Original Issue or a Dividend Payment Date (which terms, for purposes of this definition, shall refer to the
equivalent dates in the case of Other RP), (i) for the Dividend Period beginning on the Date of Original Issue or such Dividend Payment Date and ending on (but not including) the first following Dividend Payment Date, the Applicable Dividend Rate (which term, for the
purposes of this definition, shall refer to the equivalent rate in the case of Other RP) in effect on such Valuation Date, and (ii) for the period beginning on (and including) the first following Dividend Payment Date and ending on (and including) the 70th day
following such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate (which term, for the purposes of this definition, shall refer to the equivalent rate in the case of Other RP) on the Date of Original Issue (in the case of the Date of Original
Issue) or (y) the Maximum Dividend Rate as of the last occurring Settlement Date or, in the case of Other RP, the equivalent date (in the case of any Dividend Payment Date); and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; If such Valuation Date is not the Date of Original Issue or a Dividend Payment Date, (i) for the period beginning on such Valuation Date and ending
on (but not including) the first following Dividend Payment Date, the Applicable Dividend Rate in effect on such Valuation Date, and (ii) for the period beginning on (and including) the first following Dividend Payment Date and ending on (but not including) the
sooner of the second following Dividend Payment Date or the 71st day following such Valuation Date, the product of 2.32 and (x) the Maximum Dividend Rate on the Date of Original Issue (in the case of a Valuation Date occurring prior to the first Settlement Date) or
(y) the Maximum Dividend Rate on the last occurring Settlement Date or, in the case of Other RP, the equivalent date (in the case of any other Valuation Date) and (iii) for the period, if any, beginning on (and including) the second following Dividend Payment Date
and ending on (but not including) the 71st day following such Valuation Date, the product of 3.20 and the rate specified in clause (x) or (y) above.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">If the date of determination is not a Valuation Date, then the Projected Dividend Amount on such date of determination shall equal the Projected Dividend Amount therefor on the immediately preceding Valuation Date, adjusted to
reflect any decrease in the number of shares of RP and Other RP outstanding.&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial bases for the calculation of the Projected Dividend Amount if the Board
or Directors determines and the Rating Agencies shall have advised the Corporation in writing that such adjustment, modification, alteration or change would not adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Quarterly Valuation Date" means, for so long as any shares of RP are outstanding, the last Business Day of March, June, September and December of each year,
commencing December&nbsp;31, 1988, or, if such day is not a Valuation Date, the next preceding Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Rating Agencies" means S&amp;P and Moody's for so long as S&amp;P and Moody's issue ratings for the RP, and, at such time as S&amp;P and/or Moody's no longer
issues a rating for the RP, the Substitute Rating Agency or Substitute Rating Agencies, as the case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing" means each periodic operation of the process for remarketing shares of RP as described in Part II hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Remarketing Agent" means MLPF&amp;S and any additional or successor companies or entities which have entered into an agreement with the Corporation to carry
out the remarketing procedures for the purpose of determining the Applicable Dividend Rates.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Reporting Date," with respect to any price referred to in the definition of the Market Value of an item of Eligible Portfolio Property, shall mean the date as
of which the Market Value of such item of Eligible Portfolio Property is to be determined or, if no such price is available as provided above under "Market Value" for such date, the next closest prior date as of which such price is so available; provided that, no
such price shall be deemed to be available as of a Reporting Date if such price is not available as of a date within five Business Days next preceding the date as of which the determination of such Market Value is to be made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Required Documentation," with respect to a mortgage loan underlying a Convention Mortgage Pass-Through Certificate means:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; the mortgage note or other evidence of indebtedness secured by the mortgage endorsed without recourse in blank or to the trustee or other custodian
and accompanied by an assignment thereof;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; the mortgage, deed of trust, deed to secure debt or similar security instruments encumbering real property or related documentation, with evidence of
recording or filing thereof, in each case accompanied by assignments thereof, executed in blank or to the trustee or other custodian, in recordable form as may be appropriate in the jurisdiction where the property is located and evidence that such assignment has been
recorded in the name of the trustee or other custodian, and such trustee or other custodian receives an opinion of counsel (containing only such exceptions as may be permissible under the indenture or other agreement pursuant to which the mortgage loan is pledged to
the trustee in connection with the related Conventional Mortgage Pass-Through Certificate) to the effect that, notwithstanding that the assignment of the mortgage has not been recorded, the actions taken with respect to the mortgage loan are sufficient to permit the
trustee or other custodian to avail itself of all protection available under applicable law against the claims of any present or future creditors of the issuer, and are sufficient to prevent any other sale, transfer, assignment, pledge or hypothecation of the
mortgage and the related mortgage note by the issuer from being enforceable, or will create a valid assignment of and a valid and perfected lien upon and security interest in a mortgage and related mortgage note, which lien and security interest is (except for the
trustee's lien securing certain obligations of the issuer to the trustee as provided in the indenture pursuant to which the mortgage loan is pledged to the trustee in connection with the related Conventional Mortgage Pass-Through Certificate) prior in right to all
other security interests therein created or perfected under the Uniform Commercial Code (as in effect in the jurisdiction where the property is located);</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp; in the case of mortgage notes covered by private mortgage insurance, evidence that such mortgage notes are so insured; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp; a copy of the title insurance policy or an opinion or certificate of counsel stating the mortgage constitutes a first lien on the premises described
in such mortgage (which opinion or certificate may be subject to exceptions for Permitted Tax Liens and other matters to which like properties are commonly subject which neither individually nor in the aggregate materially interfere with the benefits of the security
interest intended to be provided by such mortgage and standard exceptions and exclusions from mortgage title insurance policies).</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Right" has the meaning set forth in paragraph 3(n) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP" means the Remarketed Preferred Stock, Series I of the Corporation to be issued pursuant hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Amount" means, initially, as of any date, the sum of (i) the aggregate liquidation preference of the shares of RP outstanding and shares
of Other RP outstanding, (ii) to the extent not covered in (i) above, the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of RP outstanding and shares of Other RP outstanding, (iii) any Rights due and payable and any equivalent
rights to receive cash with respect to Other RP which are due and payable, (iv) the principal amount of the Corporation's loan from the Aid Association for Lutherans then outstanding, (v) an amount equal to accrued but unpaid interest on the principal amount of the
Corporation's loan from the Aid Association For Lutherans then outstanding, (vi) the aggregate principal amount of, and an amount equal to accrued but unpaid interest on, any other then outstanding indebtedness of the Corporation for money borrowed, (vii) the
aggregate Projected Dividend Amount, (viii) redemption premium, if any, and (ix) the greater of $200,000 or an amount equal to projected expenses of the Corporation for the next three month period.&nbsp; The Board of Directors shall have the authority to adjust,
modify, alter or change from time to time the initial elements comprising the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration or change will not
adversely affect their then-current ratings on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Cure Date," with respect to the failure by the Corporation to maintain the RP Basic Maintenance Amount (as required by paragraph 8 of
this Part I) as of each Valuation Date, means the eighth Business Day following such Valuation Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic Maintenance Report" means a report signed by the President, the Treasurer, any Senior Vice President or any Vice President of the Corporation which
sets forth, as of the related Valuation Date, the assets of the Corporation, the Market Value and the Discounted Value thereof (seriatum and in the aggregate), and the RP Basic Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P" means Standard &amp; Poor's Corporation, and includes any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Securities Depository" means The Depository Trust Company, a securities depository, or any successory company or other entity selected by the Corporation for
the shares of RP that agrees to follow the procedures required to be followed by such securities depository in connection with the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Service" means the Internal Revenue Service.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Settlement Date" means any date on which (i) a new Dividend Period begins, and (ii) shares of RP which have been tendered and sold in a Remarketing are
delivered through the Securities Depository.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "7-day Dividend Period" means a Dividend Period designated as such by a Beneficial Owner and generally containing seven days.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Short Term Money Market Instruments" means the following kinds of instruments, if on the date of purchase or other acquisition by the Corporation of any such
instrument the remaining term to maturity thereof is not more than 30 days:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; demand deposits in, certificates of deposit of, bankers' acceptances issued by, or federal funds sold to, any depository institution, the deposits of
which are insured by the Federal Deposit Insurance Corporation (or any successor thereto) or the Federal Savings and Loan Insurance Corporation (or any successor thereto), provided that, at the time of the Corporation's investment therein, the commercial paper or
other unsecured short-term debt obligations of such depository institution are rated at least A-1+ by S&amp;P and Prime-1 by Moody's;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; repurchase obligations with respect to a U.S. Government Obligation, FNMA Certificate, FHLMC Certificate or GNMA Certificate entered into with a
depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation (or any successor thereto) or the Federal Savings and Loan Insurance Corporation (or any successor thereto) and the commercial paper or other unsecured short-term
debt obligations of which are rated at least A-1+ by S&amp;P and Prime-1 by Moody's, which must be repurchased within one Business Day from the date such repurchase obligation was entered into; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp; commercial paper rated at the time of the Corporation's investment therein at least A-1+ by S&amp;P and Prime-1 by Moody's.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Special Dividend Period" means a Dividend Period established by the Board of Directors pursuant to paragraph 3(m) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Specific Redemption Provisions" means, with respect to any Optional Dividend Period of 365 or more days or Special Dividend Period of 365 or more days,
either, or any combination of, (i) a period (a "Non-Call Period") determined by the Corporation, after consultation with the Remarketing Agent, during which the shares subject to such Dividend Period shall not be subject to redemption at the option of the Corporation
and (ii) a period (a "Premium Call Period"), consisting of a number of whole years and determined by the Board of Directors, after consultation with the Remarketing Agent, during each year of which the shares subject to such Dividend Period shall be redeemable at the
Corporation's option at a price per share equal to $100,000 plus accumulated but unpaid dividends plus a premium expressed as a percentage of $100,000, as determined by the Board or Directors after consultation with the Remarketing Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Commercial Paper Dealers" means such Substitute Commercial Paper Dealer or Dealers as the Corporation may from time to time appoint or, in lieu of
any thereof, their respective affiliates or successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Substitute Rating Agency" and "Substitute Rating Agencies" mean a nationally recognized statistical rating organization or two nationally recognized
statistical organizations, respectively, selected by the Corporation to act as the substitute rating agency or substitute rating agencies, as the case may be, to determine the credit ratings of the shares of RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender and Dividend Reset" means the process pursuant to which shares of RP may be tendered or deemed tendered in a Remarketing or held and become subject to
the new Applicable Dividend Rate or Rates determined by the Remarketing Agent in such Remarketing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Tender Date" means any date on which (i) a holder of shares of RP must provide to the Remarketing Agent irrevocable telephonic notice of intent to tender
shares of RP in a Remarketing or to change Dividend Periods for shares, and (ii) such Remarketing formally commences.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Bonds" as of any date means Utility Bonds rated A- or higher by S&amp;P.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Bonds" as of any date means (a) Utility Bonds held by the Corporation at such date and continuously since at least September 30, 1988 which are
rated from BBB- to BBB+ by S&amp;P or (b) Utility Bonds rated BBB- to BBB+ by S&amp;P provided that the Utility Bonds rated BBB- shall be limited to twenty-five percent of the Market Value of the Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Bonds" as of any date means Utility Bonds rated Aaa by Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type II Utility Bonds" as of any date means Utility Bonds rated Aa3 to Aa1 by Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type III Utility Bonds" as of any date means Utility Bonds rated A3 to A1 by Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type IV Utility Bonds" as of any date means Utility Bonds rated Baa3 to Baa1 by Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type A Utility Stocks" as of any date means Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are
currently paying cash dividends, and have been issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of A- or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type B Utility Stocks" as of any date means (a) Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are
currently paying cash dividends, are held by the Corporation at such date and continuously since at least September 30, 1998 and have been issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of BBB- to
BBB+ or (b) Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc., are currently paying cash dividends and have been issued by public utility companies having debt obligations outstanding with implied senior debt
ratings from S&amp;P from BBB- to BBB+ provided that Utility Stocks issued by public utility companies having debt obligations outstanding with implied senior debt ratings from S&amp;P of BBB- shall be limited to twenty-five percent of the Market Value of the
Corporation's Eligible Portfolio Property.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility Stocks" as of any date means Utility Stocks which are traded on the New York Stock Exchange, Inc. or the American Stock Exchange, Inc. or are
quoted on the National Association of Securities Dealers Automated Quotation ("NASDAQ") System and have been issued by public utility companies having debt obligations outstanding with senior or subordinated debt ratings from Moody's of Baa3 or higher.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "U.S. Government Obligations" means direct obligations of the United States, provided that such direct obligations are entitled to the full faith and credit of
the United States and that any such obligations, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Bonds" means, initially, corporate debt obligations issued by state regulated public utility companies rated from BBB- to AAA by S&amp;P and from Baa3
to Aaa by Moody's, which corporate debt obligations (a) provide for the periodic payment of interest thereon in cash in U.S. dollars, (b) do not provide for conversion or exchange into equity capital at any time over their respective lives, (c) have been registered
under the Securities Act of 1933, as amended, and (d) have not had notice given in respect thereof that any such corporate debt obligations are the subject of an offer by the issuer thereof of exchange or tender for cash, securities or any other type of
consideration.&nbsp; In addition, so long as the shares of RP are rated by S&amp;P or Moody's, no corporate debt obligation held by the Corporation shall be deemed a Utility Bond (i) if it fails to meet the criteria in column (1) below or (ii) to the extent (but only
to the proportionate extent) the acquisition or holding thereof by the Corporation causes the Corporation to exceed any applicable limitation set forth in column (2) below in the event the shares of RP are rated by S&amp;P or column (2), (3) or (4) below in the event
the shares to RP are rated by Moody's as of any relevant date of determination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in its sole discretion, the particular Utility Bond(s) and/or portions
thereof which shall be deemed to have caused the Corporation to exceed such limitation):</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="bottom"></td>
<td valign="top">
<p align="center"><font size="1" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="1" face="Times New Roman">Column (1)</font></u></p>
</td>
<td valign="top">
<p align="center"><font size="1" face="Times New Roman">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p align="center"><u><font size="1" face="Times New Roman">Column (2)</font></u></p>
</td>
<td valign="top">
<p><font size="1" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><u><font size="1" face="Times New Roman">Column (3)</font></u></p>
</td>
<td valign="top">
<p><font size="1" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><u><font size="1" face="Times New Roman">Column (4)</font></u></p>
</td>
</tr>

<tr>
<td valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="top"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p align="center"><font size="1" face="Times New Roman">S&amp;P and<br />
 Moody's Rating of<br />
 Utility Bonds or<br />
 <u>Debt Obligations(1)</u></font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="1" face="Times New Roman">Minimum<br />
 Original<br />
 Issue Size of<br />
 <u>Each Issue(2)</u></font></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="bottom">
<p align="center"><font size="1" face="Times New Roman">Maximum Percent<br />
 of Market<br />
 Value of Eligible<br />
 Portfolio Property<br />
 Issued by any<br />
 <u>One Issuer(3)</u></font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="1" face="Times New Roman">Maximum<br />
 Percent of<br />
 Market Value<br />
 of Corpora-<br />
 tion's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued by<br />
 Issuers in any<br />
 One Industry<br />
 <u>Category(4)</u></font></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="1" face="Times New Roman">Maximum<br />
 Percent<br />
 of Market<br />
 Value<br />
 of Corpora-<br />
 tion's Assets,<br />
 Including<br />
 Eligible<br />
 Portfolio<br />
 Property,<br />
 Issued<br />
 by Issuers<br />
 Regulated by<br />
 <u>any One State(5)</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="2" face="Times New Roman">($ in millions)</font></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><u><font size="2" face="Times New Roman">S&amp;P</font></u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="center"><u><font size="2" face="Times New Roman">Moody's</font></u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AAA; Aaa&hellip;&hellip;&hellip;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">$100</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100.0%</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">AA; Aa&hellip;&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">60.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">20.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">A; A&hellip;&hellip;&hellip;&hellip;&hellip;..</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">10.0</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">BBB; Baa&hellip;&hellip;&hellip;.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">100</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">5.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">4.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">50.0</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp; 7.0</font></p>
</td>
</tr>
</table>
</div>

<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Rating designations include (+) or (-) modifiers to the S&amp;P rating where appropriate.&nbsp; Rating designations include modifiers of 1 to 3 to the Moody's rating where appropriate.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(2)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">This restriction is applicable only to Utility Bonds.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(3)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The referenced S&amp;P percentages represent maximum percentages only for the related S&amp;P rating category.&nbsp; The referenced Moody's percentages represent maximum cumulative totals only for the related Moody's rating
category and each lower Moody's rating category.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(4)</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The referenced percentages represent maximum cumulative totals only for the related Moody's rating category and each lower Moody's rating category.&nbsp; There are two Industry categories &mdash; telecommunications and all
other utilities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">The referenced percentages represent maximum cumulative totals only for the related Moody's rating category and each lower Moody's rating category.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the characteristics thereof) included initially within the definition of Utility Bonds for purposes of
determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings of
the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Stocks" means, initially, common stocks issued by state regulated public utility companies having debt obligations outstanding with senior debt
ratings of BBB to AAA from S&amp;P or subordinated debt ratings of BBB- to AAA from S&amp;P and senior or subordinated debt ratings of Baa3 to Aaa from Moody's, which debt obligations have been registered under the Securities Act of 1933, as amended ("Debt
Obligations").&nbsp; In addition, so long as the shares of RP are rated by S&amp;P or Moody's, no common stock held by the Corporation shall be deemed a Utility Stock to the extent (but only to the proportionate extent) the acquisition or holding thereof by the
Corporation causes the Corporation to exceed any applicable limitation set forth in column (2) of the table set forth in "Utility Bonds" above in the event the shares of RP are rated by S&amp;P or column (2), (3) or (4) of such table in the event the shares of RP are
rated by Moody's as of any relevant date of determination (provided that, in the event that the Corporation shall exceed any such limitation, the Corporation shall designate, in its sole discretion, the particular Utility Stock(s) and/or portions thereof which shall
be deemed to have caused the Corporation to exceed such limitation).&nbsp; The Board of Directors shall have the authority to adjust, modify, alter or change from time to time the assets (and/or the characteristics thereof) initially included within the definition of
Utility Stocks for purposes of determining compliance with the RP Basic Maintenance Amount if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely
affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Valuation Date" means (i) the fifteenth day of each month or, if such day is not a Business Day, the next succeeding Business Day, and (ii) the last Business
Day of each month (or, in the case of the first Valuation Date, a date selected by the Corporation within fifteen days after the Original Issue Date).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Voting Period" has the meaning set forth in paragraph 6(b) of this Part I.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fractional Shares</u>.&nbsp; No fractional shares of RP shall be issued or
recognized by the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dividends</u>.&nbsp; (a)&nbsp;&nbsp;The Holders as of 12:00 noon, New York City time,
on the Business Day preceding the applicable Dividend Payment Dates, shall be entitled to receive, when, as and if declared by the Board of Directors, out of funds legally available therefor, cumulative dividends each consisting of (i) cash at the Applicable Dividend
Rate and (ii) a Right to receive cash determined as set forth in paragraph 3(l) below and payable as set forth therein.&nbsp; Dividends on the shares of RP so declared and payable shall be paid, to the extent available and permitted by law, and in preference to and
priority over any dividends declared and payable on the Common Stock, out of income of the Corporation which constitutes qualifying income for purposes of the Dividends-Received Deduction.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> Dividends on shares of RP shall accumulate from the applicable Date of
Original Issue and will be payable, when, as and if declared by the Board of Directors, on each Dividend Payment Date applicable to each such share of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;</font> Each declared dividend, including each Right, shall be payable on the
applicable Dividend Payment Date to the Holder or Holders of such shares of RP as set forth in paragraph 3(a).&nbsp; Dividends on any share in arrears for any past Dividend Payment Date may be declared and paid at any time, without reference to any regular Dividend
Payment Date, to the Holder of such share on a date not exceeding five Business Days preceding the payment date thereof, as may be fixed by the Board of Directors.&nbsp; Any dividend payment made on any share of RP shall first be credited against the earliest
dividends accumulated but unpaid (whether or not earned) with respect to such share.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;</font> Neither Holders nor Beneficial Owners of shares of RP shall be entitled to
any dividends on the shares of RP, whether payable in cash, property or stock, in excess of full cumulative dividends (including Rights) thereon.&nbsp; The Board of Directors shall designate, in accordance with the applicable provisions of the Code, the cash
dividends on the shares of RP so declared and paid or payable and on the shares of Other RP declared and paid or payable for any fiscal year as qualifying for the Dividends-Received Deduction in an amount equal to the lesser of (i) the amount of the Corporation's
income for such fiscal year which qualifies for the Dividends-Received Deduction, or (ii) the amount of such cash dividends.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;</font> Except as otherwise provided herein, the Applicable Dividend Rate on each
share of RP for each Dividend Period with respect to such share shall be equal to the rate per annum that results from implementation of the remarketing procedures described in Part II hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;</font> The amount of cash dividends for shares of RP payable (if declared) on each
Dividend Payment Date in respect of Dividend Periods of fewer than 365 days shall be computed by the Corporation by multiplying the Applicable Dividend Rate in effect with respect to cash dividends payable on such share on such Dividend Payment Date by a fraction the
numerator of which shall be the number of days such share was outstanding from and including its Date of Original Issue or the preceding Dividend Payment Date on which a cash dividend was paid, as the case may be, to and including the last day of such Dividend
Period, and the denominator of which shall be 360, and then multiplying the percentage so obtained by $100,000.&nbsp; The amount of cash dividends for each share of RP payable on each Dividend Payment Date in respect of an Optional Dividend Period of 365 or more days
or a Special Dividend Period of 365 or more days shall be computed on the basis of a 360-day year of twelve 30-day months.&nbsp; In accordance with the remarketing procedures set forth in Part II hereof, there may exist at any given time a number of Dividend Payment
Dates for all outstanding shares of RP, and dividends on any share shall be payable only on a Dividend Payment Date applicable to such share of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;</font> No later than by 12:00 noon, New York City time, on each Dividend Payment
Date, the Corporation shall deposit in same-day funds with the Paying Agent the full amount of any dividend declared and payable on such Dividend Payment Date on any share of RP.&nbsp; For the purposes of the foregoing, payment in New York Clearing House (next-day)
funds at any time on any Business Day shall be considered equivalent to payment in same-day funds on the next Business Day at the same time, and any payment made after 12:00 noon, New York City time, on any Business Day shall be considered to have been made instead
in the same form of funds before 12:00 noon, New York City time, on the next Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;</font> The Applicable Dividend Rate for each Dividend Period commencing during a
Non-Payment Period shall be equal to the Non-Payment Period Rate; any share of RP for which an Optional Dividend Period of more than 98 days or Special Dividend Period of more than 98 days would otherwise have commenced on the first day of a Non-Payment Period shall
have, instead, a 7-day Dividend Period; and each Dividend Period commencing after the first day of, and during, a Non-Payment Period shall be a 49-day Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;</font> So long as any shares of RP are outstanding, the Corporation shall not,
subject to the requirements of the 1940 Act and Maryland law, without the affirmative vote or consent of the holders of at least two-thirds of the votes of the shares of RP outstanding at the time, given in person or by proxy, either in writing or at a meeting
(voting separately as one class):&nbsp; (a) authorize, create or issue, or increase the authorized or issued amount, of any class or series of stock ranking prior to the RP with respect to payment of dividends or the distribution of assets on liquidation, or (b)
amend, alter or repeal the provisions of the Corporation's Charter including these Articles Supplementary, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of such shares of RP or
the Holders thereof; provided that, any increase in the amount of the authorized RP or the creation and issuance of other series of Preferred Stock, or any increase in the amount of authorized shares of such series or of any other series of remarketed preferred
stock, in each case ranking on a parity with or junior to the RP, will not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers unless such issuance would cause the Corporation not to satisfy the 1940 Act RP Asset
Coverage or the RP Basic Maintenance Amount.&nbsp; Unless a higher percentage is provided for under the Charter, the affirmative vote of the holders of a majority of the outstanding shares of Preferred Stock, including RP, voting together as a single class, will be
required to approve any plan of reorganization adversely affecting such shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act.&nbsp; The class vote of holders of shares of Preferred Stock, including RP, described above will in
each case be in addition to a separate vote of the requisite percentage of shares of Common Stock and shares of Preferred Stock, including RP, necessary to authorize the action in question.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be
effected, all outstanding shares of RP shall have been redeemed or called for redemption and sufficient funds shall have been deposited in trust to effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;</font> Except during a Non-Payment Period, by 1:00 p.m. on the Tender Date at the
end of the Initial Dividend Period applicable to a share of RP and by 1:00 p.m. on the Tender Date at the end of each subsequent Dividend Period applicable to a share of RP, the Beneficial Owner of such share may elect to tender such share or to hold such
share.&nbsp; If the Beneficial Owner of such share of RP elects to hold such share, such Beneficial Owner may, unless the Board of Directors has designated a Special Dividend Period commencing on the Settlement Date next following such Tender Date and such share is
subject to such Special Dividend Period, elect to hold such share of RP for a 7-day Dividend Period, a 49-day Dividend Period or any available Optional Dividend Period; provided that, in the event that (i) such Beneficial Owner elects an available Optional Dividend
Period of more than 98 days with respect to such share or the Board of Directors has designated the next succeeding Dividend Period as a Special Dividend Period of more than 98 days and such share is subject to such Special Dividend Period and (ii) there is no
Remarketing Agent, the Remarketing Agent does not conduct a Remarketing or the Remarketing Agent is unable to remarket in the Remarketing on the Dividend Reset Date following such Tender Date all shares of RP tendered (or deemed tendered) to it at a price of $100,000
per share, then the Dividend Period in respect of such share shall be a 7-day Dividend Period and the Applicable Dividend Rate shall be the Maximum Dividend Rate for a 7-day Dividend Period.&nbsp; If the Beneficial Owner of such share of RP fails to elect to tender
or hold such share, or to elect a Dividend Period for such share, by 1:00 p.m. on such Tender Date, such Beneficial Owner shall continue to hold such share at the Applicable Dividend Rate determined in such Remarketing for a Dividend Period of the same type as the
current Dividend Period for such share; provided that (i) if such current Dividend Period is an Optional Dividend Period of 98 or fewer days which is not available on such Tender Date, such Beneficial Owner shall hold such share for a 7-day Dividend Period, (ii) if
such current Dividend Period is a 7-day Dividend Period, a 49-day Dividend Period or an Optional Dividend Period of 98 or fewer days which is available on such Tender Date but (a) there is no Remarketing Agent or the Remarketing Agent does not conduct a Remarketing,
then such Beneficial Owner shall hold such share for a 7-day Dividend Period and the Applicable Dividend Rate shall be the Maximum Dividend Rate for a 7-day Dividend Period, or (b) the Remarketing Agent is unable to remarket in such Remarketing all shares of RP
tendered (or deemed tendered) to it at a price of $100,000 per share, such Beneficial Owner will hold such share for the same Dividend Period as the then current Dividend Period with respect to such share and the applicable Dividend Rate therefor will be the
applicable Maximum Dividend Rate, and (iii) if such current Dividend Period is an Optional Dividend Period of more than 98 days or a Special Dividend Period, or the succeeding Dividend Period has been designated by the Board of Directors as a Special Dividend Period
and such share is subject to such Special Dividend Period, then such Beneficial Owner shall be deemed to have elected to tender such share.&nbsp; If such share of RP is tendered (or deemed tendered) but not sold in such Remarketing, the Beneficial Owner thereof shall
hold such share at the applicable Maximum Dividend Rate for a 7-day Dividend Period.&nbsp; If such share of RP is tendered (or deemed tendered) and purchased in such Remarketing, the next Dividend Period for such share shall be the Dividend Period elected by the
purchaser of such share in such Remarketing or the Special Dividend Period designated by the Board of Directors, as the case may be, at the Applicable Dividend Rate therefor, except that, if the Remarketing Agent is unable to remarket in such Remarketing all shares
of RP tendered (or deemed tendered) to it at a price of $100,000 per share, no purchaser in such Remarketing shall be permitted to acquire shares having an Optional Dividend Period of more than 98 days or a Special Dividend Period of more than 98 days.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)&nbsp;</font> In the event of a change in law altering the Minimum Holding Period, the
Board of Directors may increase or decrease the period of time between Dividend Payment Dates so as to adjust uniformly the number of days in any 49-day Dividend Period commencing after the date of such change in law to equal or exceed the then current Minimum
Holding Period; provided that, the number of days for any Dividend Period as so adjusted shall not exceed 98 and shall be evenly divisible by seven (except as required from time to time by adjustments in the remarketing schedule as provided herein).&nbsp; Upon any
such adjustment by the Board of Directors, the Corporation shall notify the Remarketing Agent and the Paying Agent, and the Paying Agent shall in turn notify the Securities Depository, of such adjustment; provided that, during a Non-Payment Period, the Corporation
also shall notify the Beneficial Owners of shares of RP directly of such adjustment.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)&nbsp;</font> Except during a Non-Payment Period, the Board of Directors may at any time
and from time to time institute one or more Optional Dividend Periods with such number of days, and which shall be available for such period, as the Board of Directors shall specify; provided that (i) in respect of any Optional Dividend Period of more than 98 days,
the Board of Directors shall also determine a Maximum Dividend Rate or Rates in respect of such period which rate or rates, as determined from time to time by formula or other means, may be fixed or variable and (ii) in respect of an Optional Dividend Period of 365
or more days, the Board of Directors, after consultation with the Remarketing Agent, may establish Specific Redemption Provisions.&nbsp; An Optional Dividend Period shall be available after seven days' written notice thereof and, if applicable, of the Maximum
Dividend Rate or Rates and Specific Redemption Provisions, if any, in respect thereof shall have been given to the Remarketing Agent, the Paying Agent and the Securities Depository.&nbsp; The Corporation also shall publish promptly notice of any designation of an
Optional Dividend Period, and related Maximum Dividend Rate or Rates and Specific Redemption Provisions, if any, at least once in an Authorized Newspaper, but the failure so to publish shall not affect the validity or effectiveness of any such designation or
determination.&nbsp; After an Optional Dividend Period becomes available, such Optional Dividend Period shall be available in each Remarketing and, if elected by any Beneficial Owner of shares of RP, shall commence on each Settlement Date and continue until rescinded
by the Board of Directors, which rescission shall be effective after seven days' written notice thereof shall have been given to the Remarketing Agent, the Paying Agent, the Securities Depository and Beneficial Owners.&nbsp; The existence or rescission of any
Optional Dividend Period shall not affect any current Dividend Period or prevent the Board of Directors from establishing other Optional Dividend Periods of similar duration or in any way restrict the Maximum Dividend Rate or Rates or Specific Redemption Provisions
which may be designated in connection with any other Optional Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)&nbsp;</font> The Board of Directors may at any time designate a subsequent Dividend
Period with respect to all or any specified fewer number of shares of RP eligible for Tender and Dividend Reset on the Tender Date next preceding the commencement of such Dividend Period as a Special Dividend Period with such number of days as the Board of Directors
shall specify; provided that (i) written notice of any such designation, of the Maximum Dividend Rate or Rates, if applicable, and Specific Redemption Provisions, if any, in respect thereof and of the consequences of failure to tender or to elect to hold shares, must
be given at least seven days prior to such Tender Date to the Remarketing Agent, the Paying Agent, the Securities Depository and the Beneficial Owners or shares of RP which are to be subject to such Special Dividend Period; (ii) no Special Dividend Period may
commence for any share of RP during a Non-Payment Period; (iii) if such Special Dividend Period contains 365 or more days, (x) the shares of RP subject to such Special Dividend Period shall have an aggregate liquidation preference (exclusive of accumulated but unpaid
dividends, premium, if any, and Rights, if any) of at least $35,000,000 or such greater or lesser amount as may be specified by the Board of Directors and (y) the shares, if any, of RP not subject to such Special Dividend Period shall have an aggregate liquidation
preference (exclusive of accumulated but unpaid dividends, premium, if any, and Rights, if any) of at least $35,000,000 or such greater or lesser amount as may be specified by the Board of Directors; (iv) in respect of any Special Dividend Period of more than 98
days, the Board of Directors shall also determine a Maximum Dividend Rate or Rates, which rate or rates, as determined from time to time by formula or other means, may be fixed or variable; and (v) in respect of any Special Dividend Period of 365 or more days, the
Board of Directors, after consultation with the Remarketing Agent, may establish Specific Redemption Provisions.&nbsp; In the event the Board of Directors designates a Special Dividend Period with respect to less than all shares of RP eligible for Tender and Dividend
Reset in the Remarketing prior to such Special Dividend Period, the shares subject to such Special Dividend Period will be selected by the Paying Agent by lot.&nbsp; The existence or rescission of any Special Dividend Period shall not affect any current Dividend
period or prevent the Board of Directors from establishing other Special Dividend Periods of similar duration or in any way restrict the Maximum Dividend Rate or Rates or Specific Redemption Provisions which may be designated in connection with any other Special
Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Remarketing Agent is unable to remarket sufficient shares of RP at the commencement of a Special Dividend Period to satisfy the requirement described in
clause (iii) of the preceding paragraph, then the Dividend Period in respect of any share of RP which otherwise would have been subject to such Special Dividend Period shall be a 7-day Dividend Period and an Applicable Dividend Rate shall be set by the Remarketing
Agent in accordance with the remarketing procedures.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n)&nbsp;</font> Each dividend shall consist of (i) cash at the Applicable Dividend Rate and
(ii) a right (a "Right") to receive cash (as determined below).&nbsp; Each Right shall thereafter be independent of the share or shares of RP on which the dividend was paid.&nbsp; The Corporation shall cause to be maintained a record of each Right received by the
respective Holders.&nbsp; The Corporation shall not be required to recognize any transfer of a Right.&nbsp; If all or any part of the cash dividends on the shares of RP during any fiscal year does not qualify for the Dividends-Received Deduction ("Nonqualifying
Distributions") because (i) the Corporation does not have income for such fiscal year eligible for the Dividends-Received Deduction at least equal to the dividends paid on the RP and the Other RP for such year, or (ii) the Corporation does not properly designate
dividends on the RP as being eligible for the Dividends-Received Deduction, the applicable Rights shall entitle the holders thereof ("Right Holders") to additional cash (as set forth below), and the Corporation will, within 270 days after the end of such fiscal year,
provide notice thereof to the Paying Agent.&nbsp; The Paying Agent will mail a copy of such notice to each Right Holder at the address specified in such Right Holder's Master Purchaser's Letter as promptly as practicable after its receipt of such notice from the
Corporation.&nbsp; The Corporation will within 30 days after such notice is given to the Paying Agent pay to the Paying Agent (who will then distribute to Right Holders), out of funds legally available therefor, cash in satisfaction of the applicable Rights in an
amount specified below with respect to all Nonqualifying Distributions made during such fiscal year.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash payable pursuant to a Right shall be paid to the Right Holder thereof in an amount which, when taken together with the aggregate Nonqualifying
Distributions paid to such Right Holder during any fiscal year, would cause such Right Holder's net yield in dollars (after Federal income tax consequences) from the aggregate of both the Nonqualifying Distributions and the cash receivable pursuant to a Right to be
equal to the net yield in dollars (after Federal income tax consequences) which would have been received by such Right Holder if the amount of the aggregate Non-qualifying Distributions would have qualified for the Dividends-Received Deduction in the hands of such
Right Holder.&nbsp; Such cash receivable on a Right shall be calculated without consideration being given to the time value of money and using the applicable maximum marginal corporate Federal tax rate in effect at the time such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation may estimate the amount payable in respect of any Right and pay all or any portion of such estimated amount prior to the end of the fiscal year
in which such Right was declared.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, for any fiscal year, all cash dividends paid at the Applicable Dividend Rate on the shares of RP are eligible in full for the Dividends-Received Deduction,
then the amount payable to holders of Rights applicable to that year shall be zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Redemption</u>.&nbsp; Shares of RP shall be redeemable by the Corporation as
provided below:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;</font> To the extent permitted under the 1940 Act and Maryland law, the
Corporation at its option, upon giving a Notice of Redemption, may redeem shares of RP, in whole or in part, on the next succeeding scheduled Dividend Payment Dates for those shares of RP called for redemption, out of funds legally available therefor, at a redemption
price equal to $100,000 per share plus premium, if any, resulting from the designation of a Premium Call Period, plus an amount equal to cash dividends thereon (whether or not earned or declared) accumulated but unpaid to the date fixed for redemption; provided that
(i) no share of RP will be subject to redemption at the option of the Corporation during a Non-Call Period to which it is subject and (ii) if any share of RP is subject to any Optional Dividend Period or Special Dividend Period containing at least as many days as the
then Minimum Holding Period at the time such Optional Dividend Period or Special Dividend Period was selected and a redemption at such time would have the effect that a Beneficial Owner who purchased such share in the preceding Remarketing therefor would not satisfy
such Minimum Holding period solely by reason of such redemption, such share shall be redeemed on a date specified by the Board of Directors at least five days in advance thereof when such condition shall not longer apply (which date may be after the date fixed for
redemption of the other shares called for redemption), but shall not be later than the next succeeding Dividend Payment Date upon which such Beneficial Owner would not fail to satisfy such Minimum Holding Period for such share solely by reason of such redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> The Corporation shall redeem, out of funds legally available therefor, at a
redemption price of $100,000 per share plus an amount equal to premium, if any, resulting from the designation of a Premium Call Period, plus cash dividends thereon (whether or not earned or declared) accumulated but unpaid to the date of redemption, shares of RP to
the extent permitted under the 1940 Act and Maryland law, on a date fixed by the Board of Directors, if the Corporation fails to maintain the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage and such failure is not cured on or before the RP Basic
Maintenance Cure Date or the 1940 Act Cure Date (herein referred to respectively as the "Cure Date"), as the case may be.&nbsp; The number of shares to be redeemed shall be equal to the lesser of (i) the minimum number of shares of RP the redemption of which, if
deemed to have occurred immediately prior to the opening of business on the Cure Date, together with all shares of other Preferred Stock subject to redemption or retirement, would result in the satisfaction of the RP Basic Maintenance Amount or the 1940 Act RP Asset
Coverage, as the case may be, on such Cure Date (provided that, if there is no such minimum number of shares the redemption of which would have such result, all shares of RP then outstanding shall be redeemed), and (ii) the maximum number of shares of RP that can be
redeemed out of funds expected to be legally available therefor on such redemption date.&nbsp; In determining the number of shares of RP required to be redeemed in accordance with the foregoing, the Corporation shall allocate the amount required to achieve the RP
basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, pro rata among the RP and the Other RP.&nbsp; The Corporation shall effect such redemption not later than 41 days after such Cure Date, except that if the Corporation does not have funds
legally available for the redemption of all of the required number of shares of RP which are subject to mandatory redemption or the Corporation otherwise is unable to effect such redemption on or prior to such Cure Date, the Corporation shall redeem those shares of
RP which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any share of RP shall be subject to mandatory redemption regardless of whether such share is subject to a Non-Call Period provided that shares of RP subject to
a Non-Call Period will only be subject to redemption to the extent that the other shares of RP are not available to satisfy the number of shares required to be redeemed.&nbsp; In such event, such shares subject to a Non-Call Period will be selected for redemption in
an ascending order of outstanding Non-Call Period (with shares with the lowest number of days remaining in the period to be called first) and by lot in the event of equal outstanding Non-Call Periods.&nbsp; However, if any share of RP is subject to any Optional
Dividend Period or Special Dividend Period containing at least as many days as the then Minimum Holding Period at the time such Optional Dividend Period or Special Dividend Period was selected and a redemption at such time would have the effect that a person who
purchased such share in the preceding Remarketing therefor would not satisfy such Minimum Holding Period solely by reason of such redemption, such share shall be redeemed on a date specified by the Corporation at least five days in advance thereof when such condition
shall no longer apply (which date may be after the date fixed for redemption of the other shares called for redemption), but shall not be later than the next succeeding Dividend Payment Date upon which such person would not fail to satisfy such Minimum Holding Period
for such share solely by reason of redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;</font> Subject to paragraph 4(d) of this Part I, if fewer than all the outstanding
shares of RP are to be redeemed pursuant to this paragraph 4, the number of shares of RP so to be redeemed shall be a whole number of shares and shall be determined by the Board of Directors, and the Corporation shall give a Notice of Redemption as provided in
paragraph 4(e) of this Part I provided that no share of RP will be subject to optional redemption on any Dividend Payment Date during a Non-Call Period to which it is subject and shares of RP subject to a Non-Call Period will be subject to mandatory redemption only
on the basis described under paragraph 4(b) of this Part I.&nbsp; Unless certificates representing shares of RP are held by Holders other than the Securities Depository or its nominee, the Paying Agent, upon receipt of such notice, shall determine, from among shares
eligible for redemption, the number of shares of RP to be redeemed pro rata from each current Dividend Period which is then eligible for redemption and shall give notice of such determination to the Securities Depository; the Securities Depository thereupon shall
determine by lot on a Dividend Period basis pursuant to the allocation provided by the Paying Agent the number of shares of RP to be redeemed from the account of each Agent Member (which may include an Agent Member holding shares for its own account, including the
Remarketing Agent) and notify the Paying Agent of such determination.&nbsp; The Paying Agent, upon receipt of such notice, shall in turn determine by lot the number of shares of RP from each Dividend Period to be redeemed from the accounts of the Beneficial Owners of
the shares of RP whose Agent Members have been selected by the Securities Depository and give notice of such determination to the Remarketing Agent.&nbsp; In doing so, the Paying Agent may determine that shares of RP shall be redeemed from the accounts of some
Beneficial Owners, which may include the Remarketing Agent, without shares of RP being redeemed from the accounts of other Beneficial Owners.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;</font> Notwithstanding paragraph 4(c) of this Part I, if the redemption of shares
of RP is to take place during a Non-Payment Period with respect to such shares or certificates representing shares of RP are held by Holders other than the Securities Depository or its nominee, then the number of shares of RP to be redeemed shall be determined by the
Board of Directors and the shares to be redeemed shall be selected by the Corporation pro rata from among current Dividend Periods and by lot from among shares within each current Dividend Period.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;</font> Any Notice or Redemption shall be given by the Corporation to the Paying
Agent, the Securities Depository (and any other Holder) and the Remarketing Agent, by telephone, not later than 3:00 p.m., New York City time (and later confirmed in writing) on (A) in the case of optional redemption pursuant to paragraph 4(a) of this Part I (i) the
Settlement Date in the case of a partial redemption of the shares of RP, (ii) the Tender Date in the case of a redemption in whole of the shares of RP or (iii) during a Non-Payment Period, the later of the Dividend Payment Date and the seventh day, in each case prior
to the earliest date upon which any such redemption shall occur and (B) in the case of mandatory redemption pursuant to paragraph 4(b) of this Part I, the fifth Business Day prior to the redemption date.&nbsp; In the case of a partial redemption of the shares of RP,
the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP called for redemption not later than the close of business on the Business Day on which the Paying Agent determines the shares to be redeemed, as
described in paragraph 4(c) if this Part I (or, during a Non-Payment Period, not later than the close of business on the Business Day immediately following the day on which the Paying Agent receives a Notice of Redemption from the Corporation).&nbsp; In the case of a
redemption in whole of the shares of RP, the Paying Agent shall use reasonable efforts to provide telephonic notice to each Beneficial Owner not later than the close of business on the Business Day immediately following the day on which it receives a Notice of
Redemption from the Corporation.&nbsp; In any case described in clause (i) or (iii) of the first sentence of this paragraph 4(e), such telephonic notice shall be confirmed promptly in writing not later than the close of business on the third Business Day preceding
the redemption date by notice sent by the Paying Agent to each Beneficial Owner of shares of RP called for redemption, the Remarketing Agent and the Securities Depository.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;</font> Every Notice of Redemption and other redemption notice shall state:&nbsp;
(i) the redemption date; (ii) the number of shares of RP to be redeemed; (iii) the redemption price; (iv) that dividends on the shares of RP to be redeemed shall cease to accumulate as of such redemption date; and (v) the provision pursuant to which such shares are
being redeemed.&nbsp; In addition, notice of redemption given to a Beneficial Owner shall state the CUSIP number, if any, of the shares of RP to be redeemed and the manner in which the Beneficial Owners of such shares may obtain payment of the redemption price.&nbsp;
No effect in the Notice of Redemption or other redemption notice or in the transmittal or the mailing hereof shall affect the validity of the redemption proceedings, except as required by applicable law.&nbsp; The Paying Agent shall use its reasonable efforts to
cause the publication of a redemption notice in an Authorized Newspaper within two Business Days of the date of the Notice of Redemption, but failure so to publish such notification shall not affect the validity or effectiveness of any such redemption
proceedings.&nbsp; Shares of RP the Beneficial Owners of which shall have been given Notice of Redemption shall not be subject to transfer outside of a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;</font> On any redemption date, the Corporation shall deposit, irrevocably in
trust, in same-day funds, with the Paying Agent, by 12:00 noon, New York City time, the price to be paid on such redemption date (including premium, if any, resulting from the designation of a Premium-Call Period) of any share of RP plus an amount equal to cash
dividends thereon accumulated but unpaid to such redemption date (whether or not earned or declared).&nbsp; For the purposes of the foregoing, payment in New York Clearing House (next-day) funds at any time on any Business Day shall be considered equivalent to
payment in same-day funds on the next Business Day at the same time, and any payment made after 12:00 noon, New York City time, on any Business Day shall be considered to have been made instead in the same form of funds before 12:00 noon, New York City time, on the
next Business Day.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;</font> In connection with any redemption, upon the giving of a Notice of
Redemption and the deposit of the funds necessary for such redemption with the Paying Agent in accordance with this paragraph 4, all rights of the Holders of shares of RP so called for redemption shall cease and terminate, except the right of the Holders thereof to
receive the redemption price thereof, inclusive of an amount equal to the premium, if any, resulting from the designation of a Premium-Call Period plus cash dividends (whether or not earned or declared) accumulated but unpaid to the redemption date but without any
interest or other additional amount (except as provided in paragraph 3(h) or 3(n) of this Part I), and such shares shall no longer be deemed outstanding for any purpose.&nbsp; The Corporation shall be entitled to receive from the Paying Agent, promptly after the date
fixed for redemption, any cash deposited with the Paying Agent as aforesaid in excess of the sum of (i) the aggregate redemption price of the shares of RP called for redemption on such date and (ii) all other amounts to which Holders of shares of RP called for
redemption may be entitled.&nbsp; Any funds so deposited with the Paying Agent which are unclaimed at the end of ninety days from such redemption date shall, to the extent permitted by law, be repaid to the Corporation, after which time the Holders of shares of RP so
called for redemption shall look only to the Corporation for payment of the redemption price and all other amounts to which they may be entitled.&nbsp; The Corporation shall be entitled to receive, from time to time after the date fixed for redemption, any interest
on the funds so deposited.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;</font> To the extent that any redemption for which Notice of Redemption has been
given is not made by reason of the absence of legally available funds therefor, such redemption shall be made as soon as practicable to the extent such funds become available.&nbsp; Failure to redeem shares of RP shall be deemed to exist at any time after the date
specified for redemption in a Notice of Redemption when the Corporation shall have failed, for any reason whatsoever, to deposit funds with the Paying Agent pursuant to paragraph 4(g) of this Part I with respect to any shares for which such Notice of Redemption has
been given.&nbsp; Notwithstanding the fact that the Corporation shall not have redeemed shares of RP for which a Notice of Redemption has been given, dividends may be declared and paid on shares of RP and shall include those shares of RP for which a Notice of
Redemption has been given.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;</font> Notwithstanding the foregoing, (i) no share of RP may be redeemed pursuant
to paragraph 4(a) of this Part I unless the full amount of accumulated but unpaid cash dividends to the date fixed for redemption for each such share of RP called for redemption shall have been declared, and (ii) no share of RP may be redeemed unless all outstanding
shares of RP are simultaneously redeemed, nor may any shares of RP be purchased or otherwise acquired by the Corporation except in accordance with a purchase offer made on substantially equivalent terms by the Corporation for all outstanding shares of RP, unless, in
each such instance, cash dividends on all outstanding shares of RP through the end of their most recently ended Dividend Periods (or, if such transaction is on a Dividend Payment Date, through the Dividend Periods ending on the day prior to such Dividend Payment
Date) shall have been paid or declared and sufficient funds for the payment thereof deposited with the Paying Agent.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (k)&nbsp; Except as set forth in this paragraph 4 with respect to redemptions and
subject to paragraph 4(j) hereof, nothing contained herein shall limit any legal right of the Corporation or any affiliate to purchase or otherwise acquire any share of RP at any price.&nbsp; Any shares of RP which have been redeemed, purchased or otherwise acquired
by the Corporation or any affiliate thereof may be resold.&nbsp; In lieu of redeeming shares called for redemption, the Corporation shall have the right to arrange for other purchasers to purchase from Beneficial Owners all shares of RP to be redeemed pursuant to
this paragraph 4 by their paying to such Beneficial Owners on or before the close of business on the redemption date an amount equal to not less than the redemption price payable by the Corporation on the redemption of such shares, and the obligation of the
Corporation to pay such redemption price shall be satisfied and discharged to the extent such payment is so made by such purchasers.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (l)&nbsp; Notwithstanding any of the foregoing provisions of this paragraph 4, the
Remarketing Agent may, in its sole discretion, modify the procedures set forth above with respect to notification of redemption, provided that, any such modification does not adversely affect any Holder or Beneficial Owner of shares of RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Liquidation</u>.&nbsp; Upon a liquidation, dissolution or winding up of the affairs of
the Corporation, whether voluntary or involuntary, the Holders shall be entitled, whether from capital or surplus, before any assets of the Corporation shall be distributed among or paid over to holders of Common Stock or any other class or series of stock of the
Corporation junior to the RP as to liquidation payments, to be paid the amount of $100,000 per share of RP, plus premium, if any, plus an amount equal to all accumulated but unpaid dividends thereon (whether or not earned or declared) to and including the date of
final distribution.&nbsp; After any such payment, the Holders shall not be entitled to any further participation in any distribution of assets of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp; If, upon any such liquidation, dissolution or winding up of the
Corporation, the assets of the Corporation shall be insufficient to make such full payments to the Holders and the holders of any Preferred Stock ranking as to liquidation, dissolution or winding up on a parity with the RP, then such assets shall be distributed among
the Holders and such parity holders ratably in accordance with the respective amounts which would be payable on such shares of RP and any other such Preferred Stock if all amounts thereon were paid in full.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (b)&nbsp; Neither the consolidation nor the merger of the Corporation with or into
any corporation or corporations nor a reorganization of the Corporation alone nor the sale or transfer by the Corporation of all or substantially all of its assets shall be deemed to be a dissolution or liquidation of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Voting Rights</u>.&nbsp; (a)&nbsp; General.&nbsp; Each Holder of shares of RP shall be
entitled to one vote for each share held on each matter submitted to a vote of stockholders of the Corporation and, except as otherwise provided in the 1940 Act, the Charter or the Bylaws or as described below, the holders of shares of Preferred Stock, including RP,
and of shares of Common Stock shall vote together as one class.&nbsp; Prior to the issuance of any RP, the Board of Directors by resolution shall designate two existing directors representing holders of Preferred Stock.&nbsp; At the first meeting of stockholders for
which the record date is a date on which shares of Preferred Stock are outstanding, the holders of Preferred Stock entitled to vote at such meeting shall have the right as a class, to the exclusion of the holders of the common stock, to elect two directors of the
Corporation who shall serve for the unexpired terms of the directors originally designated by the Board of Directors as directors representing holders of Preferred Stock; except that, if such meeting is an annual meeting of stockholders at which the term of one of
such designated directors expires, the director so elected to succeed the designated director shall be elected for a term expiring at the time of the third succeeding annual meeting of stockholders, or thereafter when his successor is elected and qualified.&nbsp;
Thereafter, the holders of Preferred Stock shall have the right as a class, to the exclusion of the holders of the common stock, to elect directors to succeed either of the directors representing the Preferred Stock whose terms are expiring or whose seats on the
Board of Directors are vacant.&nbsp; Subject to paragraph 6(b) hereof, the holders of a majority of the shares of Common Stock shall elect the balance of the directors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; <u>Right to Elect Majority of Board of Directors</u>.&nbsp; During any
period in which any one or more of the conditions described below shall exist (such period being referred to herein as a "Voting Period"), the number of directors constituting the Board of Directors shall be automatically increased by the smallest number that, when
added to the number of directors then constituting the Board of Directors, shall (together with the two directors elected by the holders of Preferred Stock, including RP, pursuant to paragraph 6(a)) constitute a majority of such increased number, and the holders of a
majority of Preferred Stock, including RP, shall be entitled, voting as a single class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of capital stock of the Corporation), to elect the smallest number of additional
directors of the Corporation that shall constitute a majority of the total number of directors of the Corporation so increased.&nbsp; A Voting Period shall commence if at the close of business on any Dividend Payment Date accumulated dividends (whether or not earned
or declared, and whether or not funds are then legally available in an amount sufficient therefor) on the outstanding shares of RP equal to at least two full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been
deposited with the Paying Agent for the payment of such accumulated dividends.&nbsp; Upon the termination of a Voting Period, the voting rights described in this paragraph 6(b) shall cease, subject always, however, to the revesting of such voting rights in the
holders of Preferred Stock, including RP, upon the further occurrence of any of the events described in this paragraph 6(b).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (c)&nbsp; <u>Voting Procedures</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (i)&nbsp; As
soon as practicable after the accrual of any right of the holders of Preferred Stock, including RP, to elect a majority of directors, the Corporation shall notify the Paying Agent and Paying Agent shall call a special meeting of the holders of Preferred Stock,
including RP, and shall mail a notice of such special meeting to such holders not less than 10 nor more than 20 days after the date of mailing of such notice.&nbsp; If the Corporation fails to send such notice to the Paying Agent or if the Paying Agent does not call
such a special meeting, it may be called by any holder of Preferred Stock, including RP, on like notice.&nbsp; The record date for determining the holders of Preferred Stock, including RP, entitled to notice of and to vote at such special meeting shall be the close
of business on the fifth Business Day preceding the day on which such notice is mailed.&nbsp; At any such special meeting and at each meeting held during a Voting Period, the holders of Preferred Stock, including RP, voting together as a class (to the exclusion of
the holders of all other securities and classes of capital stock of the Corporation), shall be entitled to elect the number of directors prescribed in paragraph 6(b) above on a one-vote-per-share basis.&nbsp; At any such meeting or adjournment thereof in the absence
of a quorum, a majority of the holders of Preferred Stock, including RP, present in person or by proxy, shall have the power to adjourn the meeting without notice, other than an announcement at the meeting, until a quorum is present; provided, however, that no such
meeting may be adjourned to a date more than 120 days from the original record date without notice.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;
For purposes of determining any rights of the Holders to vote on any matter, whether such right is created by these Articles Supplementary, by statute or otherwise, no Holder shall be entitled to vote and no share of RP shall be deemed to be "outstanding" for the
purpose of voting or determining the number of shares required to constitute a quorum, if, prior to or concurrently with the time of determination of shares entitled to vote or shares deemed outstanding for quorum purposes, as the case may be, sufficient funds for
the redemption of such shares have been deposited in trust with the Paying Agent for that purpose and the requisite Notice of Redemption with respect to such shares shall have been given as provided in paragraph 4 of this Part I.&nbsp; No share of RP held by the
Corporation or any affiliate of the Corporation shall have any voting rights or be deemed to be outstanding for voting purposes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;
The terms of office of all persons who are directors of the Corporation at the time of a special meeting of holders of Preferred Stock, including RP, to elect directors shall continue, notwithstanding the election at such meeting by such holders of the number of
directors that they are entitled to elect, and the persons so elected by such holders, together with the incumbent directors elected by the holders of the Common Stock, shall constitute the duly elected directors of the Corporation.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;
Simultaneously with the expiration of a Voting Period, the terms of office of the additional directors elected by the holders of Preferred Stock, including RP, shall terminate, the incumbent directors who shall have been elected by the holders of the Common Stock (or
by the Board of Directors at a time which was not during a Voting Period) and the two incumbent directors the holders of Preferred Stock, including RP, have the right to elect in any event shall constitute the directors of the Corporation and the voting rights of
such holders to elect additional directors shall cease.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)&nbsp; The
directors elected by the holders of Preferred Stock, including RP, shall (subject to the provisions of any applicable law) be subject to removal only by the vote of the holders of a majority of the shares of Preferred Stock, including RP, outstanding.&nbsp; Any
vacancy on the Board of Directors occurring by reason of such removal or otherwise may be filled only by vote of the holders of at least a majority of shares of Preferred Stock, including RP, outstanding, and if not so filled such vacancy shall (subject to the
provisions of any applicable law) be filled by a majority of the remaining directors (or the remaining director) who were elected by such holders.&nbsp; Any other vacancy on the Board of Directors during a Voting Period shall be filled by a vote of the holder or
holders of Common Stock.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (d)&nbsp; <u>Exclusive Remedy</u>.&nbsp; Unless otherwise required by law, the
Holders of shares of RP shall not have any relative rights or preferences or other special rights other than those specifically set forth herein.&nbsp; The Holders of shares of RP shall have no preemptive rights.&nbsp; In the event that the Corporation fails to pay
any dividends on the shares of RP, the exclusive remedy of the Holders shall be the right to vote for directors pursuant to the provisions of this paragraph 6.&nbsp; In no event shall the Holders of shares of RP have any right to sue for, or bring a proceeding with
respect to, such dividends or redemptions or damages for the failure to receive the same.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1940 Act RP Asset Coverage</u>.&nbsp; The Corporation shall maintain, as of the last
Business Day of each month in which any share of RP is outstanding, the 1940 Act RP Asset Coverage.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Asset and Liquidity Coverage</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (a)&nbsp; <u>RP Basic Maintenance Amount</u>.&nbsp; (i)&nbsp; The Corporation
shall maintain, on each Valuation Date, Eligible Portfolio Property having an aggregate Discounted Value at least equal to the RP Price Maintenance Amount.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;</font> On or before 5:00 p.m., New York City time, on the third Business Day after each Valuation Date, the Corporation shall complete and deliver to the Remarketing
Agent and the Paying Agent an RP Basic Maintenance Report, which will be deemed to have been delivered to the Remarketing Agent and the Paying Agent if the Remarketing Agent and the Paying Agent receive a copy or telecopy, telex or other electronic transcription
thereof and on the same day the Corporation mails to the Remarketing Agent and the Paying Agent for delivery on the next Business Day the full RP Basic Maintenance Report.&nbsp; A failure by the Corporation to deliver an RP Basic Maintenance Report under this
paragraph 8(a)(ii) without the prior consent of the Remarketing Agent and the Paying Agent shall be deemed to be delivery of an RP Basic Maintenance Report indicating the Discounted Value for all assets of the Corporation is less than the RP Basic Maintenance Amount,
as of the relevant Valuation Date.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;</font> Within ten Business Days after the date of delivery to the Remarketing Agent and the Paying Agent of an RP Basic Maintenance Report in accordance with
paragraph 8(a)(ii) above relating to a Quarterly Valuation Date, the Independent Accountant will confirm in writing to the Remarketing Agent and the Paying Agent (A) the mathematical accuracy of the calculations reflected in such Report, (B) that, in such Report, the
Corporation determined in accordance with these Articles Supplementary the assets of the corporation which constitute Eligible Portfolio Property at such Quarterly Valuation Date, (C) that, in such Report, the Corporation has determined in accordance with these
Articles Supplementary the assets of the Corporation had, at such Quarterly Valuation Date, Eligible Portfolio Property of an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount, (D) with respect to the S&amp;P rating on Utility Bonds and
Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report, that information has been traced and agrees with the information listed in <u>The Standard &amp; Poor's Bond Guide</u> (in the event such information does not agree or such
information is not listed in <u>The Standard &amp; Poor's Bond Guide</u>, the Independent Accountant will inquire of S&amp;P what such information is, and provide a listing in their letter of such differences, if any), (E) with respect to the Moody's ratings on
Utility Bonds and Senior Debt Obligations, issuer name, issue size and coupon rate listed in such Report, that information has been traced and agrees with the information listed in <u>Moody's Bond Record</u> (in the event such information does not agree or such
information is not listed in <u>Moody's Bond Record</u>, the Independent Accountant will inquire of Moody's what such information is, and provide a listing in their letter of such differences), and (F) with respect to the lower of two bid prices (or alternative
permissible factors used in calculating the Market Value) provided by the custodian of the Corporation's assets to the Corporation for purposes of valuing securities in the Corporation's portfolio, the Independent Accountant has traced the price used in such Report
to the lower of the two bid prices listed in the Report provided by such custodian and verified that such information agrees (in the event such information does not agree, the Independent Accountant will provide a listing in its letter of such differences) (such
confirmation is herein called the "Accountant's Confirmation"). If any Accountant's Confirmation delivered pursuant to this paragraph 8(a)(iii) shows that an error was made in the RP Basic Maintenance Report for a Quarterly Valuation Date, or shows that a lower
aggregate Discounted Value for the aggregate of all Eligible Portfolio Property of the Corporation was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant shall be final and conclusive and shall be binding on
the Corporation, and the Corporation shall accordingly amend the RP Basic Maintenance Report to the Remarketing Agent and Paying Agent promptly following receipt by the Remarketing Agent and the Paying Agent of such Accountant's Confirmation.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(b)&nbsp;</font> <u>Liquidity Coverage</u>.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)<b>&nbsp;</b></font> As of each Valuation Date as long as any share of RP is outstanding, the Corporation shall determine (A)&nbsp;the Market Value of the Dividend Coverage Assets
owned by the Corporation as of that Valuation Date, (B) the Dividend Coverage Amount on that Valuation Date, and (C) whether the Minimum Liquidity Level is met as of that Valuation Date. The calculations of the Dividend Coverage Assets, the Dividend Coverage Amount
and whether the Minimum Liquidity Level is met shall be set forth on a certificate (a "Certificate of Minimum Liquidity") dated as of the Valuation Date. The RP Basic Maintenance Report and the Certificate of Minimum Liquidity may be combined in one
certificate.&nbsp; The Corporation shall cause the Certificate of Minimum Liquidity to be delivered to the Remarketing Agent and the Paying Agent not later than the close of business on the third Business Day after the Valuation Date. The Minimum Liquidity Level
shall be deemed to be met as of any date of determination if the Corporation has timely delivered a Certificate of Minimum Liquidity relating to such date, which states that the same has been met and which is not manifestly inaccurate. In the event that a Certificate
of Minimum Liquidity is not delivered to the Remarketing Agent and the Paying Agent when required, the Minimum Liquidity Level shall be deemed not to have been met as of the applicable date.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;</font> If the Minimum Liquidity Level is not met as of any Valuation Date, then the Corporation shall purchase or otherwise acquire Dividend Coverage Assets (with the
proceeds from the liquidation of Eligible Portfolio Property or otherwise) to the extent necessary so that the Minimum Liquidity Level is met as of the fifth Business Day following such Valuation Date. The Corporation shall, by such fifth Business Day, provide to the
Paying Agent and the Remarketing Agent a Certificate of Minimum Liquidity setting forth the calculations of the Dividend Coverage Assets and the Dividend Coverage Amount and showing that the Minimum Liquidity Level is met as of such fifth Business Day together with a
report of the custodian of the Corporation's assets confirming the amount of the Corporation's Dividend Coverage Assets as of such fifth Business Day.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Restrictions on Certain Distributions</u>. For so long as any share of RP is
outstanding, the Corporation shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase Common Stock or other stock, if any,
ranking junior to the shares of RP as to dividends or upon liquidation) in respect of the Common Stock or any other stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends or upon liquidation, or call for redemption, redeem,
purchase or otherwise acquire for consideration any shares of the Common Stock or any other such junior stock (except by conversion into or exchange for stock of the Corporation ranking junior to or on a parity with the shares of RP as to dividends and upon
liquidation), unless (A) immediately after such transaction, the RP Basic Maintenance Amount and the 1940 Act RP Asset Coverage would be achieved, (B) full cumulative dividends on shares of RP and shares of Other RP due on or prior to the date of the transaction have
been declared and paid or shall have been declared and sufficient funds for the payment thereof deposited with the Paying Agent, (C) any Right required to be paid under paragraph 3(n) of this Part I on or before the date of such declaration or payment has been paid
and (D) the Corporation has redeemed the full number of shares of RP required to be redeemed by any provision for mandatory redemption contained herein.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice</u>. All notices or communications, unless otherwise specified in the
Bylaws of the Corporation or these Articles Supplementary, shall be sufficiently given if in writing and delivered in person or mailed by first-class mail, postage prepaid. Notice shall be deemed given on the earlier of the date received or the date seven days after
which such notice is mailed.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Borrowings</u>. For so long as the shares of RP are rated by S&amp;P, the
aggregate amount of borrowings by the Corporation (including guarantees made by the Corporation) shall be limited to an amount equal to 10% of the value of the Corporation's assets; provided, further, that the Corporation shall not incur any such borrowings
subsequent to the issuance of the RP unless S&amp;P advises the Corporation in writing that such borrowings will not adversely affect its then-current rating on the RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Options and Futures Transactions</u>. For so long as the shares of RP are rated
by either Moody's or S&amp;P, the Corporation will not purchase or sell futures contracts or related options or engage in reverse repurchase agreement transactions unless Moody's and/or S&amp;P, as the case may be, advise the Corporation in writing that such action
or actions will not adversely affect their then-current ratings on the RP.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Restrictions</u>. For so long as the shares of RP are rated by S&amp;P,
the Corporation may not (i) engage in transactions involving repurchase obligations which do not constitute Short Term Money Market Instruments, (ii) engage in transactions involving short sales of portfolio securities or (iii) overdraw any bank accounts of the
Corporation, unless, in each case, S&amp;P advises the Corporation in writing that such action or actions will not adversely affect its then current ratings on the RP.</p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">PART II.</font></p>

<p align="center"><font size="3" face="Times New Roman">REMARKETING PROCEDURES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Remarketing Schedule</u>. Each Remarketing shall take place over a three-day
period consisting of the Tender Date, the Dividend Reset Date and the Settlement Date. Such dates or the method of establishing such dates shall be determined by the Board of Directors from time to time.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Procedure for Tendering</u>. (a)&nbsp; Each share of RP is subject to Tender and
Dividend Reset only at the end of each Dividend Period applicable to such share and may be tendered in a Remarketing only on the Tender Date immediately prior to the end of the current Dividend Period with respect thereto. By 12:00 noon, New York City time, on each
such Tender Date, the Remarketing Agent shall, after canvassing the market and considering prevailing market conditions at the time for shares of RP and similar securities, provide Beneficial Owners non-binding indications of Applicable Dividend Rates for the next
succeeding 7-day Dividend Period, 49-day Dividend Period and any Optional Dividend Period or designated Special Dividend Period provided that if the next Dividend Period has been designated a Special Dividend Period, the Remarketing Agent will provide to holders
thereof a non-binding indication of the Applicable Dividend Rate only for such Special Dividend Period. The actual Applicable Dividend Rate for such Dividend Period may be greater than or less than the rate per annum indicated in such non-binding indications (but not
greater than the applicable Maximum Dividend Rate). By 1:00 p.m., New York City time, on such Tender Date, each Beneficial Owner of shares of RP subject to Tender and Dividend Reset must notify the Remarketing Agent of its desire, on a share-by-share basis, either to
tender such share of RP at a price of $100,000 per share or to continue to hold such share of RP and elect either a 7-day Dividend Period, a 49-day Dividend Period or a specific available Optional Dividend Period or, if applicable, accept a designated Special
Dividend Period, at the new Applicable Dividend Rate for the selected or designated, as the case may be, Dividend Period. Any notice given to the Remarketing Agent to tender or hold shares for a particular Dividend Period shall be irrevocable and shall not be
conditioned upon the level at which the Applicable Dividend Rate is established. Any such notice may not be waived by the Remarketing Agent, except that prior to 4:00 p.m., New York City time, on the Dividend Reset Date, the Remarketing Agent may, in its sole
discretion (i) at the request of a Beneficial Owner that has tendered one or more shares of RP to the Remarketing Agent, contingently waive such Beneficial Owner's tender and thereby enable such Beneficial Owner to continue to hold the share or shares for a 7-day
Dividend Period, 49-day Dividend Period or available Optional Dividend Period or a designated Special Dividend Period as agreed to by such Beneficial Owner and the Remarketing Agent at such time, so long as such tendering Beneficial Owner has indicated to the
Remarketing Agent that it would accept the new Applicable Dividend Rate for such Dividend Period, such waiver to be contingent upon the Remarketing Agent's ability to remarket all shares of RP tendered in such Remarketing, and (ii) at the request of a Beneficial
Owner that has elected to hold one or more of its shares of RP, waive such Beneficial Owner's election with respect thereto.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> The right of each Beneficial Owner to tender shares of RP in a Remarketing therefor shall be limited to the extent that (i) the Remarketing
Agent conducts a Remarketing pursuant to the terms of the Remarketing Agreement, (ii) shares tendered have not been called for redemption and (iii) the Remarketing Agent is able to find a purchaser or purchasers for tendered shares of RP at an Applicable Dividend
Rate for the next Dividend Period that is not in excess of the Maximum Dividend Rate.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Determination of Applicable Dividend Rates</u>. (a)&nbsp; Between 1:00 p.m., New
York City time, on each Tender Date and 4:00 p.m., New York City time, on the succeeding Dividend Reset Date, the Remarketing Agent shall determine (i) unless the Board of Directors has designated such next Dividend Period as a Special Dividend Period with respect to
all shares subject to Tender and Dividend Reset, the allocation of tendered shares of RP among a 7-day Dividend Period, a 49-day Dividend Period and each available Option Dividend Period, if any, and any Special Dividend Period (provided that, if the Remarketing
Agent is unable to remarket on such Dividend Reset Date all such tendered shares in a Remarketing at a price of $100,000 per share, then the Remarketing Agent shall allocate no shares to any Optional Dividend Period of more than 98 days and no share will be assigned
to any Special Dividend Period of more than 98 days), and (ii) the Applicable Dividend Rates to the nearest one-thousandth (0.001) of one percent per annum for the next 7-day Dividend Period, the next 49-day Dividend Period and the next Optional Dividend Period or
Periods, or the next designated Special Dividend Period, as the case may be. The Applicable Dividend Rates for such Dividend Periods, except as otherwise required herein, shall be the rate per annum which the Remarketing Agent determines, in its sole judgment, to be
the lowest rates, giving effect to such allocation, that will enable it to remarket on behalf of the Beneficial Owners thereof all shares of RP tendered to it at a price of $100,000 per share.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> If no Applicable Dividend Rate shall have been established on a Dividend Reset Date on a Remarketing for a 7-day Dividend Period, a 49-day
Dividend Period, or any Optional Dividend Period or Periods or Special Dividend Period, or for any or all of the foregoing, for any reason (other than because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to
the terms of the Remarketing Agreement), then the Remarketing Agent, except during a Non-Payment Period, in its sole discretion, shall, after taking into account market conditions as reflected in the prevailing yields of bond and variable rate taxable and tax-exempt
debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, if necessary, determine the Applicable Dividend Rate or Rates, as the case may be, that would be the initial dividend rate or rates fixed in an offering on such Dividend
Reset Date, assuming in each case a comparable dividend period or periods, issuer and security. If there is no Remarketing because there is no Remarketing Agent or the Remarketing Agent is not required to conduct a Remarketing pursuant to the Remarketing Agreement,
then, except during a Non-Payment Period, the Applicable Dividend Rate for each subsequent Dividend Period for which no Remarketing takes place because of the foregoing shall be the applicable Maximum Dividend Rate for a 7-day Dividend Period and the next succeeding
Dividend Period shall be a 7-day Dividend Period.&nbsp; In a Remarketing, the Applicable Dividend Rates for different Dividend Periods need not be equal.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;</font> In determining such Applicable Dividend Rate or Rates, the Remarketing Agent shall, after taking into account market conditions as reflected
in the prevailing yields of fixed and variable rate taxable and tax-exempt debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, in providing non-binding indications of the Applicable Dividend Rates to Beneficial Owners and
potential purchasers of shares of RP, (i) consider the number of shares of RP tendered and the number of shares of RP potential purchasers are willing to purchase and (ii) contact by telephone or otherwise current and Potential Beneficial Owners of shares of RP and
ascertain the dividend rates at which they would be willing to hold shares of RP.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;</font> The Applicable Dividend Rate or Rates, as well as the allocation of tendered shares of RP, shall be determined as aforesaid by the Remarketing
Agent in its sole discretion (except as otherwise provided in these Articles Supplementary with respect to Applicable Dividend Rates that shall be the Non-Payment Period Rate and Maximum Dividend Rate) and shall be conclusive and binding on Holders and Beneficial
Owners.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;</font> As a condition precedent to purchasing shares of RP in any offering, in any Remarketing or outside any Remarketing, each purchaser of shares
of RP shall sign and deliver a Master Purchaser's Letter, the sufficiency of any Master Purchaser's Letter to be determined by the Remarketing Agent in its sole discretion.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;</font> Except during a Non-Payment Period, the Applicable Dividend Rate for any Dividend Period shall not be more than the applicable Maximum
Dividend Rate.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocation of Shares; Failure to Remarket at $100,000 Per Share</u>. (a)&nbsp;
If the Remarketing Agent is unable to remarket by 4:00 p.m., New York City time, on any Dividend Reset Date all shares of RP tendered to it in the related Remarketing at a price of $100,000 per share (i) each Beneficial Owner that tendered shares of RP for sale shall
sell a number of shares of RP on a pro rata basis, to the extent practicable, or by lot, as determined by the Remarketing Agent in its sole discretion based on the number of orders to purchase shares of RP in such Remarketing; and (ii) the next Dividend Period shall
be a 7-day Dividend Period for all tendered (or deemed tendered) but unsold shares and for all other shares the Beneficial Owners of which shall have elected or been deemed to have elected to hold such shares for a Dividend Period of more than 98 days; and
(iii)&nbsp;the Applicable Dividend Rates for the next 7-day Dividend Period (including the 7-day Dividend Period referred to in the preceding clause (ii)), next 49-day Dividend Period and, if applicable, next Optional Dividend Period or Periods of 98 or fewer days or
Special Dividend Period of 98 or fewer days shall be the applicable Maximum Dividend Rates for such Dividend Periods.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> If the allocation procedures described above would result in the sale of a fraction of a share of RP, the Remarketing Agent shall, in its sole
discretion, round up or down the number of shares of RP sold by each Beneficial Owner on such Dividend Reset Date so that each share sold by a Beneficial Owner shall be a whole share of RP and the total number of shares sold equals the total number of shares bought
on such Dividend Reset Date.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notification of Results; Settlement</u>. (a)&nbsp; By telephone at approximately
4:30 p.m., New York City time, on each Dividend Reset Date the Remarketing Agent shall advise each Beneficial Owner of tendered shares and each purchaser thereof (or the Agent Member thereof) (i) of the number of shares such Beneficial Owner or purchaser to sell or
purchase and (ii) to give instructions to its Agent Member to deliver such shares against payment therefor or to pay the purchase price against delivery as appropriate. The Remarketing Agent will also advise each Beneficial Owner or purchaser that is to continue to
hold, or to purchase, shares with Dividend Periods beginning on the Business Day following such Dividend Reset Date of the Applicable Dividend Rates for such shares.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> In accordance with the Securities Depository's normal procedures, on the Settlement Date, the transactions described above with respect to
each share of RP shall be executed through the Securities Depository, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to be purchased, and the accounts of the respective Agent Members of the Securities
Depository shall be debited and credited and shares delivered by book entry as necessary to effect the purchases and sales of shares of RP and the changes in types of Dividend Periods as determined in the related Remarketing. Purchasers of shares of RP shall make
payment to the Paying Agent in same-day funds against delivery to other purchasers or their nominees of one or more certificates representing shares of RP, or, if the Securities Depository or its nominee holds or is to hold the certificates relating to the shares to
be purchased, through their Agent Members in same-day funds to the Securities Depository against delivery through their Agent Members by book entry of shares of RP or as otherwise required by the Securities Depository. The Securities Depository shall make payment in
accordance with its normal procedures.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;</font> If any Beneficial Owner selling shares of RP in a Remarketing fails to deliver such shares, the Agent Member of such selling Beneficial Owner
and of any other person that was to have purchased shares of RP in such Remarketing may deliver to any such other person a number of whole shares of RP that is less than the number of shares that otherwise was to be purchased by such person. In such event, the number
of shares of RP to be so delivered shall be determined by such Agent Member. Delivery of such lesser number of shares of RP shall constitute good delivery.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;</font> The Remarketing Agent, the Paying Agent and the Securities Depository each will use its reasonable commercial efforts to meet the timing
requirements set forth in paragraphs (a) and (b) above; provided that, in the event that there is a delay in the occurrence of any delivery or other event connected with a Remarketing, the Remarketing Agent, the Paying Agent and the Securities Depository each will
use its reasonable commercial efforts to accommodate such delay in furtherance of the Remarketing.</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;</font> Notwithstanding any of the foregoing provisions of this paragraph 5, the Remarketing Agent may, in its sole discretion, modify the settlement
procedures set forth above with respect to settlement, provided any such modification does not adversely affect the Beneficial Owners or the Holders of RP or the Corporation.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Purchase of Shares of RP by Remarketing Agent</u>. The Remarketing Agent may
purchase for its own account shares of RP in a Remarketing, provided that it purchases all tendered (or deemed tendered) shares of RP not sold in such Remarketing to other purchasers and that the Applicable Dividend Rate or Rates established with respect to such
shares in such Remarketing are no higher than the Applicable Dividend Rate or Rates that would have been established if the Remarketing Agent had not purchased such shares. Except as provided in the previous sentence, the Remarketing Agent shall not be obligated to
purchase any shares of RP that would otherwise remain unsold in a Remarketing. If the Remarketing Agent owns any shares of RP subject to a Remarketing immediately prior to a Remarketing and if all other shares subject to such Remarketing and tendered for sale by
other Beneficial Owners of shares of RP have been sold in such Remarketing, then the Remarketing Agent may sell such number of its such shares in such Remarketing as there are outstanding orders to purchase that have not been filled by such shares tendered for sale
by other Beneficial Owners. Neither the Corporation, the Paying Agent nor the Remarketing Agent shall be obligated in any case to provide funds to make payment to a Beneficial Owner upon such Beneficial Owner's tender of its shares of RP in a Remarketing.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Dividend Rate During a Non-Payment Period</u>. So long as a
Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5 and 6 of this Part II shall not be applicable to any of the shares of RP and the shares of RP shall not be subject to Tender and Dividend Reset.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>. As a condition precedent to purchasing shares of RP in any
offering, in any Remarketing or outside any Remarketing, each purchaser of shares of RP shall be required to sign and deliver a Master Purchaser's Letter, the sufficiency of any Master Purchaser's Letter to be determined by the Remarketing Agent in its sole
discretion, in which such purchaser shall agree, among other things, (i) unless the Corporation has elected, during a Non-Payment Period, to waive this requirement, to have its ownership of such shares of RP maintained in book entry form by the Securities Depository,
in the account of a designated Agent Member which, in turn, shall maintain records of such purchaser's beneficial ownership, (ii) to be conclusively bound by the remarketing procedures, including the Remarketing Agent's determination of the Applicable Dividend Rates,
pursuant to the remarketing procedures, (iii) that its notice to tender shares of RP in a Remarketing will constitute an irrevocable offer, except as set forth in such Master Purchaser's Letter, to sell the shares specified in such notice and authorization to the
Remarketing Agent to sell, transfer or otherwise dispose of such shares as set forth herein and (iv) unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, to sell, transfer or otherwise dispose of any share of RP held by
it only pursuant to orders placed in a Remarketing therefor or to a person that has signed and delivered a Master Purchaser's Letter as provided herein, and, in the case of any transfer other than pursuant to a Remarketing, to ensure that an Agent Member advises the
Remarketing Agent of such transfer. The Agent Member shall be authorized and instructed to disclose to the Remarketing Agent and/or the Paying Agent such information with respect to such purchaser's beneficial ownership as the Remarketing Agent or Paying Agent shall
request.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Miscellaneous</u>. To the extent permitted by applicable law, the Board of
Directors of the Corporation may interpret or adjust the provisions hereof to resolve any inconsistency or ambiguity, remedy any formal defect or make any other change or modification which does not adversely affect the rights of Holders or Beneficial Owners of
shares of RP and if such inconsistency or ambiguity reelects an incorrect provision hereof then the Board of Directors may authorize the filing of a Certificate of Amendment or a Certificate of Correction, as the case may be.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Securities Depository; Stock Certificates</u>. (a)&nbsp; If there is a
Securities Depository, an appropriate number of certificates for all of the shares of RP shall be issued to the Securities Depository and registered in the name of the Securities Depository or its nominee. Additional certificates may be issued as necessary to
represent shares of RP having Optional Dividend Periods or Special Dividend Periods. All such certificates shall bear a legend to the effect that such certificate are issued subject to the provisions contained in these Articles Supplementary and each Master
Purchaser's Letter. Unless the Corporation shall have elected, during a Non-Payment Period, to waive this requirement, the Corporation will also issue stop-transfer instructions to the Paying Agent for the shares of RP. Except as provided in paragraph (b) below, the
Securities Depository or its nominee will be the Holder, and no Beneficial Owner shall receive certificates representing its ownership interest in such shares.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> If the Applicable Dividend Rate applicable to all shares of RP shall be the Non-Payment Period Rate or there is no Securities Depository, the
Corporation may at its option issue one or more new certificates with respect to such shares (without the legend referred to in paragraph 10(a) of this Part II) registered in the names of the Beneficial Owners or their nominees and rescind the stop-transfer
instruction referred to in paragraph 10(a) of this Part II with respect to such shares.</p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, DUFF &amp; PHELPS SELECTED UTILITIES INC. has caused these presents to be signed in its name and on its behalf by its President, and its
corporate seal to be hereunto affixed and attested by its Secretary, and the said officers of the Corporation further acknowledged said instrument to be the corporate act of the Corporation, and stated under the penalties of perjury that to the best of their
knowledge, information and belief the matters and facts therein set forth with respect to approval are true in all material respects, all on November 15, 1988.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By <u>/s/ Claire V. Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> Claire V. Hansen<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Attest:</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Richard J. Spletzer, Assistant Secretary</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>8
<FILENAME>ex_a6.htm
<TEXT>
<html>
<head>
<title>ex_a6</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.6</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.<br />
<br />
<br />
<u>Articles of Amendment</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation having its principal office in Chicago, Illinois (hereinafter called the corporation), hereby
certifies to the State Department of Assessments and Taxation of Maryland, that:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; The charter of the corporation, as heretofore amended, is hereby further amended as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Articles Supplementary creating five series of Remarketed Preferred Stock of the corporation are amended as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> Part I, paragraph 1, <b>Definitions</b>, is amended by deleting the definition of
"Eligible Portfolio Property" and replacing it with the following:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Eligible Portfolio Property" shall include Utility Bonds, Utility Stocks, cash, U.S. Government Obligations, Short Term Money Market Instruments, FNMA
Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, GNMA Multifamily Securities, GNMA Graduated Payment Securities, Conventional Mortgage Pass-Through Certificates, Other Permitted Securities and any other asset held by the Corporation
that has been assigned a Discount Factor by the Rating Agencies and is included within the definition of Eligible Portfolio Property set forth herein or pursuant to an amendment or supplement hereto.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> Part I, paragraph 1, <b>Definitions</b>, is further amended by the addition thereto
of the following definition of "Other Permitted Securities":</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Other Permitted Securities" shall include any asset held or proposed to be acquired by the Corporation (i) not coming within the definition of Utility Bonds,
Utility Stocks, cash, U.S. Government Obligations, Short Term Money Market Instruments, FNMA Certificates, FHLMC Certificates, FHLMC Multifamily Securities, GNMA Certificates, GNMA Multifamily Securities, GNMA Graduated Payment Securities or Conventional Mortgage
Pass-Through Certificates and (ii) that has been assigned a Discount Factor by the Rating Agencies, provided that the Board of Directors determines and the Rating Agencies advise the Corporation in writing that the acquisition or holding of the asset will not
adversely affect their then-current ratings of the RP.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> Part I, paragraph 6, <b>Voting</b>, is amended by the addition thereto of the
following sub-paragraph (e):</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Voting by
Series</b>.&nbsp; In addition to any vote of the requisite percentage of shares of Common Stock and shares of Preferred Stock, including RP, otherwise necessary to authorize any proposed action under the Charter or the 1940 Act, on any matter on which the Preferred
Stock has the right to vote as a class, the approval of the holders of a majority of the outstanding shares of any series of Preferred Stock, including any series of RP, voting separately as a series, shall be necessary to approve such proposed action if such series
would be affected by the proposed action in a manner materially different from any other series.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The board of directors of the corporation on October 11, 1989 duly adopted a resolution in which was set forth the foregoing amendment to the
charter, declaring that the said amendment to the charter as proposed was advisable and directing that it be submitted for consideration at the 1989 annual meeting of stockholders of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD:&nbsp; Notice setting forth said amendment to the charter and a summary of the changes to be effected by said amendment and stating that a purpose of the
meeting of the stockholders called to be held on December 13, 1989 would be to take action thereon, was given, as required by law, to all stockholders entitled to vote thereon.&nbsp; The amendment to the charter of the corporation as hereinabove set forth was
approved by the stockholders of the corporation at said meeting by the affirmative vote of a majority of all the votes entitled to be cast thereon.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH:&nbsp; The amendment to the charter of the corporation as hereinabove set forth has been duly advised by the board of directors and duly approved by the
stockholders of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, Duff &amp; Phelps Selected Utilities Inc., has caused these articles to be signed in its name and on its behalf by its chairman and
attested by its secretary, on December&nbsp;13, 1989.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;<br />
 &nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By <u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br />

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire V. Hansen, Chairman</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">Attest:</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Calvin J. Pedersen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Calvin J. Pedersen, Secretary</p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">THE UNDERSIGNED, chairman of Duff &amp; Phelps Selected Utilities Inc., who executed on behalf of said corporation the foregoing articles of amendment, of which this certificate is made a part, hereby acknowledges, in the name
and on behalf of said corporation, the foregoing articles of amendment to be the corporate act of said corporation and further certifies that to the best of his knowledge, information and belief, the matters and facts set forth therein with respect to the approval
thereof are true in all material respects, under the penalties of perjury.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br />

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire V. Hansen</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>9
<FILENAME>ex_a7.htm
<TEXT>
<html>
<head>
<title>ex_a7</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.7</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><u><font size="3" face="Times New Roman">Articles of Amendment</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Selected Utilities Inc., a Maryland corporation having its principal office in Chicago, Illinois (hereinafter called the corporation), hereby
certifies to the State Department of Assessments and Taxation of Maryland, that:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; The charter of the corporation, as heretofore amended, is hereby further amended as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article SECOND of the charter is hereby amended to read as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND.&nbsp; <u>Name</u>.&nbsp; The name of the corporation is Duff &amp; Phelps
Utilities Income Inc.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The board of directors of the corporation on August 23, 1990 duly adopted a resolution by unanimous written consent in which was set forth the
foregoing amendment to the charter, declaring that the said amendment to the charter as proposed was advisable and directing that it be submitted for consideration at the 1990 annual meeting of stockholders of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD:&nbsp; Notice setting forth said amendment to the charter and the change to be effected by said amendment and stating that a purpose of the meeting of
the stockholders called to be held on October 17, 1990 would be to take action thereon, was given, as required by law, to all stockholders entitled to vote thereon.&nbsp; The amendment to the charter of the corporation as hereinabove set forth was approved by the
stockholders of the corporation at said meeting by the affirmative vote of a majority of all the votes entitled to be cast thereon.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH:&nbsp; The amendment to the charter of the corporation as hereinabove set forth has been duly advised by the board of directors and duly approved by the
stockholders of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIFTH:&nbsp; This amendment does not increase the authorized stock of the corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIXTH:&nbsp; This amendment shall become effective on November 1, 1990.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, Duff &amp; Phelps Selected Utilities Inc., has caused these articles to be signed in its name and on its behalf by its chairman and
attested by its secretary, on October 17, 1990.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS SELECTED UTILITIES INC.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By<u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire V. Hansen, Chairman</font></p>

<p><font size="3" face="Times New Roman">Attest:</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Calvin J. Pedersen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Calvin J. Pedersen, Secretary</p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE UNDERSIGNED, chairman of Duff &amp; Phelps Selected Utilities Inc., who executed on
behalf of said corporation the foregoing articles of amendment, of which this certificate is made a part, hereby acknowledges, in the name and on behalf of said corporation, the foregoing articles of amendment to be the corporate act of said corporation and further
certifies that to the best of his knowledge, information and belief, the matters and facts set forth therein with respect to the approval thereof are true in all material respects, under the penalties of perjury.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>/s/ Claire V.
Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Claire V. Hansen</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>10
<FILENAME>ex_a8.htm
<TEXT>
<html>
<head>
<title>ex_a8</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.8</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p align="center"><u><font size="3" face="Times New Roman">Articles of Amendment<br />
<br />
<br />
</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Utilities Income Inc., a Maryland corporation having its principal office in Baltimore City, Maryland and its principal executive office in
Chicago, Illinois (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation's Articles Supplementary creating Remarketed Preferred Stock Series A,
Series B, Series C, Series D and Series E are hereby amended as follows:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 1,
<i>Definitions</i>, is amended by deleting the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definitions of "Deposit Securities," "Discounted Value,"
"RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount" and "RP Basic Maintenance Cure Date"
and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; replacing them with the following
definitions:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit
Securities" means cash, U.S. Government Obligations and Short<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Money Market Instruments.&nbsp; Except for purposes
of determining<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with either RP Basic Maintenance Amount, each
Deposit<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security shall be deemed to have a value equal to its
principal or face<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount payable at maturity plus any interest payable
thereon after<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; delivery of such Deposit Security but only if payable on
or prior to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; applicable payment date in advance of which the relevant
deposit is made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discounted
Value," with respect to any asset held by the Corporation as<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of any date, means the quotient of the Market Value of
such asset divided<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the applicable Discount Factor Supplied by S&amp;P
(provided that, in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; event the Corporation has written a call option on such
asset, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Value of such asset shall be zero) or the
quotient of the Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of such asset divided by the applicable Discount
Factor Supplied by<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's (provided that, in the event the Corporation has
written a call<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; option on such asset, the Discounted Value of such asset
shall mean the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quotient of the lower of the Market Value of such asset
and the exercise<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price of such call option divided by the applicable
Discount Factor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplied by Moody's), as the case may be, provided that
in no event shall<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Discounted Value of any asset constituting Eligible
Portfolio Property<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as of any date exceed the unpaid principal balance or
face amount of such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; asset as of that date.&nbsp; With respect to the
calculation of the Discounted<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of any Utility Bond included in the Corporation's
Eligible Portfolio<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, such calculation shall be made using the
criteria set forth in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definitions of Utility Bonds and Market Value.&nbsp;
With respect to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; calculation of the Discounted Value of any Utility Stock
included in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property such
calculation shall be made<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; using the criteria set forth in the definitions of
Utility Stocks and Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value.&nbsp; When calculating the aggregate Discounted
Value of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property for comparison
with the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's RP Basic Maintenance Amount, the Discount
Factors Supplied<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Moody's shall be used; provided that, in making such
calculation, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount of Utility Stocks issued by public utility
companies with nuclear<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; facilities under construction (as determined by the
Adviser) which may be<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; included in such calculation shall be limited to five
percent of the Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of the Corporation's Eligible Portfolio
Property.&nbsp; When calculating<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the aggregate Discounted Value of the Corporation's
Eligible Portfolio<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property for comparison with the S&amp;P Basic
Maintenance Amount, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factors Supplied by S&amp;P shall be used.
Notwithstanding any<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other provision of these Articles Supplementary, any
Utility Bond that has<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a remaining maturity of more than 30 years, and any
asset as to which<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there is no Discount Factor Supplied by Moody's or
Discount Factor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplied by S&amp;P either in these Articles
Supplementary or in an<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amendment or supplement thereof, shall have a Discounted
Value for<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purposes of determining the aggregate Discounted Value
of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property calculated
using the Discount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor Supplied by Moody's or S&amp;P, as the case may
be, of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Amount" means the Moody's RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount or the S&amp;P RP Basic Maintenance
Amount, as the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Cure Date," with respect to the failure by the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation to maintain either RP Basic Maintenance
Amount (as<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; required by paragraph 8 of this Part I) as of each
Valuation Date, means<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the eighth Business Day following such Valuation
Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Report" means a report signed by the President,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Treasurer, any Senior Vice President or any Vice
President of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation which sets forth, as of the related
Valuation Date, the assets<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the Corporation, the Market Value and the Discounted
Value thereof<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (seriatim and in the aggregate), and each RP Basic
Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 1,
<i>Definitions</i>, is further amended by the addition thereto<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the following definitions of "Moody's RP Basic
Maintenance Amount"<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and "S&amp;P RP Basic Maintenance Amount":</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Moody's RP
Basic Maintenance Amount" means, initially, as of any date,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of (i) the aggregate liquidation preference of
the shares of RP<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding and shares of Other RP outstanding, (ii) to
the extent not<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; covered in (i), the aggregate amount of accumulated but
unpaid cash<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends with respect to the shares of RP outstanding
and shares of Other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP outstanding, (iii) any Rights due and payable and any
equivalent rights<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to receive cash with respect to Other RP which are due
and payable, (iv)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount equal to the product of (x) three and (y) the
principal amount of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Corporation's loan from the Aid Association for
Lutherans then<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding, (v) an amount equal to the sum of (x) the
amount of accrued<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; but unpaid interest on the principal amount of the
Corporation's loan from<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Aid Association for Lutherans then outstanding and
(y) an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to 70 days of additional accrued interest on such
loan at the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then-current interest rate borne by such loan, (vi) an
amount equal to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; product of (x) three and (y) the aggregate principal
amount of any other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then outstanding indebtedness of the Corporation for
money borrowed,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) an amount equal to the sum of (x) the aggregate
accrued but unpaid<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest on the indebtedness referred to in the
foregoing clause (vi) and (y)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount equal to 70 days of additional accrued
interest on such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indebtedness at the then-current interest rate(s) borne
by such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indebtedness, (viii) the aggregate Projected Dividend
Amount, (ix)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption premium, if any, and (x) the greater of
$200,000 or an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to projected expenses of the Corporation
(including, without<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limitation, fee and indemnification obligations of the
Corporation incurred<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in connection with any commercial paper program
undertaken by the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation or with any credit facility related thereto)
for the next three<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; month period.&nbsp; The Board of Directors shall have
the authority to adjust,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modify, alter or change from time to time the initial
elements comprising<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Moody's RP Basic Maintenance Amount if the Board of
Directors<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determines and Moody's advises the Corporation in
writing that such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment, modification, alteration or change will not
adversely affect its<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P RP
Basic Maintenance Amount" means, initially, as of any date, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sum of (i) the aggregate liquidation preference of the
shares of RP<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding and shares of Other RP outstanding, (ii) to
the extent not<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; covered in (i), the aggregate amount of accumulated but
unpaid cash<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends with respect to the shares of RP outstanding
and shares of Other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP outstanding, (iii) any Rights due and payable and any
equivalent rights<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to receive cash with respect to Other RP which are due
and payable, (iv)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the principal amount of the Corporation's loan from the
Aid Association<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Lutherans then outstanding, (v) an amount equal to
accrued but unpaid<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest on the principal amount of the Corporation's
loan from the Aid<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Association for Lutherans then outstanding, (vi) the
aggregate principal<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount of, and an amount equal to accrued but unpaid
interest on, any<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other then outstanding indebtedness of the Corporation
for money<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrowed, (vii) the aggregate Projected Dividend Amount,
(viii)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption premium, if any, and (ix) the greater of
$200,000 or an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to projected expenses of the Corporation
(including, without<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limitation, fee and indemnification obligations of the
Corporation incurred<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in connection with any commercial paper program
undertaken by the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation or with any credit facility related thereto)
for the next three<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; month period.&nbsp; The Board of Directors shall have
the authority to adjust,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modify, alter or change from time to time the initial
elements comprising<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the S&amp;P RP Basic Maintenance Amount if the Board of
Directors<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determines and S&amp;P advises the Corporation in
writing that such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment, modification, alteration or change will not
adversely affect<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 3,
<i>Dividends</i>, is amended by deleting paragraph (i)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) So long as
any shares of RP are outstanding, the Corporation shall not,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subject to the requirements of the 1940 Act and Maryland
law, without the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; affirmative vote or consent of the holders of at least
two-thirds of the votes<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the shares of RP outstanding at the time, given in
person or by proxy,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; either in writing or at a meeting (voting separately as
one class):&nbsp; (a)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorize, create or issue, or increase the authorized
or issued amount, of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any class or series of stock ranking prior to the RP
with respect to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of dividends or the distribution of assets on
liquidation, or (b)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amend, alter or repeal the provisions of the
Corporation's Charter<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; including these Articles Supplementary, whether by
merger,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; consolidation or otherwise, so as to materially and
adversely affect any<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; right, preference, privileges or voting power of such
shares of RP or the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holders thereof; provided that, any increase in the
amount of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized RP or the creation and issuance of other
series of Preferred<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock, or any increase in the amount of authorized shares of such
series<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or of any other series of remarketed preferred stock, in each case
ranking<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on a parity with or junior to the RP, will not be deemed to
materially and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adversely affect such rights, preferences, privileges or voting
powers<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unless such issuance would cause the Corporation not to satisfy
the 1940<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act RP Asset Coverage or either RP Basic Maintenance Amount.
Unless<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a higher percentage is provided for under the Charter, the
affirmative vote<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the holders of a majority of the outstanding shares of
Preferred Stock<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; including RP, voting together as a single class, will be required
to approve<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any plan of reorganization adversely affecting such shares or any
action<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; requiring a vote of security holders under Section 13(a) of the
1940 Act.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The class vote of holders of shares of Preferred Stock, including
RP,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; described above will in each case be in addition to a separate
vote of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; requisite percentage of shares of Common Stock and shares of
Preferred<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock, including RP, necessary to authorize the action in
question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing
voting provisions shall not apply if, at or prior to the time<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when the act with respect to which such vote would
otherwise be required<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be effected, all outstanding shares of RP shall
have been redeemed or<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; called for redemption and sufficient funds shall have
been deposited in<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; trust to effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 4,
<i>Redemption</i>, is amended by deleting paragraph (b)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The
Corporation shall redeem, out of funds legally available therefor,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at a redemption price of $100,000 per share plus an
amount equal to cash<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends thereon (whether or not earned or declared)
accumulated but<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unpaid to the date of redemption, shares of RP to the
extent permitted<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; under the 1940 Act and Maryland law, on a date fixed by
the Board of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors, if the Corporation fails to maintain either
RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount or the 1940 Act RP Asset Coverage and
such failure<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is not cured on or before the RP Basic Maintenance Cure
Date or the 1940<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act Cure Date (herein referred to as the "Cure Date"),
as the case may be.<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The number of shares to be redeemed shall be equal to
the lesser of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the minimum number of shares of RP the redemption of
which, if<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deemed to have occurred immediately prior to the opening
of business on<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Cure Date, together with all shares of other
Preferred Stock subject to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption or retirement, would result in the
satisfaction of the relevant<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP Basic Maintenance Amount or the 1940 Act RP Asset
Coverage, as the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; case may be, on such Cure Date (provided that, if there
is no such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minimum number of shares the redemption of which would
have such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; result, all shares of RP then outstanding shall be
redeemed), and (ii) the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maximum number of shares of&nbsp; RP that can be
redeemed out of funds<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expected to be legally available therefor on such
redemption date. In<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determining the number of shares of RP required to be
redeemed in<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accordance with the foregoing, the Corporation shall
allocate the amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; required to achieve the relevant RP Basic Maintenance
Amount or<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the 1940 Act RP Asset Coverage, as the case may be, pro
rata among the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP and the Other RP.&nbsp; The Corporation shall effect
such redemption not<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; later than 41 days after such Cure Date, except that if
the Corporation does<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not have funds legally available for the redemption of
all of the required<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; number of shares of RP which are subject to mandatory
redemption or the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation otherwise is unable to effect such
redemption on or prior to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Cure Date, the Corporation shall redeem those
shares of RP which it<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was unable to redeem on the earliest practicable date on
which it is able to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 8, <i>Asset and
Liquidity Coverage</i>, is amended by deleting<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the text of Paragraph (i) of Paragraph (a), <i>RP Basic
Maintenance Amount</i>,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following
text:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The
Corporation shall maintain, on each Valuation Date, (A) Eligible<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Property having an aggregate Discounted Value
(calculated<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; using the Discount Factors Supplied by Moody's) at least
equal to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's RP Basic Maintenance Amount and (B) Eligible
Portfolio<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property having an aggregate Discounted Value
(calculated using the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factors Supplied by S&amp;P) at least equal to
the S&amp;P RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporation's Articles Supplementary creating Remarketed Preferred Stock Series I are hereby amended as
follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 1,
<i>Definitions</i>, is amended by deleting the definitions of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit Securities," "Discounted Value," "RP Basic
Maintenance<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount" and "RP Basic Maintenance Cure Date" and
replacing them with<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the following definitions:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Deposit
Securities" means cash, U.S. Government Obligations and Short<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Money Market Instruments.&nbsp; Except for purposes
of determining<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with either RP Basic Maintenance Amount, each
Deposit<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security shall be deemed to have a value equal to its
principal or face<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount payable at maturity plus any interest payable
thereon after delivery<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of such Deposit Security but only if payable on or prior
to the applicable<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment date in advance of which the relevant deposit is
made.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Discounted
Value," with respect to any asset held by the Corporation as<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of any date, means the quotient of the Market Value of
such asset divided<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the applicable Discount Factor Supplied by S&amp;P
(provided that, in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; event the Corporation has written a call option on such
asset, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Value of such asset shall be zero) or the
quotient of the Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of such asset divided by the applicable Discount
Factor Supplied by<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's (provided that, in the event the Corporation has
written a call<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; option on such asset, the Discounted Value of such asset
shall mean the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; quotient of the lower of the Market Value of such asset
and the exercise<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; price of such call option divided by the applicable
Discount Factor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplied by Moody's), as the case may be, provided that
in no event shall<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Discounted Value of any asset constituting Eligible
Portfolio Property<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as of any date exceed the unpaid principal balance or
face amount of such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; asset as of that date.&nbsp; With respect to the
calculation of the Discounted<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of any Utility Bond included in the Corporation's
Eligible Portfolio<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, such calculation shall be made using the
criteria set forth in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definitions of Utility Bonds and Market Value.&nbsp;
With respect to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; calculation of the Discounted Value of any Utility Stock
included in the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property such
calculation shall be made<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; using the criteria set forth in the definitions of
Utility Stocks and Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value.&nbsp; When calculating the aggregate Discounted
Value of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property for comparison
with the Moody's<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP Basic Maintenance Amount, the Discount Factors
Supplied by<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's shall be used; provided that, in making such
calculation, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount of Utility Stocks issued by public utility
companies with nuclear<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; facilities under construction (as determined by the
Adviser) which may be<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; included in such calculation shall be limited to five
percent of the Market<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of the Corporation's Eligible Portfolio
Property.&nbsp; When calculating<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the aggregate Discounted Value of the Corporation's
Eligible Portfolio<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property for comparison with the S&amp;P Basic
Maintenance Amount, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factors Supplied by S&amp;P shall be
used.&nbsp; Notwithstanding any<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other provision of these Articles Supplementary, any
Utility Bond that has<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a remaining maturity of more than 30 years, and any
asset as to which<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there is no Discount Factor Supplied by Moody's or
Discount Factor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplied by S&amp;P either in these Articles
Supplementary or in an<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amendment or supplement thereof, shall have a Discounted
Value for<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purposes of determining the aggregate Discounted Value
of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation's Eligible Portfolio Property calculated
using the Discount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor Supplied by Moody's or S&amp;P, as the case may
be, of zero.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Amount" means the Moody's RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount or the S&amp;P RP Basic Maintenance
Amount, as the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; case may be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Cure Date," with respect to the failure by the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation to maintain either RP Basic Maintenance
Amount (as<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; required by paragraph 8 of this Part I) as of each
Valuation Date, means<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the eighth Business Day following such Valuation
Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "RP Basic
Maintenance Report" means a report signed by the President,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Treasurer, any Senior Vice President or any Vice
President of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation which sets forth, as of the related
Valuation Date, the assets<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the Corporation, the Market Value and the Discounted
Value thereof<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (seriatim and in the aggregate), and each RP Basic
Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 1,
<i>Definitions</i>, is further amended by the addition thereto<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the following definitions of "Moody's RP Basic
Maintenance Amount"<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and "S&amp;P RP Basic Maintenance Amount":</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Moody's RP
Basic Maintenance Amount" means, initially, as of any date,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the sum of (i) the aggregate liquidation preference of
the shares of RP<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding and shares of Other RP outstanding, (ii) to
the extent not<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; covered in (i), the aggregate amount of accumulated but
unpaid cash<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends with respect to the shares of RP outstanding
and shares of Other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP outstanding, (iii) any Rights due and payable and any
equivalent rights<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to receive cash with respect to Other RP which are due
and payable, (iv)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount equal to the product of (x) three and (y) the
principal amount of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Corporation's loan from the Aid Association for
Lutherans then<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding, (v) an amount equal to the sum of (x) the
amount of accrued<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; but unpaid interest on the principal amount of the
Corporation's loan from<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Aid Association for Lutherans then outstanding and
(y) an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to 70 days of additional accrued interest on such
loan at the then-<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; current interest rate borne by such loan, (vi) an amount
equal to the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; product of (x) three and (y) the aggregate principal
amount of any other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then outstanding indebtedness of the Corporation for
money borrowed,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) an amount equal to the sum of (x) the aggregate
accrued but unpaid<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest on the indebtedness referred to in the
foregoing clause (vi) and (y)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an amount equal to 70 days of additional accrued
interest on such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indebtedness at the then-current interest rate(s) borne
by such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; indebtedness, (viii) the aggregate Projected Dividend
Amount, (ix)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption premium, if any, and (x) the greater of
$200,000 or an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to projected expenses of the Corporation
(including, without<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limitation, fee and indemnification obligations of the
Corporation incurred<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in connection with any commercial paper program
undertaken by the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation or with any credit facility related thereto)
for the next three<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; month period.&nbsp; The Board of Directors shall have
the authority to adjust,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modify, alter or change from time to time the initial
elements comprising<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Moody's RP Basic Maintenance Amount if the Board of
Directors<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determines and Moody's advises the Corporation in
writing that such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment, modification, alteration or change will not
adversely affect its<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P RP
Basic Maintenance Amount" means, initially, as of any date, the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; sum of (i) the aggregate liquidation preference of the
shares of RP<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; outstanding and shares of Other RP outstanding, (ii) to
the extent not<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; covered in (i), the aggregate amount of accumulated but
unpaid cash<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends with respect to the shares of RP outstanding
and shares of Other<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP outstanding, (iii) any Rights due and payable and any
equivalent rights<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to receive cash with respect to Other RP which are due
and payable, (iv)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the principal amount of the Corporation's loan from the
Aid Association<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for Lutherans then outstanding, (v) an amount equal to
accrued but unpaid<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; interest on the principal amount of the Corporation's
loan from the Aid<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Association for Lutherans then outstanding, (vi) the
aggregate principal<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount of, and an amount equal to accrued but unpaid
interest on, any<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other then outstanding indebtedness of the Corporation
for money<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; borrowed, (vii) the aggregate Projected Dividend Amount,
(viii)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption premium, if any, and (ix) the greater of
$200,000 or an amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; equal to projected expenses of the Corporation
(including, without<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; limitation, fee and indemnification obligations of the
Corporation incurred<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in connection with any commercial paper program
undertaken by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation or with any credit facility related
thereto) for the next three<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; month period.&nbsp; The Board of Directors shall have
the authority to adjust,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; modify, alter or change from time to time the initial
elements comprising<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the S&amp;P RP Basic Maintenance Amount if the Board of
Directors<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determines and S&amp;P advises the Corporation in
writing that such<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment, modification, alteration or change will not
adversely affect its<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; then-current rating on the RP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 3,
<i>Dividends</i>, is amended by deleting paragraph (i)<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) So long as
any shares of RP are outstanding, the Corporation shall not,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subject to the requirements of the 1940 Act and Maryland
law, without the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; affirmative vote or consent of the holders of at least
two-thirds of the votes<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the shares of RP outstanding at the time, given in
person or by proxy,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; either in writing or at a meeting (voting separately as one
class):&nbsp; (a)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorize, create or issue, or increase the authorized
or issued amount, of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any class or series of stock ranking prior to the RP
with respect to payment<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of dividends or the distribution of assets on
liquidation, or (b) amend, alter<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or repeal the provisions of the Corporation's Charter
including these<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Articles Supplementary, whether by merger, consolidation
or otherwise,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; so as to materially and adversely affect any right,
preference, privileges or<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; voting power of such shares of RP or the Holders
thereof; provided that,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any increase in the amount of the authorized RP or the
creation and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issuance of other series of Preferred Stock, or any
increase in the amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of authorized shares of such series or of any other
series of remarketed<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred stock, in each case ranking on a parity with
or junior to the RP,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will not be deemed to materially and adversely affect
such rights,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferences, privileges or voting powers unless such
issuance would cause<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Corporation not to satisfy the 1940 Act RP Asset
Coverage or either<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP Basic Maintenance Amount.&nbsp; Unless a higher
percentage is provided<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for under the Charter, the affirmative vote of the
holders of a majority of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the outstanding shares of Preferred Stock including RP,
voting together as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a single class, will be required to approve any plan of
reorganization<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adversely affecting such shares or any action requiring
a vote of security<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; holders under Section 13(a) of the 1940 Act.&nbsp; The
class vote of holders of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Preferred Stock, including RP, described
above will in each case<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; be in addition to a separate vote of the requisite
percentage of shares of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock and shares of Preferred Stock, including
RP, necessary to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorize the action in question.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing
voting provisions shall not apply if, at or prior to the time<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; when the act with respect to which such vote would
otherwise be required<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be effected, all outstanding shares of RP shall
have been redeemed or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; called for redemption and sufficient funds shall have
been deposited in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; trust to effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 4,
<i>Redemption</i>, is amended by deleting paragraph (b)<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The
Corporation shall redeem, out of funds legally available therefor,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at a redemption price of $100,000 per share plus an
amount equal to cash<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividends thereon (whether or not earned or declared)
accumulated but<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unpaid to the date of redemption, shares of RP to the
extent permitted<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; under the 1940 Act and Maryland law, on a date fixed by
the Board of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors, if the Corporation fails to maintain either
RP Basic<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount or the 1940 Act RP Asset Coverage
and such failure<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is not cured on or before the RP Basic Maintenance Cure
Date or the 1940<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act Cure Date (herein referred to as the "Cure Date"),
as the case may be.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The number of shares to be redeemed shall be equal to
the lesser of (i) the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minimum number of shares of RP the redemption of which,
if deemed to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have occurred immediately prior to the opening of
business on the Cure<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date, together with all shares of other Preferred Stock
subject to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; redemption or retirement, would result in the
satisfaction of the relevant<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RP Basic Maintenance Amount or the 1940 Act RP Asset
Coverage, as the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; case may be, on such Cure Date (provided that, if there
is no such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minimum number of shares the redemption of which would
have such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; result, all shares of RP then outstanding shall be
redeemed), and (ii) the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maximum number of shares of RP that can be redeemed out
of funds<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expected to be legally available therefor on such
redemption date.&nbsp; In<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determining the number of shares of RP required to be
redeemed in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accordance with the foregoing, the Corporation shall
allocate the amount<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; required to achieve the relevant RP Basic Maintenance
Amount or the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940 Act RP Asset Coverage, as the case may be, pro
rata among the RP<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and the Other RP.&nbsp; The Corporation shall effect
such redemption not later<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; than 41 days after such Cure Date, except that if the
Corporation does not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have funds legally available for the redemption of all
of the required<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; number of shares of RP which are subject to mandatory
redemption or the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporation otherwise is unable to effect such
redemption on or prior to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Cure Date, the Corporation shall redeem those
shares of RP which it<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; was unable to redeem on the earliest practicable date
on which it is able to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effect such redemption.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 8, <i>Asset and
Liquidity Coverage</i>, is amended by deleting<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the text of Paragraph (i) of Paragraph (a), <i>RP Basic
Maintenance Amount</i>,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof and replacing it with the following
text:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The
Corporation shall maintain, on each Valuation Date, (A) Eligible<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Property having an aggregate Discounted Value
(calculated<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; using the Discount Factors Supplied by Moody's) at
least equal to the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moody's RP Basic Maintenance Amount and (B) Eligible
Portfolio<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property having an aggregate Discounted Value
(calculated using the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount Factors Supplied by S&amp;P) at least equal to
the S&amp;P RP Basic<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amendments as herein above set forth have been duly advised by the Board of Directors of
the Corporation and duly approved by the Corporation's stockholders.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; These amendments do not increase the authorized stock of the Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIFTH:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; These amendments shall become effective as of the time that the State Department of
Assessments and Taxation of Maryland accepts these Articles of Amendment for record.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, Duff &amp; Phelps Utilities Income Inc. has caused these Articles of Amendment to be signed in its name and on its behalf by its chairman
and attested by its secretary on this 30th day of November, 1993.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Duff &amp; Phelps Utilities Income Inc.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<u>/s/ Claire V. Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claire V. Hansen<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman</font></p>

<p><font size="3" face="Times New Roman">ATTEST:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><u><font size="3" face="Times New Roman">/s/ Calvin J. Pedersen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</font></u> Calvin J. Pedersen<br />
Secretary</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE UNDERSIGNED, chairman of Duff &amp; Phelps Utilities Income Inc., who executed on behalf of said corporation the foregoing Articles of Amendment, of which
this certificate is made a part, hereby acknowledges, in the name and on the behalf of said corporation, the foregoing Articles of Amendment to be the corporate act of said corporation and further certifies that to the best of his knowledge, information and belief,
the matters and facts set forth therein with respect to the authorization and approval thereof are true in all material respects, under the penalties of perjury.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>/s/ Claire V. Hansen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Claire V. Hansen</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>11
<FILENAME>ex_a9.htm
<TEXT>
<html>
<head>
<title>ex_a9</title>
</head>
<body>
<div>
<p align="right"><font size="3" face="Times New Roman">Exhibit a.9</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p align="center"><u><font size="3" face="Times New Roman">Articles of Amendment</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Utilities Income Inc., a Maryland corporation having its principal office in Baltimore City, Maryland (hereinafter called the corporation),
hereby certifies to the State Department of Assessments and Taxation of Maryland, that:</font></p>

<p><a name="ReturnHereAfterFooterUpdate"></a><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:&nbsp; The charter of the corporation, as heretofore amended, is hereby further amended as follows:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article SECOND of the charter is hereby amended to read as follows</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND.&nbsp; Name.&nbsp; The name of the corporation is DNP Select Income Fund
Inc.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:&nbsp; The foregoing amendment was approved by a majority of the entire board of directors of the corporation at a regular meeting held on February 22,
2002 and such amendment is limited to a change expressly authorized by Section 2-605 of the Maryland General Corporation Law to be made without action by the stockholders of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD:&nbsp; This amendment does not increase the authorized stock of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH:&nbsp; This amendment shall become effective at 5:00 p.m., Eastern Time, on April&nbsp;23, 2002.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, Duff &amp; Phelps Utilities Income Inc., has caused these articles to be signed in its name and on its behalf by its president and chief
executive officer and attested by its secretary, on April 9, 2002.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.<br />
<br />
<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By&nbsp; <u>/s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nathan I. Partain<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">Attest:&nbsp; <u>/s/ T. Brooks Beittel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Brooks Beittel, Secretary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE UNDERSIGNED, president and chief executive officer of Duff &amp; Phelps Utilities Income Inc., who executed on behalf of said corporation the foregoing
articles of amendment, of which this certificate is made a part, hereby acknowledges, in the name and on behalf of said corporation, the foregoing articles of amendment to be the corporate act of said corporation and further certifies that to the best of his
knowledge, information and belief, the matters and facts set forth therein with respect to the approval thereof are true in all material respects, under the penalties of perjury.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp; /s/ Nathan I.
Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br />

 &nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nathan I. Partain</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>12
<FILENAME>ex_a10.htm
<TEXT>
<html>
<head>
<title>ex_a10</title>
</head>
<body>
<div>
<p align="right"><a name="ReturnHereAfterFooterUpdate"></a><font size="3" face="Times New Roman">Exhibit a.10</font></p>

<p align="center"><b><font size="4" face="Times New Roman">DNP SELECT INCOME FUND INC.</font></b></p>

<p align="center"><b><font size="4" face="Times New Roman">ARTICLES OF AMENDMENT<br />
<br />
</font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNP SELECT INCOME FUND INC., a Maryland corporation, having its principal office in Baltimore City, Maryland (which is hereinafter called the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIRST:</font></b>&nbsp;&nbsp;The Charter of the Corporation, as heretofore amended, is hereby further amended as follows:</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Articles Supplementary creating five series of Remarketed Preferred Stock of the Corporation are amended as follows:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I, Paragraph 1, <i>Definitions</i>, is amended by deleting the definitions of "Maximum Dividend Rate" and "Non-Payment Period Rate" and replacing them
with he following definitions:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Maximum Dividend Rate" for any Dividend Period at any Dividend Reset Date shall apply to a cash dividend, and be the Applicable Percentage of the applicable
"AA" Composite Commercial Paper Rate.&nbsp; The Applicable Percentage shall vary with the lower of the credit rating or ratings assigned to the shares of RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall not make such rating available, the equivalent
of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies or, in the event that only one such rating shall be available, such rating) on each Dividend Reset Date as follows:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Ratings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Applicable Percentage<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Moody&rsquo;s</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>S&amp;P<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "aa3" or higher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA&ndash; or
higher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
150%&nbsp;&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "a3" to "a1"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&ndash; to
A+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
175%&nbsp;&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "baa3" to "baa1"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB&ndash; to
BBB+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200%&nbsp;&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Below "baa3"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Below
BBB&ndash;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
225%&nbsp;&nbsp;</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" color="black" face="Times New Roman">Notwithstanding the foregoing, the Board of Directors shall have the authority from time to time to change the Applicable Percentage associated with any of the above credit rating categories to a level below or
equal to the percentage set forth in the table above, provided that the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such change will not adversely affect their then-current ratings on the RP. &nbsp; The Remarketing
Agent shall round each applicable Maximum Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths (0.0005) of one percent being rounded upwards to the nearest one-thousandth (0.001) of one
percent.&nbsp; The Remarketing Agent shall not round the applicable "AA" Composite Commercial Paper Rate as part of their calculation of any Maximum Dividend Rate.</font></p>

<p><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Non-Payment Period Rate" means, initially, 225% of the applicable "AA" Composite Commercial Paper Rate, provided that the Board of Directors
shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors determines and the Rating Agencies advise the Corporation in writing that such adjustment, modification, alteration or change
will not adversely affect their then-current ratings on the RP.</font></p>

<p><b><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND:</font></b>&nbsp;&nbsp;The foregoing amendment does not increase the authorized stock of the Corporation.</p>

<p><b><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIRD:</font></b>&nbsp;&nbsp;The foregoing amendment to the Charter of the Corporation has been advised by the Board of Directors and approved
by the stockholders of the Corporation.</p>

<p><b><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOURTH:</font></b>&nbsp;&nbsp;The foregoing amendment to the Charter of the Corporation shall become effective upon acceptance for record by
the Maryland State Department of Assessments and Taxation.</p>

<div align="center"><b><font size="3" color="black" face="Times New Roman"></font></b>
<hr size="2" width="100%" align="center" />
</div>

<p><b><font size="3" color="black" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF</font></b>, DNP Select Income Fund Inc. has caused these presents to be signed in its name and on its behalf by its
President and witnessed by its Secretary on June 23, 2003.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">WITNESS</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="3" face="Times New Roman">&nbsp;&nbsp;/s/ T. Brooks Beittel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">By: <u>&nbsp; /s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">T. Brooks Beittel</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nathan I. Partain</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Secretary</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE UNDERSIGNED, President of DNP Select Income Fund Inc., who executed on behalf of the Corporation the foregoing Articles of Amendment of which this
certificate is made a part, hereby acknowledges in the name and on behalf of said Corporation the foregoing Articles of Amendment to be the corporate act of said Corporation and hereby certifies that to the best of his knowledge, information, and belief the matters
and facts set forth therein with respect to the authorization and approval thereof are true in all material respects under the penalties of perjury.&nbsp;<br />
 </font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3" face="Times New Roman">/s/ Nathan I.
Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Nathan I. Partain</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2B BYLAWS
<SEQUENCE>13
<FILENAME>ex_b.htm
<TEXT>
<html>
<head>
<title>ex_b</title>
</head>
<body>
<div>
<p align="center"><a name="NotesPageEnd"></a><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
(formerly known as DUFF &amp; PHELPS UTILITIES INCOME INC.)</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">BYLAWS</font></p>

<p align="center"><font size="3" face="Times New Roman">(as amended through February 20, 2004)</font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE I<br />
<br />
OFFICES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1.01</u>. <u>Principal office</u>. The principal office of&nbsp; the corporation in the State of Maryland shall be located in the City of
Baltimore.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1.02</u>. <u>Other offices</u>. The corporation may also have offices at such other places both within and without the State of Maryland as the
board of directors may from time to time determine or the business of the corporation may require.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE II<br />
<br />
MEETING OF STOCKHOLDERS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.01</u>. <u>Place of meetings</u>. All meetings of the stockholders shall be held at such place in the United States as shall be designated from
time to time by the board of directors.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.02</u>. <u>Annual meeting</u>. Beginning with the annual meeting of stockholders to be held in 2003, the annual meeting of stockholders shall be
held on the third Tuesday of April or at such date and time between April 15 and May 15 of each year as shall be designated from time to time by the board of directors and stated in the notice of the meeting, at which they shall elect a board of directors and
transact such other business as may properly be brought before the meeting.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.03</u>. <u>Special meetings</u>. Special meetings of stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the
charter of the corporation, may be called at any time by the chairman, the president or the board of directors. Special meetings of stockholders shall be called by the secretary upon the written request of stockholders entitled to cast at least 25 percent of all the
votes entitled to be cast at such meeting, provided that (a) such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on at it; and (b) the stockholders requesting the meeting shall have paid to the corporation the
reasonably estimated cost of preparing and mailing the notice thereof, which the secretary shall determine and specify to such stockholders. Upon payment of these costs to the corporation, the secretary shall notify each stockholder entitled to notice of the meeting.
Unless requested by stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any special meeting of stockholders
held during the preceding twelve months.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.04</u>. <u>Stockholders entitled to vote; number of votes</u>. If a record date has been fixed for the determination of stockholders entitled to
notice of or to vote at any meeting of stockholders, each stockholder of the corporation shall be entitled to vote, in person or by proxy, each share of stock (or fraction thereof) registered in his name on the books of the corporation outstanding at the close of
business on such record date, with one vote (or fraction of a vote) for each share (or fraction thereof) so outstanding.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.05</u>. <u>Notice of meetings</u>. Written notice of each meeting of stockholders stating the place, date and hour of the meeting and, in the case
of a special meeting or if otherwise required by law, the purpose or purposes for which the meeting is called, shall be given not less than 10 nor more than 90 days before the date of the meeting, to each stockholder entitled to vote at such meeting.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.06</u>. <u>Quorum; adjournment</u>. The holders of a majority of the stock entitled to vote at a meeting of stockholders, present in person or
represented by proxy, shall constitute a quorum at the meeting for the transaction of business except as otherwise provided by statute or by the charter of the corporation. If, however, such quorum shall not be present or represented at any meeting of stockholders,
the stockholders entitled to vote thereat present in person or represented by proxy shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At any adjourned
meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the meeting as originally notified. If the adjourned meeting is more than 120 days after the original record date, or if after the adjournment
a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder entitled to vote at the meeting.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.07</u>. <u>Voting</u>. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in
person or represented by proxy and voting on the question shall decide any question brought before such meeting, unless the question is one upon which, by express provision of any statute or the charter of the corporation or these bylaws, a different vote is
required, in which case such express provision shall govern and control the decision of such question.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.08</u>. <u>Proxies</u>. No proxy shall be valid more than eleven months after its date, unless it provides for a longer period.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 2.09</u>. <u>Stock ledger</u>. The secretary of the corporation shall cause an original or duplicate stock ledger to be maintained at the office of
the corporation's transfer agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE III<br />
<br />
DIRECTORS AND COMMITTEES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.01</u>. <u>Function and powers</u>. The business and affairs of the corporation shall be managed under the direction of its board of directors.
All powers of the corporation may be exercised by or under the authority of the board of directors except as conferred on or reserved to the stockholders by statute or the charter of the corporation or these bylaws.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.02</u>. <u>Number</u>. The board of directors shall consist of 3 directors, which number may be increased or decreased by a resolution of a
majority of the entire board of directors, provided that the number of directors shall not be less than 3 or more than 15.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.03</u>. <u>Vacancies</u>. Any vacancy occurring in the board of directors for any cause other than by reason of an increase in the number of
directors may be filled by a majority of the remaining members of the board of directors, although such majority is less than a quorum; provided, however, that no vacancy shall be so filled unless immediately thereafter at least two-thirds of the directors then
holding office shall have been elected to such office by the stockholders, and provided further that if at any time (other than prior to the first annual meeting of stockholders) less than a majority of the directors holding office at that time were elected by the
stockholders, a meeting of the stockholders shall be held promptly and in any event within 60 days for the purpose of electing directors to fill any existing vacancy in the board of directors, unless the Securities and Exchange Commission shall by order extend such
period under the authority granted by section 16(a) of the Investment Company Act of 1940. A director elected to fill a vacancy shall be elected to hold office until the next annual meeting of stockholders or until his successor is elected and qualifies.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.04</u>. <u>Annual and regular meetings</u>. The first meeting of each newly elected board of directors shall be held immediately after the
adjournment of the annual meeting of stockholders, or at such other time or place as shall be specified in a notice given as hereinafter provided for special meetings of the board of directors, or as shall be specified in a written waiver signed by any director who
is not present at the meeting. The board of directors from time to time may provide for the holding of regular meetings of the board and fix their time and place.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.05</u>. <u>Special meetings</u>. Special meetings of the board may be called by the chairman on three days' notice to each director, either
personally or by mail or by telegram. Special meetings shall be called by the chairman or secretary in like manner and on like notice on the written request of a majority of the directors or a majority of the members of the executive committee.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.06</u>. <u>Quorum and voting</u>. At all meetings of the board the act of a majority of the directors present at any meeting at which there is a
quorum shall be the act of the board of directors, except as may be otherwise specifically provided by statute or the charter of the corporation or these bylaws. If a quorum shall not be present at any meeting of the board of directors, the directors present thereat
may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.07</u>. <u>Telephone meetings</u>. Members of the board of directors or any committee thereof may participate in a meeting of such board or
committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time, and participation by such means shall constitute presence in person at the meeting,
except as may be otherwise specifically provided by statute or the charter of the corporation or these bylaws.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.08</u>. <u>Action without meeting</u>. Unless otherwise restricted by statute or the charter of the corporation or these bylaws, any action
required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting if a unanimous written consent which sets forth the action is signed by each member of the board or committee, as the case may be,
and filed with the minutes of proceedings of the board or committee.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.09</u>. <u>Committees</u>. The board of directors may, by resolution passed by a majority of the entire board, designate an executive committee
and other committees, each committee to consist of two or more directors of the corporation. In the absence of a member of a committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another member of the board of
directors to act at the meeting in the place of any such absent member.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.10</u>. <u>Executive committee</u>. Unless otherwise provided by resolution of the board of directors, the executive committee shall have and may
exercise all powers of the board of directors in the management of the business and affairs of the corporation that may lawfully be exercised by an executive committee, except the power to:&nbsp; (i) declare dividends or distributions on stock; (ii) issue stock;
(iii) recommend to the stockholders any action which requires stockholder approval; (iv) amend the bylaws; or (v) approve any merger or share exchange which does not require stockholder approval.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.11</u>. <u>Other committees</u>. To the extent provided by resolution of the board of directors, other committees of the board shall have and may
exercise any of the powers that may lawfully be granted to the executive committee.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.12</u>. <u>Minutes of committee meetings</u>. Each committee shall keep regular minutes of its meetings and report the same to the board of
directors when required.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.13</u>. <u>Expenses and compensation of directors</u>. The directors may be paid their expenses, if any, of attendance at each meeting of the
board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director, or both. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation
therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.14</u>. <u>Retirement of directors</u>. Effective with the elections of directors to be held at the annual meeting of stockholders in 1992, no
person shall stand for election or reelection as a director of the Fund if that person would be 75 years old or older at the date of the proxy statement for the meeting of stockholders at which such election would take place, unless such person's candidacy shall have
been approved by a unanimous vote of all of the directors then in office (other than any director whose candidacy is being approved).</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 3.15</u>. <u>Qualification of directors</u>. Until November 1, 1998, at least 75% of the members of the board of directors shall not be interested
persons (as defined in section 2(a)(19) of the Investment Company Act of 1940) of Duff &amp; Phelps Investment Management Co., the corporation's investment adviser.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE IV<br />
<br />
NOTICES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 4.01</u>. <u>Type of notice</u>. Whenever, under the provision of any statute or the charter of the corporation or these bylaws, notice is required
to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage
thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by telegram.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 4.02</u>. <u>Waiver of notice</u>. Whenever the provisions of any statute or the charter of the corporation or these bylaws require notice of the
time, place or purpose of a meeting of the board of directors or a committee of the board, or of stockholders, each person who is entitled to the notice waives notice if:&nbsp; (a) before or after the meeting he signs a waiver of notice which is filed with the
records of the meeting; or (b) he is present at the meeting or, in the case of a stockholders' meeting, is represented by proxy.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE V<br />
<br />
OFFICERS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.01</u>. <u>Offices</u>. The officers of the corporation shall be elected by the board of directors and shall be a chairman, a president, one or
more vice presidents, a secretary and a treasurer. The board of directors may also appoint one or more assistant secretaries and assistant treasurers. Any number of offices may be held by the same person, unless the charter of the corporation or these bylaws
otherwise provide, except that no one may serve concurrently as both president and vice president. A person who holds more than one office may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed,
acknowledged or verified by more than one officer.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.02</u>. <u>Annual election</u>. The board of directors at its first meeting after each annual meeting of stockholders shall elect a chairman, a
president, one or more vice presidents, a secretary and a treasurer.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.03</u>. <u>Other officers and agents</u>. The board of directors may appoint such other officers and agents as it shall deem necessary, who shall
hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.04</u>. <u>Remuneration</u>. The salaries or other remuneration, if any, of all officers of the corporation shall be fixed by the board of
directors.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.05</u>. <u>Term of office; removal; vacancies</u>. The officers of the corporation shall hold office until their respective successors are chosen
and qualify. Any officer elected or appointed by the board of directors may be removed at any time by the affirmative vote of a majority of the board of directors, when the board in its judgment finds that the best interests of the corporation will be served by such
action. The removal of an officer or agent does not prejudice any of his contract rights. Any vacancy occurring in any office of the corporation shall be filled by the board of directors.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.06</u>. <u>The chairman</u>. The chairman, who shall be chosen from among the directors of the corporation, shall preside at all meetings of the
board of directors and stockholders. He shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.07</u>. <u>The president and chief executive officer</u>. The president and chief executive officer shall be the chief executive officer of the
corporation, shall have general and active management of the business of the corporation and shall see that all orders and resolutions of the board of directors are carried into effect. In the absence of the chairman or in the event of his inability or refusal to
act, the president shall preside at all meetings of the board of directors and stockholders. The president may execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise
signed and executed and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer or agent of the corporation.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.08</u>. <u>The vice presidents</u>. In the absence of the president or in the event of his inability or refusal to act, the vice president (or in
the event there be more than one vice president, the vice presidents in the order designated, or in the absence of any designation, then in the order of their election) shall perform 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. The vice presidents shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.09</u>. <u>The secretary</u>. The secretary:&nbsp; (a) shall attend all meetings of the board of directors and all meetings of stockholders and
record all the proceedings of the meetings in a book to be kept for that purpose and shall perform like duties for the standing committees when required; (b) shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the
board of directors, and shall perform such other duties as may be prescribed by the board of directors, the chairman or the president, under whose supervision the secretary shall be; and (c) shall have custody of the corporate seal of the corporation and shall have
authority to affix the same to any instrument requiring it, and when so affixed it may be attested by his signature.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.10</u>. <u>The assistant secretary</u>. The assistant secretary, or if there be more than one, the assistant secretaries in the order determined
by the board of directors (or if there be no such determination, then in the order of their election), shall, in the absence of the secretary or in the event of his inability or refusal to act, perform the duties and exercise the powers of the secretary and shall
perform such other duties and have such other powers as the board of directors may from time to time prescribe.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.11</u>. <u>The treasurer</u>. The treasurer:&nbsp; (a) shall keep full and accurate accounts of receipts and disbursements in books belonging to
the corporation; (b) shall deposit with the corporation's custodian all moneys and other valuable effects in the name and to the credit of the corporation; (c) shall direct the custodian to make such disbursements of the funds of the corporation as may be ordered by
the board of directors, taking proper vouchers for such disbursements; and (d) shall render to the president and the board of directors, at its regular meetings, or when the board of directors so requires, an account of all his transactions as treasurer and financial
statements of the corporation.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 5.12</u>. <u>The assistant treasurer</u>. The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order
determined by the board of directors (or if there be no such determination, then in the order of their election), shall, in the absence of the treasurer or in the event of his inability or refusal to act, perform the duties and exercise the powers of the treasurer
and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE VI<br />
<br />
CAPITAL STOCK</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6.01</u>. <u>Certificates of stock</u>. Every holder of stock in the corporation shall be entitled, upon request, to have a certificate or
certificates, signed by, or in the name of the corporation by the chairman, the president or a vice president and the treasurer, an assistant treasurer, the secretary or an assistant secretary of the corporation, certifying the number of full shares owned by him in
the corporation. No certificates shall be issued for fractional shares. Where a certificate is countersigned by a transfer agent other than the corporation or its employee, any other signature on the certificate may be facsimile. In case any officer or transfer agent
who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer or transfer agent before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer or transfer
agent at the date of issue.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6.02</u>. <u>Lost certificates</u>. The board of directors may direct a new certificate or certificates to be issued in place of any certificate or
certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new
certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in
such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed. The issuance of
a new certificate under this section does not constitute an overissue of the shares it represents.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6.03</u>. <u>Transfers of stock</u>. The shares of stock of the corporation shall be transferable on the books of the corporation at the request of
the record holder thereof in person or by a duly authorized attorney, upon presentation to the corporation or its transfer agent of a duly executed assignment or authority to transfer, or power evidence of succession, and, if the shares are represented by a
certificate, a duly endorsed certificate or certificates of stock surrendered for cancellation, and with such proof of the authenticity of the signatures as the corporation or its transfer agent may reasonably require. The transfer shall be recorded on the books of
the corporation, the old certificates, if any, shall be cancelled, and the new record holder, upon request, shall be entitled to a new certificate or certificates.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6.04</u>. <u>Fixing of record date</u>. The board of directors may fix in advance a date as a record date for the determination of the stockholders
entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or to receive payment of any dividend or other distribution or allotment of any rights, or to exercise
any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, provided that such record date shall not be a date more than 90 days, and in the case of a meeting of stockholders not less than 10 days, prior to the
date on which the particular action requiring such determination of stockholders is to be taken. In such case only such stockholders as shall be stockholders of record on the record date so fixed shall be entitled to such notice of, and to vote at, such meeting or
adjournment, or to give such consent, or to receive payment of such dividend or other distribution, or to receive such allotment of rights, or to exercise such rights, or to take such other action, as the case may be, notwithstanding any transfer of any shares on the
books of the corporation after any such record date.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 6.05</u>. <u>Registered stockholders</u>. The corporation shall be entitled to treat the holder of record of shares as the holder in fact thereof
and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by statute.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE VII<br />
<br />
CUSTODIAN</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7.01</u>. <u>Qualifications</u>. The corporation shall at all times employ, pursuant to a written contract, a bank or trust company having an
aggregate capital, surplus and undivided profits (as shown in its last published report) of at least $2,000,000 as custodian to hold the funds and securities of the corporation.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7.02</u>. <u>Contract</u>. Such contract shall be upon such terms and conditions and may provide for such compensation as the board of directors
deems necessary or appropriate, provided such contract shall further provide that the custodian shall deliver securities owned by the corporation only upon sale of such securities for the account of the corporation and receipt of payment therefor by the custodian or
when such securities may be called, redeemed, retired or otherwise become payable. Such limitation shall not, however, prevent:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the delivery of securities for examination to the broker selling the same in accord with the "street delivery" custom
whereby such securities are delivered to such broker in exchange for a delivery receipt exchanged on the same day for an uncertified check of such broker to be presented on the same day for certification;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the delivery of securities of an issuer in exchange for or conversion into other securities alone or cash and other
securities pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment of the securities of such issuer;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the conversion by the custodian of securities owned by the corporation pursuant to the provisions of such securities
into other securities;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the surrender by the custodian of warrants, rights or similar securities owned by the corporation in the exercise of
such warrants, rights or similar securities, or the surrender of interim receipts or temporary securities for definitive securities;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the delivery of securities as collateral on borrowing effected by the corporation;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the delivery of securities owned by the corporation as a redemption in kind of securities issued by the
corporation.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The custodian shall deliver funds of the corporation only upon the purchase of securities for the portfolio of the corporation and the delivery of such securities to the custodian, but such limitation shall not prevent the
release of funds by the custodian for payment of interest, dividend disbursements, taxes and management fees, for payments in connection with the conversion, exchange or surrender of securities owned by the corporation as set forth in sub-paragraphs (b), (c) and (d)
above and for operating expenses of the corporation.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7.03</u>. <u>Termination of contract</u>. The contract of employment of the custodian shall be terminable by either party on 60 days' written notice
to the other party. Upon any termination, the board of directors shall use its best efforts to obtain a successor custodian, but lacking success in the appointment of a successor custodian, the question of whether the corporation shall be liquidated or shall function
without a custodian shall be submitted to the stockholders before delivery of any funds or securities of the corporation to any person other than a successor custodian, including a temporary successor selected by the retiring custodian. If a successor custodian is
found, the retiring custodian shall deliver funds and securities owned by the corporation directly to the successor custodian.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7.04</u>. <u>Agents of custodian</u>. The provisions of any other selection of these bylaws to the contrary notwithstanding, any contract of
employment of a custodian to hold the funds and securities of the corporation may authorize the custodian, upon approval of the board of directors, to appoint other banks or trust companies meeting the requirements of this article, domestic and foreign (including
domestic and foreign branches), to perform all or a part of the duties of the custodian under its contract with the corporation. In the case of foreign banks, no authorization or appointment providing for the holding of funds or securities of the corporation (other
than in connection with the clearing of transactions or exchanges of securities) shall become effective unless permitted by an appropriate order, rule or written advice of the Securities and Exchange Commission.</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 7.05</u>. <u>Negotiable instruments</u>. Except as otherwise authorized by the board of directors, all checks and drafts for the payment of money
shall be signed in the name of the corporation by the custodian, and all requisitions or orders for the payment of money by the custodian or for the issue of checks and drafts therefor, all promissory notes, all assignments of shares or securities standing in the
name of the corporation, and all requisitions or orders for the assignment of shares or securities standing in the name of the custodian or its nominee, or for the execution of powers to transfer the same, shall be signed in the name of the corporation by not less
than two of its officers. Promissory notes, checks or drafts payable to the corporation may be endorsed only to the order of the custodian or its agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE VIII<br />
<br />
GENERAL PROVISIONS</font></p>

<p><u><font size="3" face="Times New Roman">Section 8.01</font></u>. <u>Dividends</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of
directors, from time to time as they may deem advisable, may declare and pay dividends in cash or other property of the corporation, out of any source available for dividends, to the stockholders according to their respective rights and interests and in accordance
with the applicable provisions of the charter of the corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of directors
may prescribe from time to time that dividends declared are payable at the election of any of the stockholders, either in cash or in shares of the corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of directors
shall cause any dividend payment to be accompanied by a written statement if paid wholly or partly from any source other than:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the corporation's accumulated undistributed net income (determined in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange
Commission then in effect) and not including profits or losses realized upon the sale of securities or other properties; or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the corporation's net income so determined for the current or preceding fiscal year.</font></p>

<p><font size="3" face="Times New Roman">Such statement shall adequately disclose the source or sources of such payment and the basis of calculation, and shall be in such form as the Securities and Exchange Commission may prescribe.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8.02</u>. <u>Fiscal year</u>. The fiscal year of the corporation shall end on December 31.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8.03</u>. <u>Seal</u>. The corporate seal shall have inscribed thereon the name of the corporation and the words "Corporate Seal, Maryland". The
seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or by placing the word "seal" adjacent to the signature of the authorized officer of the corporation. Any officer or director of the corporation shall have authority to
affix the corporate seal of the corporation to any document requiring the same.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 8.04</u>. <u>Amendments</u>. In accordance with the charter of the corporation, these bylaws may be repealed, altered, amended or rescinded and new
bylaws may be adopted (a) by the stockholders of the corporation (considered for this purpose as one class) by the affirmative vote of not less than a majority of all the votes entitled to be cast by the outstanding shares of capital stock of the corporation
generally in the election of directors which are cast on the matter at any meeting of the stockholders called for that purpose (provided that notice of such proposal is included in the notice of such meeting) or (b) by the board of directors by the affirmative vote
of not less than two-thirds of the board of directors at a meeting held in accordance with the provisions of these bylaws.<a name="ReturnHereAfterFooterUpdate"></a></font></p>

<p align="center"><font size="3" face="Times New Roman">ARTICLE IX<br />
<br />
CERTAIN PROVISIONS RELATING TO RATINGS ORGANIZATIONS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.01</u>. <u>General Definitions</u>. Capitalized terms used in this Article XI but not specifically defined herein shall have the respective
meanings assigned them in the Articles Supplementary, which definitions are hereby incorporated by reference herein. The following capitalized terms shall have the following meanings for purposes of this Article XI, whether used in the singular or plural.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "REIT" means an entity qualifying as a real estate investment trust under the United States Internal Revenue Code of 1986, as amended.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "NYSE" means the New York Stock Exchange.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "AMEX" means the American Stock Exchange.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "ADR" means American Depository Receipts.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "National Securities Exchange" means the NYSE, AMEX, Midwest Stock Exchange, Philadelphia Stock Exchange, Boston Stock Exchange, NASDAQ System or any other
national securities exchange.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Market Value" means, as to any S&amp;P Eligible REIT Share, S&amp;P Eligible Utility ADR, S&amp;P Eligible Preferred Stock and S&amp;P Eligible Corporate
Bond, the value calculated by reference to the highest closing price on a National Securities Exchange on the date preceding any relevant date of determination.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "MTNP" means, initially, a medium term note program.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Yankee Bond" means, initially, a debt security which is issued by a foreign government, province, supranational agency or foreign corporation.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.02</u>. <u>S&amp;P Eligible Asset Definitions</u>. The following assets, specifically S&amp;P Eligible REIT Shares, S&amp;P Eligible Preferred
Stock, S&amp;P Eligible Corporate Bonds and S&amp;P Eligible Utility ADRs, having met the requirements set forth in the definition of "Other Permitted Securities" in the Articles Supplementary, shall be included as "Other Permitted Securities" for purposes of
determining maintenance of the "S&amp;P RP Basic Maintenance Amount".</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P Eligible REIT Share" means, initially, an equity security issued by a REIT. So long as the shares of RP are rated AAA or higher by S&amp;P, no equity
security held by the Corporation shall be deemed an S&amp;P Eligible REIT Share unless (i) such equity security has been listed or traded for more than 15 months on a National Securities Exchange and (ii) the aggregate Market Value of all such equity securities
outstanding is equal to or exceeds $100,000,000. So long as the shares of RP are rated AAA or higher by S&amp;P, no equity security held by the Corporation shall be deemed an S&amp;P Eligible REIT Share to the extent (but only to the proportionate extent) (i) the
amount thereof held by the Corporation exceeds the lesser of (x) 5% of the issued and outstanding equity securities of the REIT issuing such S&amp;P Eligible REIT Shares and (y) the average weekly trading volume for the past month preceding any relevant date of
determination; and (ii) the aggregate Market Value of the amount thereof held by the Corporation exceeds 5% of the aggregate Market Value of the issued and outstanding equity securities of the REIT issuing such equity security.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P Eligible Utility ADRs" means, initially, ADRs issued by public utility companies, which ADRs have been listed or traded for more than 15 months on a
National&nbsp; Securities Exchange. So long as the shares of the RP are rated AAA or higher by S&amp;P, no ADR held by the Corporation shall be deemed an S&amp;P Eligible Utility ADR unless the aggregate Market Value of all such ADRs outstanding is equal to or
exceeds $100,000,000. So long as the shares of RP are rated AAA or higher by S&amp;P, no ADR held by the Corporation shall be deemed an S&amp;P Eligible Utility ADR to the extent (but only to the proportionate extent) (i) the amount thereof held by the Corporation
exceeds the lesser of (x) 5% of the issued and outstanding S&amp;P Eligible Utility ADRs of the public utility company issuing such S&amp;P Eligible Utility ADRs and (y) the average weekly trading volume for the past month preceding any relevant date of
determination; and (ii) the aggregate Market Value of the amount thereof held by the Corporation does not exceed 5% of the aggregate Market Value of the issued and outstanding equity securities of the public utility company issuing such equity security.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P Eligible Preferred Stock" means, initially, preferred stock (i) rated BBB or higher by S&amp;P or (ii)&nbsp; issued by an entity having debt
obligations outstanding with senior unsecured or subordinated unsecured debt ratings of BBB or higher by S&amp;P; <u>provided</u>, <u>however</u>, that no share of Yankee Preferred Stock (as such term is defined by S&amp;P from time to time) will be considered an
S&amp;P Eligible Preferred Stock unless such Yankee Preferred Stock is (x) rated A or higher by S&amp;P or (y) issued by an entity having debt obligations outstanding with senior unsecured or subordinated unsecured debt ratings of A or higher by S&amp;P. So long as
the shares of RP are rated AAA or higher by S&amp;P, no preferred stock owned by the Corporation shall be deemed an S&amp;P Eligible Preferred Stock to the extent (but only to the proportionate extent) (i) the aggregate&nbsp; of preferred stock owned by the
Corporation of an issuer having debt obligations outstanding with a senior debt rating of A or higher by S&amp;P exceeds 5% of the aggregate Market Value of Eligible Portfolio Property owned by the Corporation; (ii) the aggregate Market Value of preferred stock owned
by the Corporation of an issuer having debt obligations outstanding with a senior debt rating of BBB by S&amp;P exceeds 2.5% of the aggregate Market Value of Eligible Portfolio Property owned by the Corporation; and (iii) the aggregate Market Value of preferred stock
owned by the Corporation in any one industry (as defined by S&amp;P from time to time) exceeds 20% of the aggregate Market Value of the securities owned by the Corporation. In addition, so long as the shares of RP are rated AAA or higher by S&amp;P, no preferred
stock held by the Corporation shall be deemed an S&amp;P Eligible Preferred Stock unless such Preferred Stock meets the following conditions:</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(i)&nbsp; shares of the issuer (or if the issuer is a special purpose corporation, the parent of the issuer) of such preferred stock are traded on the NYSE or the AMEX;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(ii)&nbsp; except in the case of Yankee Preferred Stock, such preferred stock is cumulative;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(iii)&nbsp; such preferred stock is nonconvertible;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(iv)&nbsp; such preferred stock has no attached warrants;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(v)&nbsp; the aggregate Market Value of all outstanding equity securities of the issues of such preferred stock is at least $500,000;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(vi)&nbsp; such preferred stock (x) has an initial issue size of at least $50 million or (y) is issued by an entity with preferred stock outstanding with an aggregate Market Value of at least $50 million;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(vii)&nbsp; the issuer of such preferred stock pays cash dividends in U.S. denominated dollars and has paid cash dividends consistently over the previous three years (unless the issuer of the preferred stock has no relevant
history of issuing dividends, in which case the issuer has received an A or higher debt or preferred stock rating from S&amp;P);</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(viii)&nbsp; the aggregate Market Value of all equity securities outstanding of the issuer of the preferred stock is equal to or greater than $50 million;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(ix)&nbsp; the aggregate Market Value of such preferred stock (calculated by reference to the closing price on the Securities Exchanges for such preferred stock on the day preceding any relevant date of determination) owned by
the Corporation is no less than $500,000 and no more than $5,000,000, unless such preferred stock is floating rate preferred stock where an auction restricts the Corporation's ownership of such floating rate preferred stock;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(x)&nbsp; if such preferred stock is floating rate preferred stock, (x) such floating rate preferred stock has a dividend period of less than or equal to 49 days, unless such preferred stock is a new issue, in which case, the
first dividend period of such new issue is up to 64 days; and (y) such floating rate preferred stock has not been subject to a failed auction;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(xi)&nbsp; if such preferred stock is adjustable rate preferred stock, the aggregate Market Value of all adjustable rate preferred stock owned by the Corporation does not exceed 10% of the Other Permitted Securities owned by
the Corporation.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "S&amp;P Eligible Corporate Bonds" means, initially, debt securities issued by a corporation having a maturity of thirty years or less. So long as the shares
of RP are rated AAA or higher by S&amp;P, no debt security held by the Corporation shall be deemed an S&amp;P Eligible Corporate Bond unless (i) in the case of a debt security rated CCC or lower by S&amp;P, such debt security is a subordinated debt security with an
implied senior rating by S&amp;P of B- or higher and (ii) at least two dealers registered with the National Association of Securities Dealers offer bids on such debt security. In addition, so long as the shares of RP are rated AAA or higher by S&amp;P, no debt
security held by the Corporation shall be deemed an S&amp;P Eligible Corporate Bond unless the following conditions are met:</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">(i)&nbsp; at least 80% of the aggregate Market Value of debt securities owned by the Corporation which are rated BBB or lower have an original issue size of $100 million or higher and the remaining 20% have an original issue
size no lower than $50 million;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(ii)&nbsp; in the case of a debt security issued under a MTNP such debt security is (x) rated BBB or higher by S&amp;P and has an original issue size equal to the maximum number of medium term notes authorized by the issuer
pursuant to such MTNP and (y) part of a series of medium term notes which exceeds $5 million in aggregate Market Value;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(iii)&nbsp; in the case of a Yankee Bond, such Yankee Bond is rated A or higher by S&amp;P and the aggregate of such Yankee Bonds owned by the Corporation does not exceed 25% of the aggregate Market Value of securities owned
by the Corporation;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(iv)&nbsp; financial statements are publicly available for the issuer of such debt securities and such debt securities are registered under the Securities Act of 1933;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(v)&nbsp; the terms of such debt securities provide for periodic interest payments in cash over the life of the security;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(vi)&nbsp; such debt securities are not convertible or exchangeable into capital of the issuer at any time; <u>provided</u> that 10% of such debt securities outstanding may be subject to exchange or tender offer;
and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">(vii)&nbsp; in the case of Type IV S&amp;P Eligible Corporate Bonds, the aggregate Market Value of such debt securities issued by companies engaged principally in any one industry (as defined by S&amp;P) does not exceed 20% of
the aggregate Market Value of all securities owned by the Corporation.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I S&amp;P Eligible Corporate Bonds" means, initially, S&amp;P Eligible Corporate Bonds rated AAA by S&amp;P.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type II S&amp;P Eligible Corporate Bonds" means, initially, S&amp;P Eligible Corporate Bonds rated AA by S&amp;P.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type III S&amp;P Eligible Corporate Bonds" means, initially, S&amp;P Eligible Corporate Bonds rated A by S&amp;P.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type IV S&amp;P Eligible Corporate Bonds" means, initially, S&amp;P Eligible Corporate Bonds rated BBB by S&amp;P.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.03</u>. <u>Discount Factors Supplied by S&amp;P</u>. The following Discount Factors, having been supplied by S&amp;P, shall be "Discount Factors
Supplied by S&amp;P" as defined in the Articles Supplementary for purposes of calculating the "Discounted Value" of the assets for purposes of determining maintenance of the S&amp;P RP Basic Maintenance Amount".</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0" width="93%">
<tr>
<td colspan="4" valign="top">
<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible REIT Shares which have been outstanding for more<br />
 than eighteen (18) months</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.52</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible REIT Shares which have been outstanding for<br />
 eighteen (18) or fewer months</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.25</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible Utility ADRs which have been outstanding for more<br />
 than eighteen (18) months</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.52</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible Utility ADRs which have been outstanding for<br />
 eighteen (18) or fewer months</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.25</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.55</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.65</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type V S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.70</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type VI S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.80</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type VII S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.90</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type VIII S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.05</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IX S&amp;P Eligible Corporate Bonds</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible Preferred Stock (Sinking Fund, Fixed Rate, Perpetual or Floating Rate)</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">S&amp;P Eligible Preferred Stock (Adjustable or Auction Rate)</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">4.00</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.04</u>. <u>Moody's Eligible Asset Definitions</u>. The following assets, specifically Auction Rate Preferred Stock, Hybrid Securities, Preferred
Stock, Type I REIT Shares, Type I Utility ADRs, Industrial Bonds and Utility Preferred Stock, having met the requirements set forth in the definition of "Other Permitted Securities" in the Articles Supplementary, shall be included as "Other Permitted Securities" for
purposes of determining maintenance of the "Moody's RP Basic Maintenance Amount".</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Auction Rate Preferred Stock" means, initially, preferred stock rated a3 or higher which is issued by a company which has paid dividends during the preceding
three year period.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Convertible Preferred Stock" means, initially, Utility Preferred Stock which is mandatorily convertible into common equity of the company issuing such
securities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Hybrid Preferred Stock" means monthly income Preferred Stock, quarterly income Preferred Stock and other nonstandard Preferred Stock rated a3 or higher which
is issued by a company which has paid dividends during the preceding three years.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Industrial Bond" means, initially, industrial revenue bonds and industrial development bonds.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Preferred Stock" means, initially, preferred stock rated a3 or higher which is (i) not convertible into common equity and (ii) issued by a non-utility company
which has paid dividends during the preceding 3 years.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Industrial Bonds" as of any date means Industrial Bonds rated Aaa by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type II Industrial Bonds" as of any date means Industrial Bonds rated Aa3 by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type III Industrial Bonds" as of any date means Industrial Bonds rated A3 by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type IV Industrial Bonds" as of any date means Industrial Bonds rated Baa3 by Moody's.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I REIT Shares" means, initially, equity securities issued by REITs having debt obligations outstanding with senior unsecured or subordinated unsecured
debt ratings of Baa3 or higher from Moody's. So long as the shares of RP are rated Baa3 or higher by Moody's, no equity security held by the Corporation shall be deemed a REIT Share unless (i) such equity security is traded on the NYSE or the AMEX, (ii)&nbsp;the
aggregate value of all such equity securities outstanding (calculated based upon the highest of the closing prices on the NYSE or the AMEX as applicable, for such equity security on the day preceding any relevant date of determination) is equal to or exceeds
$500,000,000 and (iii) the REIT which issues such equity security has paid dividends for all periods since it first qualified as a REIT. In addition, so long as the shares of RP are rated Baa3 or higher by Moody's, no equity security held by the Corporation shall be
deemed a Type I REIT Share to the extent (but only to the proportionate extent) the amount thereof held by the Corporation exceeds the lesser of (i) 5% of the issued and outstanding equity securities of the REIT issuing such equity security and (ii) the average
weekly trading volume thereof for the 26 week period immediately preceding any relevant date of determination.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Type I Utility ADRs" means, initially, ADRs, which are traded on the NYSE or the AMEX with respect to equity securities issued by public utility companies
having U.S. dollar denominated debt obligations outstanding with senior unsecured or subordinated unsecured debt ratings of Baa3 or higher from Moody's. In addition, so long as the shares of RP are rated Baa3 or higher by Moody's, no equity security held by the
Corporation shall be deemed a Type I Utility ADR to the extent (but only to the proportionate extent) the amount thereof held by the Corporation exceeds the lesser of (i)&nbsp;5% of the issued and outstanding equity securities of the utility company issuing such
equity security and (ii) the average weekly trading volume thereof for the 26 week period immediately preceding any relevant date of determination.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Utility Preferred Stock" means, initially, preferred stock rated a3 or higher which is issued by a public utility company which had paid dividends during the
preceding three years.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.05</u>. <u>Discount Factors Supplied by Moody's</u>. The following Discount Factors, having been supplied by Moody's, shall be "Discount Factors
Supplied by Moody's" as defined in the Articles Supplementary for purposes of calculating the "Discounted Value" of the assets for purposes of determining maintenance of the "Moody's RP Basic Maintenance Amount".</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center">
<table cellspacing="0" cellpadding="0" width="87%">
<tr>
<td colspan="7">
<p><font size="3" color="black" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td>
<p align="center"><u><font size="3" face="Times New Roman">Discount Factor(1)</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Auction Rate Preferred Stock</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Convertible Preferred Stock</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Hybrid Preferred Stock</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Preferred Stock</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; having a remaining term to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maturity of one year or less:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; having a remaining term<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to maturity of more than<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one year but not more than<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; two years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.27</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.32</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.53</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.61</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" color="black" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.69</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years but less<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; than 30 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.79</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one year or less:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.24</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than one year but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.31</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.70</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.76</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type II Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 30 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.87</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one year or less:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than one year but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.67</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.77</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.84</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type III Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 30 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.95</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one year or less:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than one year but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than two years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than three years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.57</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than four years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.63</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than five years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.74</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than seven years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.83</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than ten years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.92</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 15 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.02</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type IV Industrial Bonds having a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; remaining term to maturity of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 20 years but not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; more than 30 years:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.03</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I REIT Shares:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Argentina or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">5.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Australia or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Belgium or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Brazil or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">4.20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Canada or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Chile or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">3.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Denmark or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of France or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Germany or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Greece or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Italy or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Mexico or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">4.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Netherlands or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Peru or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Portugal or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; political subdivision thereof:</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of Spain or any political<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subdivision thereof:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Type I Utility ADRs issued by an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of the United Kingdom<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or any political subdivision<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereof:</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">2.00</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Utility Preferred Stock</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">1.60</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom">
<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9.06</u>. <u>Revised Definitions</u>. The definitions of "Utility Bonds" and "Utility Stocks" set forth in the Articles Supplementary are hereby
modified to delete the requirement that the issuers of such securities be "state regulated".</font></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u>Section 9.07</u>. <u>Initial Elements of Moody's RP Basic Maintenance Amount</u>. In lieu of the definition in Part I, Paragraph 1,
<i>Definitions</i>, of the Articles, the following definition of "Moody's RP Basic Maintenance Amount," having been approved by Moody's, shall be used for purposes of the Articles:p>

<p><font size="2" face="Times New Roman"></font></p>

<table cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">"Moody's RP Basic Maintenance Amount" means, initially, as of any date, the sum of (i) the aggregate liquidation preference of the shares of RP outstanding and shares of Other RP outstanding, (ii) to the extent not covered in
(i), the aggregate amount of accumulated but unpaid cash dividends with respect to the shares of RP outstanding and shares of Other RP outstanding, (iii) any Rights due and payable and any equivalent rights to receive cash with respect to Other RP which are due and
payable, (iv) an amount equal to the product of (x) three and (y) the principal amount of the Corporation's loan from the Aid Association for Lutherans then outstanding, (v) an amount equal to the sum of (x) the amount of accrued but unpaid interest on the principal
amount of the Corporation's loan from the Aid Association for Lutherans then outstanding and (y) an amount equal to 70 days of additional accrued interest on such loan at the then current interest rate borne by such loan, (vi) the aggregate principal amount of any
other then outstanding indebtedness of the Corporation for money borrowed, (vii) an amount equal to the sum of (x) the aggregate accrued but unpaid interest on the indebtedness referred to in the foregoing clause (vi) and (y) an amount equal to 70 days of additional
accrued interest on such indebtedness at the then current interest rate(s) borne by such indebtedness, (viii) the aggregate Projected Dividend Amount, (ix) redemption premium, if any, and (x) the greater of $200,000 or an amount equal to projected expenses of the
Corporation (including, without limitation, fee and indemnification obligations of the Corporation incurred in connection with any commercial paper program undertaken by the Corporation or with any credit facility related thereto) for the next three month period. The
Board of Directors shall have the authority to adjust, modify, alter or change from time to time the initial elements comprising the Moody's RP Basic Maintenance Amount if the Board of Directors determines and Moody's advises the Corporation in writing that such
adjustment, modification, alteration or change will not adversely affect its then current rating on the RP.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2E DIV REIN PL
<SEQUENCE>14
<FILENAME>ex_e.htm
<TEXT>
<html>
<head>
<title>ex_e</title>
</head>
<body>
<div>
<p align="center"><font size="3" face="Times New Roman"><img src="dnpselect.gif" width="471" height="80"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<p align="center"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p align="center"><b><font size="5" face="Times">DIVIDEND REINVESTMENT PLAN</font></b></p>

<p><b><font size="3" face="Times">To Our Common Shareholders:</font></b></p>

<p><font size="2" face="Times">We are pleased to offer a convenient way for you to increase your investment in common shares of DNP Select Income Fund through our dividend reinvestment and cash purchase plan. The Fund absorbs all costs of administering the plan
except any securities brokerage commissions (or equivalent purchase costs) and certain service charges imposed by the bank.</font></p>

<p><font size="2" face="Times">Under the plan, the total amount of cash distributions on your shares, both dividends of investment income and distributions of capital gains, and of such funds as you may wish to provide voluntarily for purchases of additional shares,
will be invested for you in additional common shares of the Fund.</font></p>

<p><font size="2" face="Times">Once you enroll, your participation will begin at the time of the record date for the next distribution following receipt of your authorization card. Instead of receiving cash, you will receive a monthly statement indicating the number
of shares allocated to you.</font></p>

<p><font size="2" face="Times">The plan is administered by The Bank of New York. Your participation is entirely voluntary and you may withdraw from the plan at any time.</font></p>

<p><font size="2" face="Times">A description of the plan follows this letter. We hope you will take advantage of the plan if it suits your investment objectives.</font></p>

<p><font size="2" face="Times">Sincerely,</font></p>

<p><font size="3" face="Times New Roman"><img src="hansen.gif" width="272" height="50"></font></p>

<p><font size="2" face="Times">Claire V. Hansen<br>
Chairman</font></p>

<p><font size="2" face="Times">&nbsp;</font></p>

<p><font size="2" face="Times">&nbsp;</font></p>

<p align="center"><b><font size="3" face="Times">Description of</font></b></p>

<p align="center"><b><font size="3" face="Times">DIVIDEND REINVESTMENT AND</font></b></p>

<p align="center"><b><font size="3" face="Times">CASH PURCHASE PLAN</font></b></p>

<p align="center"><b><font size="3" face="Times">For Common Shareholders</font></b></p>

<p><font size="2" face="Times">The dividend reinvestment and cash purchase plan is available to all registered holders of common shares of DNP Select Income Fund Inc. The plan provides a convenient way to acquire additional common shares of the Fund by automatic
reinvestment of cash distributions paid on such shares, and by voluntary additional investment in the shares. The plan is offered through The Bank of New York, which is the plan agent of the participants.</font></p>

<p><b><font size="2" face="Times">Eligibility</font></b></p>

<p><font size="2" face="Times">For those common shares registered in your own name, you may join the plan directly and have all cash distributions that are paid on such shares, including both dividends of investment income and distributions of capital gains,
reinvested in additional common shares. In order to participate in the plan, please write or call the Bank of York to request an authorization card. The bank's address and telephone number appear at the end of this plan description.</font></p>

<p><font size="2" face="Times">If ownership of your shares, or of some of them, is registered in a broker's ''street name'' or in other nominee name, please ask the nominee to include those shares in the plan. The plan permits a nominee to participate on behalf of
its underlying owners who wish to participate. However, some nominees may not permit an underlying owner to participate without transferring the shares into the owner's name.</font></p>

<p><b><font size="2" face="Times">How Reinvestments are Made</font></b></p>

<p><font size="2" face="Times">By participating in the plan, you authorize the bank to reinvest all of your cash distributions in additional common shares. The total number of reinvestment shares will be allocated among you and the other plan participants on a pro
rata basis, and will be determined by dividing the dollar amount of the distribution to be reinvested by the applicable price per share, determined as follows:</font></p>
<UL>
<p><font size="2" face="Times">(a) If the current market price of the shares equals or exceeds their net asset value, the Fund will issue new shares to the plan at the greater of current net asset value or 95% of the then
current market price, without any brokerage commissions (or equivalent purchase costs).</font></p>

<p><font size="2" face="Times">(b) If the current market price of the shares is less than their net asset value, the bank will receive the distributions in cash and will purchase the reinvestment shares in the open market or
in private purchases for the participants' accounts. Each participant will pay a pro rata share of any brokerage commissions (or equivalent purchase costs) incurred in connection with such purchases. Purchases are made through BNY ESI &amp; Co., Inc.</font></p>
</UL>
<p><font size="2" face="Times">You will receive a statement each month, showing the total shares in your plan account, along with the amount of the latest reinvested distribution, the number of shares purchased and the price per share.</font></p>

<p><font size="2" face="Times">Your reinvestment shares will be accumulated in your plan account in non-certificated form. If you would like to do so, you may send to the bank the certificates for some or all of your other common shares, which thereafter will be
included in statements as non-certificated shares.</font></p>

<p><font size="2" face="Times">A certificate for whole shares (but not for the fractional share) accumulated in your plan account will be mailed to you if you should so request in writing. You would need a certificate for any shares that you intended to sell in the
securities markets, in order to make timely delivery of the shares sold. You may also need a certificate to pledge or assign your shares.</font></p>

<p><font size="2" face="Times">Distributions paid on all of the shares in your plan account, both certificated and non-certificated, will be reinvested as long as you continue to participate in the plan.</font></p>

<p><b><font size="2" face="Times">Voluntary Additional Share Investment</font></b></p>

<p><font size="2" face="Times">If you participate in the plan and would like to acquire more common shares than you expect to receive in reinvestment of your distributions, you may do so by sending to the bank a check for at least $100, though not more than $5,000 in
any month. Making a voluntary additional purchase in one month does not obligate you to make any further purchases. Commencing at the date of the next distribution (assuming that your check has been received by the bank by the second preceding business day), the bank
will aggregate all such additional funds and will purchase shares in open market or private transactions. Shares so purchased will be allocated to your account on a pro rata basis, and you will pay a $2.50 charge imposed by the bank and a pro rata share of any
brokerage commissions (or equivalent purchase costs) incurred in connection with such purchases. If reinvestment shares are also to be acquired in open market or private transactions, the bank will aggregate the funds for voluntary additional purchases and for
reinvestment. In no event will shares for voluntary additional investment be obtained from the Fund. Make all checks payable to ''The Bank of New York''. Checks drawn on a foreign bank are subject to collection and collection fees, and will be invested at the time of
the next distribution after funds are collected by the bank.</font></p>

<p><font size="2" face="Times">Because you will not receive interest on voluntary additional funds held by the bank pending investment, you should send your check so that it will be received by the bank as close as possible to, but not later than, the second business
day preceding a distribution date. The Fund ordinarily pays a distribution on the 10th of each month (or the next business day if the 10th is not a business day).</font></p>

<p><b><font size="2" face="Times">Joining the Plan</font></b></p>

<p><font size="2" face="Times">You may send in the plan authorization card at any time. Reinvestment of your distributions will begin with the next distribution for which the record date is after receipt of your authorization card.</font></p>

<p><b><font size="2" face="Times">Cost of the Plan</font></b></p>

<p><font size="2" face="Times">The cost of administering the plan is borne by the Fund. You will pay your pro rata share of any brokerage commissions (or equivalent purchase costs) incurred in connection with purchases by the bank for reinvestment of distributions
and voluntary cash payments. The bank imposes charges on participants for voluntary cash purchases (currently $2.50) and selling a participant's shares on termination of participation (currently $5.00). The Fund reserves the right to amend the plan to institute a
service charge to participants.</font></p>

<p><b><font size="2" face="Times">Tax Information</font></b></p>

<p><font size="2" face="Times">Distributions that are reinvested are subject to income tax to the same extent as if received in cash. All shareholders will receive an IRS Form 1099 information return regarding the federal income tax status of distributions paid
during the prior year.</font></p>

<p><b><font size="2" face="Times">Fractional Shares</font></b></p>

<p><font size="2" face="Times">As a participant in the plan, the entire amount of each distribution on your shares and of any voluntary additional funds is invested in additional shares, including a fractional share computed to four decimal places. You will receive
distributions on your fractional share balance. However, a certificate will not be issued for a fractional share.</font></p>

<p><b><font size="2" face="Times">Voting</font></b></p>

<p><font size="2" face="Times">You will have voting rights on all of the whole shares and on the fractional share balance in your plan account.</font></p>

<p><b><font size="2" face="Times">To Terminate Your Participation</font></b></p>

<p><font size="2" face="Times">You may terminate your participation in the plan at any time by giving written notice to the bank. If your letter of termination is received by the bank less than seven business days before the record date for a distribution, it will
not be effective until the next distribution.</font></p>

<p><font size="2" face="Times">Upon discontinuing your participation, you will have two choices.</font></p>
<UL>
<p><font size="2" face="Times">(a) If you so request in your letter of termination to the bank, the bank will sell your shares and send you a check for the net proceeds (including payment of the value of a fractional share)
after deducting the bank's $5.00 charge and any brokerage commission (or equivalent sale cost).</font></p>

<p><font size="2" face="Times">(b) If you do not so request, you will receive from the bank a certificate for the number of whole non-certificated shares in your share account, and a check in payment of the value of a
fractional share.</font></p>
</UL>
<p><font size="2" face="Times">If and when it should be determined that the only balance remaining in your plan account is a fraction of a single share, your participation will be deemed to have terminated, and the bank will mail you a check for the value of your
fractional share determined as in the case of other terminations.</font></p>

<p><font size="2" face="Times">&nbsp;</font></p>

<p><font size="2" face="Times">Please direct any questions about the plan or your plan account to:</font></p>

<p><font size="2" face="Times">&nbsp;</font></p>

<p><i><font size="2" face="Times">The Bank of New York<br />
Shareholder Relations<br />
P.O. Box 11258<br />
Church Street Station<br />
New York, New York 10286-1258<br />
877/381-2537</font></i></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<p><b><font size="3" face="Times">DNP Select Income Fund INC.</font></b></p>

<p align="center"><b><font size="2" face="Times">Dividend Reinvestment and Cash Purchase</font></b></p>

<p align="center"><b><font size="2" face="Times">Plan for Common Shareholders</font></b></p>

<p><font size="2" face="Times">All cash distributions paid on common shares that are in the dividend reinvestment plan, both income dividends and capital gains distributions, are automatically invested by The Bank of New York, as agent of the common shareholders
participating in the plan, in additional common shares of the Fund.</font></p>

<p><font size="2" face="Times">A registered shareholder may join the plan for those shares that are registered in the shareholder's own name by signing the dividend reinvestment plan authorization card in the name(s) of the registered shareholder(s), and mailing it
to the bank.</font></p>

<p><font size="2" face="Times">If a holder's shares, or some of them, are registered in the name of a broker or other nominee, and the holder wishes the cash distributions on those shares to be reinvested under the plan, the nominee (including any depositor of shares
held in a securities depository) may join the plan on behalf of its underlying owner.</font></p>

<p><font size="2" face="Times">A participation in reinvestment will start as of the time of the next distribution record date after a shareholder's authorization card is received by the bank.</font></p>

<p><font size="2" face="Times">When a distribution is reinvested under the plan, the number of reinvestment shares is determined as follows:</font></p>
<UL>
<p><font size="2" face="Times">(i) If, at the time of valuation, the shares are being traded in the securities markets at net asset value or at a premium over net asset value, the reinvestment shares are obtained by the bank
directly from the Fund, at a price equal to the greater of net asset value or 95% of the then current market price, without any brokerage commissions (or equivalent purchase costs).</font></p>

<p><font size="2" face="Times">(ii) If, at the time of valuation, the shares are being traded in the securities markets at a discount from net asset value, the bank receives the distribution in cash, and uses it to purchase
shares in the open market, including on the New York Stock Exchange, or in private purchases, for the participants' accounts. Shares are allocated to the accounts of the respective participants at the average price per share, plus any brokerage commissions (or
equivalent transaction costs), paid by the bank for all shares purchased by it in reinvestment of the distribution(s) paid on a particular day and in concurrent purchases of shares for voluntary additional share investment.</font></p>
</UL>
<p><font size="2" face="Times">The time of valuation is the close of trading on the New York Stock Exchange on the most recent day preceding the date of payment of the dividend or distribution on which that exchange is open for trading. As of that time, J.J.B.
Hilliard, W.L. Lyons, Inc., the Fund's administrator, compares the net asset value per share as of the time of the close of trading on the New York Stock Exchange on that day and the last reported sale price per share on the New York Stock Exchange, and determines
which of the alternative procedures described above are to be followed.</font></p>

<p><font size="2" face="Times">The reinvestment shares are credited pro rata to the plan account of each of the respective participants in the Fund's stock records maintained by the bank, including a fractional share to four decimal places. The bank sends to each
participant a monthly written statement of each transaction in the participant's share account, including information that the participant will need for income tax records. Also, plan participants may elect to send to the bank certificates for their other common
shares, which thereafter will be included in statements of their share accounts as non-certificated shares.</font></p>

<p><font size="2" face="Times">Plan participants may purchase additional common shares through the plan by delivering to the bank a check for at least $100, but not more than $5,000 in any month. The bank will use the funds to purchase shares in the open market or in
private transactions as described in this plan, except that the bank may so purchase the shares at more, as well as less, than net asset value, because the Fund will not issue new shares or supply treasury shares for such voluntary additional share investment.
Purchases will be made commencing with the time of the first distribution payment following the second business day after receipt of the funds for additional purchases, and may be aggregated with purchases of shares for reinvestment of the distribution. Shares will
be allocated to the accounts of participants purchasing additional shares at the average price per share, plus a service charge imposed by the bank and brokerage commissions (or equivalent purchase costs) paid by the bank for all shares purchased by it, including for
reinvestment of distributions. Checks drawn on a foreign bank are subject to collection and collection fees, and will be invested at the time of the next distribution after funds are collected by the bank.</font></p>

<p><font size="2" face="Times">The bank will make every effort to invest funds promptly, and in no event more than 30 days after the bank receives a distribution, except where postponement is deemed necessary to comply with applicable provisions of the federal
securities laws.</font></p>

<p><font size="2" face="Times">Funds sent to the bank for voluntary additional share investment may be recalled by the participant by written notice received by the bank not later than two business days before the next distribution payment date. If for any reason a
regular monthly distribution is not paid by the Fund, funds for voluntary additional share investment will be returned to the participant, unless the participant specifically directs that they continue to be held by the bank for subsequent investment.</font></p>

<p><font size="2" face="Times">Distributions are paid on fractional shares in the plan accounts, and such fractional shares may be voted, but certificates will not be issued for fractional shares. A certificate for whole shares (but not for the fractional share)
accumulated in an account will be mailed to a participant upon written request. Those certificated shares will continue to be included in the participant's plan account.</font></p>

<p><font size="2" face="Times">A participant may leave the plan at any time by written notice to the bank. A notice of termination will be effective with the next distribution the record date for which is at least seven business days after receipt of the notice by
the bank.</font></p>

<p><font size="2" face="Times">A participant who leaves the plan will receive by mail a certificate for the number of whole non-certificated shares held in the participant's share account, and a check for the fractional share valued at the last reported sale price of
the Fund's shares on the New York Stock Exchange on the date that the discontinuance is effective (or if the exchange is not open for trading on that day, on the next preceding day on which it was open), or if the participant so requests in the written notice to the
bank, the bank will sell the shares and mail to the participant a check for the sale proceeds less a service charge imposed by the bank and brokerage commissions (or equivalent sale costs) and for the fractional share valued as described earlier in this
sentence.</font></p>

<p><font size="2" face="Times">If and when it should be determined that the only share balance remaining in a participant's plan account is a fraction of a single share, the participation will be deemed to have terminated, and the bank will mail to the participant a
check for the balance determined as in other terminations.</font></p>

<p><font size="2" face="Times">If as of any day on which the last reported sale price of the Fund's shares on the New York Stock Exchange is required to be determined pursuant to this plan, no sales of the shares are reported on that exchange, the mean of the bid
prices and of the asked prices on that exchange as of the time of the close of trading on the exchange will be substituted.</font></p>

<p><font size="2" face="Times">The Fund may change, suspend or terminate the plan at any time, and will promptly mail a notice of such action to the participants at their last address of record with the bank.</font></p>

<p><font size="2" face="Times">The bank shall not be liable hereunder for any act done in good faith and in the exercise of reasonable care, or for any omission to act in good faith and in the exercise of reasonable care, including, without limitation, any claims of
liability (1) arising out of any such act or omission to act which occurs prior to the termination of participation and (2) with respect to the prices at which shares are purchased for participants' accounts and the times such purchases are made.</font></p>

<p><font size="2" face="Times">Authorization to participate in the plan shall be governed by the laws of the State of New York.</font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>15
<FILENAME>exhib_k4.htm
<TEXT>
<html>
<head>
<title>EXHIBIT K-4</title>
</head>
<body link="blue" vlink="purple">
<div>
<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><a name="_Toc13382270"></a><a name="_Toc13382371"></a><a name="_Toc30236374"></a><a name="_Toc30237778"></a><a name="_Toc30273007"></a><a name="_Toc30273183"></a><a name="_Toc30273289"></a><a name="_Toc30302440"></a><a name="_Toc30326876"></a><a
name="_Toc30425106"></a><a name="_Toc30444901"></a><a name="_Toc30502791"><b><font size="3" face="Times New Roman"><img src="image001.gif" width="106" height="93"></font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">CREDIT AGREEMENT</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><a name="_Toc13382271"></a><a name="_Toc13382372"></a><a name="_Toc30236375"></a><a name="_Toc30237779"></a><a name="_Toc30273008"></a><a name="_Toc30273184"></a><a name="_Toc30273290"></a><a name="_Toc30302441"></a><a name="_Toc30326877"></a><a
name="_Toc30425107"></a><a name="_Toc30444902"></a><a name="_Toc30502792"><b><font size="3" face="Times New Roman">dated as of February 14, 200</font></b></a><b><font size="3">3</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><a name="_Toc13382272"></a><a name="_Toc13382373"></a><a name="_Toc30236376"></a><a name="_Toc30237780"></a><a name="_Toc30273009"></a><a name="_Toc30273185"></a><a name="_Toc30273291"></a><a name="_Toc30302442"></a><a name="_Toc30326878"></a><a
name="_Toc30425108"></a><a name="_Toc30444903"></a><a name="_Toc30502793"><b><font size="3" face="Times New Roman">among</font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><a name="_Toc13382273"></a><a name="_Toc13382374"></a><a name="_Toc30236377"></a><a name="_Toc30237781"></a><a name="_Toc30273010"></a><a name="_Toc30273186"></a><a name="_Toc30273292"></a><a name="_Toc30302443"></a><a name="_Toc30326879"></a><a
name="_Toc30425109"></a><a name="_Toc30444904"></a><a name="_Toc30502794"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.,<br />
as Borrower</font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><a name="_Toc13382274"></a><a name="_Toc13382375"></a><a name="_Toc30236378"></a><a name="_Toc30237782"></a><a name="_Toc30273011"></a><a name="_Toc30273187"></a><a name="_Toc30273293"></a><a name="_Toc30302444"></a><a name="_Toc30326880"></a><a
name="_Toc30425110"></a><a name="_Toc30444905"></a><a name="_Toc30502795"><b><font size="3" face="Times New Roman">The Lenders Party Hereto</font></b></a></p>

<p align="center"><a name="_Toc13382275"></a><a name="_Toc13382376"></a><a name="_Toc30236379"></a><a name="_Toc30237783"></a><a name="_Toc30273012"></a><a name="_Toc30273188"></a><a name="_Toc30273294"></a><a name="_Toc30302445"></a><a name="_Toc30326881"></a><a
name="_Toc30425111"></a><a name="_Toc30444906"></a><a name="_Toc30502796"><b><font size="3" face="Times New Roman"></font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">and</font></b></p>

<p align="center"><a name="_Toc13382276"></a><a name="_Toc13382377"></a><a name="_Toc30236380"></a><a name="_Toc30237784"></a><a name="_Toc30273013"></a><a name="_Toc30273189"></a><a name="_Toc30273295"></a><a name="_Toc30302446"></a><a name="_Toc30326882"></a><a
name="_Toc30425112"></a><a name="_Toc30444907"></a><a name="_Toc30502797"><b><font size="3" face="Times New Roman"></font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">THE BANK OF NEW YORK,<br />
as Administrative Agent</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><a name="_Toc13382277"></a><a name="_Toc13382378"></a><a name="_Toc30236381"></a><a name="_Toc30237785"></a><a name="_Toc30273014"></a><a name="_Toc30273190"></a><a name="_Toc30273296"></a><a name="_Toc30302447"></a><a name="_Toc30326883"></a><a
name="_Toc30425113"></a><a name="_Toc30444908"></a><a name="_Toc30502798"><b><font size="3" face="Times New Roman">___________________________</font></b></a></p>

<p align="center"><a name="_Toc13382278"></a><a name="_Toc13382379"></a><a name="_Toc30236382"></a><a name="_Toc30237786"></a><a name="_Toc30273015"></a><a name="_Toc30273191"></a><a name="_Toc30273297"></a><a name="_Toc30302448"></a><a name="_Toc30326884"></a><a
name="_Toc30425114"></a><a name="_Toc30444909"></a><a name="_Toc30502799"><b><font size="3" face="Times New Roman">BNY CAPITAL MARKETS, INC.,<br />
as Lead Arranger and Book Runner</font></b></a></p>

<p align="center"><a name="_Toc13382279"></a><a name="_Toc13382380"></a><a name="_Toc30236383"></a><a name="_Toc30237787"></a><a name="_Toc30273016"></a><a name="_Toc30273192"></a><a name="_Toc30273298"></a><a name="_Toc30302449"></a><a name="_Toc30326885"></a><a
name="_Toc30425115"></a><a name="_Toc30444910"></a><a name="_Toc30502800"><b><font size="3" face="Times New Roman"></font></b></a></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">Bryan Cave LLP<br />
245 Park Avenue<br />
New York, New York 10167</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="2" face="Times New Roman"></font></p>
</div>

<font size="2" face="Times New Roman"><br clear="all" />
</font>

<div>
<p><font size="2" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="559">
<tr>
<td colspan="2" valign="top"><u><font size="3" face="Times New Roman"><br clear="all" />
</font></u>

<p><b><font size="2" face="Times New Roman"><a href="#a1"><font color="purple">Article 1. DEFINITIONS</font></a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp; 1</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s11"><font color="purple">Section 1.1</font></a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;Defined Terms</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp; 1</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s12"><font color="purple">Section 1.2</font></a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;Classification of Loans and Borrowings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">13</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s13"><font color="purple">Section 1.3</font></a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;Terms Generally</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">14</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s14">Section 1.4&nbsp;</a> &nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;Accounting Terms; GAAP</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">14</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a2">Article 2</a>. THE CREDITS</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">14</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s21">Section 2.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Commitments</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">14</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s22">Section 2.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Loans and Borrowings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">15</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s23">Section 2.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Requests for Borrowings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">15</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s25">Section 2.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Funding of Borrowings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">16</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s25">Section 2.5</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Termination and Reduction of Commitments</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">17</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s26">Section 2.6</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Repayment of Loans; Evidence of Debt</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">17</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s27">Section 2.7</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Prepayment of Loans</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">18</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s28">Section 2.8</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Payments Generally; Pro Rata Treatment; Sharing of Setoffs</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">18</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s29">Section 2.9</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Effect of Program Termination Date</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">19</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s210">Section 2.10</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Issuance of CP Notes</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s211">Section 2.11</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Extension of Maturity Date</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">20</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s212">Section 2.12</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Evidence of Debt</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">21</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s213">Section 2.13</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Replacement of Lenders</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">21</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a3">Article 3. INTEREST, FEES, YIELD PROTECTION, ETC.</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">22</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s31">Section 3.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Interest</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">22</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s32">Section 3.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Interest Elections Relating to Borrowings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">23</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s33">Section 3.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Fees</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">24</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s34">Section 3.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Alternate Rate of Interest</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">24</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s35">Section 3.5</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Increased Costs; Illegality</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">25</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s36">Section 3.6</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Break Funding Payments</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">26</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s37">Section 3.7</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Taxes</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">27</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s38">Section 3.8</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Mitigation Obligations</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">27</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a4">Article 4. REPRESENTATIONS AND WARRANTIES</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">28</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s41">Section 4.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Organization; Powers</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s42">Section 4.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Authorization; Enforceability</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s43">Section 4.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Governmental Approvals; No Conflicts</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s44">Section 4.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Financial Condition; No Material Adverse Change</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">28</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s45">Section 4.5</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Properties</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s46">Section 4.6</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Litigation and Environmental Matters</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s47">Section 4.7</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Compliance with Laws and Agreements</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">29</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s48">Section 4.8</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Subsidiaries</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s49">Section 4.9</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Pension Plans; Multiemployer Plans</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s410">Section 4.10</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Holding Company Status</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s411">Section 4.11</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Federal Reserve Regulations; Use of Proceeds</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s412">Section 4.12</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Investment Company Matters; Taxes</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s413">Section 4.13</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Offerings in Compliance with Securities Laws</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">30</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s414">Section 4.14</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Disclosure</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">31</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a5">Article 5. CONDITIONS</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">31</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s51">Section 5.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Closing Date</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">31</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s52">Section 5.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Each Credit Event</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">32</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a6">Article 6. AFFIRMATIVE COVENANTS</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">33</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s61">Section 6.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Financial Statements and Other Information</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">33</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s62">Section 6.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Notices of Material Events</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s62">Section 6.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Existence; Conduct of Business</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s62">Section 6.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Payment and Performance of Obligations</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">35</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s65">Section 6.5</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Books and Records; Inspection Rights</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s66">Section 6.6</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Compliance with Laws</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s67">Section 6.7</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Use of Proceeds</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s68">Section 6.8</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Insurance</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s69">Section 6.9</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Regulated Investment Company</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">36</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s611">Section 6.10</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Compliance with Agreements</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s611">Section 6.11</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Environmental Compliance</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s612">Section 6.12</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Closed-end Status</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a7">Article 7. NEGATIVE COVENANTS</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">37</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s71">Section 7.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Liabilities</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s72">Section 7.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Liens</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s73">Section 7.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Fundamental Changes; Line of Business; Fiscal Year</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">37</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s74">Section 7.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Investments, Loans, Advances, Guarantees and Acquisitions</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s75">Section 7.5</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Restricted Payments</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s76">Section 7.6</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Restrictive Agreements</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">38</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s77">Section 7.7</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Amendment of Material Documents</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">39</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s78">Section 7.8</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Pension Plans; Multiemployer Plans</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">39</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s79">Section 7.9</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Payment of Management Fees</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">39</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s710">Section 7.10</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Partnerships, Joint Ventures and Subsidiaries</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">39</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s711">Section 7.11</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Financial Covenants</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">39</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a8">Article 8. EVENTS OF DEFAULT</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">40</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s81">Section 8.1</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Events of Default</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">40</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s82">Section 8.2</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Event of Bankruptcy</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">41</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s83">Section 8.3</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Other Events of Default</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">41</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s84">Section 8.4</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Declaration of Commitment Termination</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">42</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a9">Article 9. THE ADMINISTRATIVE AGENT</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">42</font></b></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><b><font size="2" face="Times New Roman"><a href="#a10">Article 10. MISCELLANEOUS</a></font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">44</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s101">Section 10.1</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Notices.</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s102">Section 10.2</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Waivers; Amendments</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">44</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s103">Section 10.3</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Expenses; Indemnity; Damage Waiver</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">45</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s104">Section 10.4</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Successors and Assigns</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">46</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s105">Section 10.5</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Survival</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">48</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s106">Section 10.6</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Counterparts; Integration; Effectiveness</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">49</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s107">Section 10.7</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Severability</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">49</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s108">Section 10.8</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Right of Setoff</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">49</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s109">Section 10.9</a>&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Governing Law; Jurisdiction; Consent to Service of Process</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">50</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1010">Section 10.10</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">WAIVER OF JURY TRIAL</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Times New Roman">50</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1011">Section 10.11</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Headings</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1012">Section 10.12</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Interest Rate Limitation</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1013">Section 10.13</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Agreement not to File Petition in Bankruptcy</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1014">Section 10.14</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Treatment of Certain Information</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">51</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;<a href="#s1015">Section 10.15</a>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">Use of Lender Names</font></p>
</td>
<td valign="top">
<p><font size="2" face="Times New Roman">52</font></p>
</td>
</tr>
</table>

<p><font size="2" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="2" face="Times New Roman"></font></p>
</div>

<font size="2" face="Times New Roman"><br clear="all" />
</font>

<div>
<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New
Roman">SCHEDULES:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Page</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Schedule 1.1A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Pricing Service Methods</font>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Schedule 1.1B&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Investment Policies</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Schedule 2.1&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">List of Commitments</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Schedule 4.6&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Disclosed Matters</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">EXHIBITS</font></u>:</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Assignment and Acceptance
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit B-1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Opinion of Special Maryland Counsel to the Borrower</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit B-2&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Opinion of Special Illinois and New York Counsel to the Borrower</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit C-1&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Borrowing Request (by Borrower)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit C-2&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Borrowing Request (by Depositary)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit D&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Note</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Exhibit E</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Form of Compliance Certificate</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CREDIT AGREEMENT, dated as of February 14, 2003, among DNP SELECT INCOME FUND INC., the LENDERS party hereto and THE BANK OF NEW YORK, as Administrative
Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties hereto agree as follows:</font></p>

<p align="center"><a name="a1"><font size="3" face="Times New Roman">Article 1.</font></a><a name="_Toc13382280"></a><a name="_Toc13382381"></a><a name="_Toc30173763"></a><a name="_Toc30236384"></a><a name="_Toc30273017"></a><a name="_Toc30273193"></a><a name=
"_Toc30302450"></a><a name="_Toc30425116"></a><a name="_Toc32992513"></a></p>

<p align="center"><font size="3" face="Times New Roman">DEFINITIONS</font></p>



<p><a name="_Toc13382281"></a><a name="_Toc13382382"></a><a name="_Toc30173764"></a><a name="_Toc30236385"></a><a name="_Toc30273018"></a><a name="_Toc30273194"></a><a name="_Toc30302451"></a><a name="_Toc30425117"></a><a name="_Toc32992514"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s1"><font size="3">Section 1.1</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Defined Terms</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As used in this Credit Agreement, the following terms have the meanings specified
below:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>ABR</u>", when used in reference to any Loan or Borrowing, refers to whether such
Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Alternate Base Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Adjusted LIBO Rate</u>" means, with respect to any Eurodollar Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the LIBO Rate for such Interest Period <u>multiplied by</u> (ii) the Statutory Reserve Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Administrative Agent</u>" means BNY, in its capacity as administrative agent for
the Lenders hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form
supplied by the Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Affiliate</u>" means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Agreement Date</u>" means the first date appearing in this Credit
Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greater
of (i) the Prime Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day <u>plus</u> 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Articles Supplementary</u>" means the Articles Supplementary, dated November 16,
1988, as amended on December 26, 1989 and December 2, 1993, to the articles of incorporation of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Assignment and Acceptance</u>" means an assignment and acceptance entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 10.4), and accepted by the Administrative Agent, substantially in the form of <u>Exhibit A</u> or in such other form as shall be acceptable to the Administrative
Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Available Commitment</u>" means, as of any date, the excess, if any, of the
aggregate Commitments of all Lenders over the aggregate Credit Exposure of all Lenders.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Availability Period</u>" means the period from and including the Closing Date to
but excluding the earlier of the Maturity Date and the Termination Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>BNY</u>" means The Bank of New York and its successors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Board</u>" means the Board of Governors of the Federal Reserve System of the United
States of America.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Borrower</u>" means DNP Select Income Fund Inc., a Maryland corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Borrowing</u>" means Loans of the same Type made, converted or continued on the
same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect, <u>provided</u> that for the purposes of all representations and warranties made or deemed made by the Borrower under the Loan Documents in connection with each
Borrowing, no conversion or continuation pursuant to Section 3.2 shall be deemed to be a "Borrowing".</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Borrowing Request</u>" means a Borrowing Request, substantially in the form of
Exhibit C&#8209;1 (with respect to a request made by the Borrower) or Exhibit C&#8209;2 (with respect to a request made by the Depositary), or in such other form as shall be reasonably acceptable to the Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to remain closed, <u>provided</u> that, when used in connection with a Eurodollar Loan, the term "<u>Business Day</u>" shall also exclude any day on which banks are not open for dealings in
dollar deposits in the London interbank market.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Calculation Date</u>" means the close of business on (i) the last Business Day of
each calendar week, (ii) the 15th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day and (iii) the last Business Day of each calendar month.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Capital Lease Obligations</u>" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof, to the extent required to be capitalized in accordance with GAAP.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Cash Equivalents</u>" means:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; debt obligations maturing within one year from the date of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acquisition thereof to the extent the principal thereof and interest</font> <font size="3">thereon</font><font size="3">is<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; backed by the full faith and credit of the United States of America;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments in commercial paper maturing within 270 days<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from the date of acquisition thereof and having a rating of at least A&#8209;1+ from S&amp;P<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and P&#8209;1 from Moody's;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments in certificates of deposit, banker's acceptances<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and time deposits maturing within one year from the date of acquisition thereof<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; issued or guaranteed by or placed with, and money market deposit accounts issued<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or offered by, any domestic office of any commercial bank organized under the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; laws of the United States of America or any State thereof that has a combined<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; capital and surplus and undivided profits of not less than $500,000,000 or, to the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; extent not otherwise included, any Lender, and which is rated at least A&#8209;1+ by S&amp;P,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and P&#8209;1 by Moody's in the note or commercial paper rating category, in each case<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; denominated in dollars; fully collateralized repurchase agreements with a term of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not more than 30 days for securities described in clauses (a), (b) or (c) of this<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definition and entered into with a financial institution satisfying the criteria<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; described in clause (c) of this definition; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; money market mutual funds, 90% of the investments of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which are in cash or investments contemplated by clauses (a), (b) and (c) of this<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definition.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Change in Law</u>" means (i) the adoption of any law, rule or regulation after the
Agreement Date, (ii) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Agreement Date or (iii) compliance by any Credit Party (or, for purposes of Section 3.5(b), by any lending office of
such Credit Party or by such Credit Party's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Agreement Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Charges</u>" has the meaning set forth in Section 10.12.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Closing Date</u>" means the date on which the conditions specified in Section 5.1
are satisfied (or waived in accordance with Section 10.2).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Code</u>" means the Internal Revenue Code of 1986.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Commitment</u>" means, with respect to each Lender, the commitment of such Lender
to make Loans hereunder in an aggregate outstanding amount not exceeding the amount of such Lender's Commitment as set forth on <u>Schedule 2.1</u>, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable, as
such Commitment may be adjusted from time to time pursuant to Section 2.5 or pursuant to assignments by or to such Lender pursuant to Section 10.4. The initial aggregate amount of the Commitments on the Agreement Date is $100,000,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Compliance Certificate</u>" means a certificate, substantially in the form of
<u>Exhibit E</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Consent Expiration Date</u>"</font> <font size="3">has the meaning set forth in
Section 2.11(b).</font></p>

<p><font size="3" face="Times New Roman">"<u>Consenting Lender</u>" has the meaning set forth in Section 2.11(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Control</u>" means the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms "Controlling" and "Controlled" have meanings correlative thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Maintenance Ratio</u>" means the ratio of (a) Eligible Asset Value to (b)
Liabilities of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Notes</u>" means the short-term promissory notes of the Borrower issued pursuant
to and in accordance with the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Payment Account</u>" has the meaning set forth in the Depositary
Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Credit Exposure</u>" means, with respect to any Lender at any time, the sum of the
aggregate outstanding principal balance of such Lender's Loans at such time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Credit Parties</u>" means the Administrative Agent and the Lenders.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Default</u>" means any event or condition which constitutes an Event of Default or
that upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Depositary</u>" means The Bank of New York (as successor to The Industrial Bank of
Japan Trust Company), as depositary and issuing and paying agent for the Borrower and trustee for the holders of the CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Depositary Agreement</u>" means the Depositary Agreement, dated as of April 29,
1993, between the Borrower and the Depositary, as amended by a certain letter amendment, dated June 9, 1994, and a certain letter amendment, dated the Agreement Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Disclosed Matters</u>" means the actions, suits, proceedings and environmental
matters disclosed in <u>Schedule 4.6</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted Value</u>" has the meaning set forth in the Articles
Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>dollars</u>" or "<u>$</u>" refers to lawful money of the United States of
America.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>DRIP</u>" means the dividend reinvestment plan maintained by the Borrower pursuant
to which the shareholders of the Borrower may elect to have all dividends and capital gains distributions paid on their common stock automatically reinvested by The Bank of New York, as agent for such shareholders, in additional shares of common stock of the
Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eligible Asset</u>" means each asset of the Borrower that is characterized as
"Eligible Portfolio Property" as defined in the Articles Supplementary, <u>provided</u> that, for the purposes of any computation of the CP Maintenance Ratio, "Eligible Asset" shall not include (i) any security referenced in clause (b) of the proviso set forth in the
definition of "Liability" until such time as the related liability for the deferred settlement of the purchase of such security shall have been satisfied and (ii) any asset held as collateral for securities loaned by the Borrower pursuant to a securities lending
transaction.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eligible Asset Value</u>" means, with respect to each Eligible Asset, the
Discounted Value thereof using the Funding Test Discount Factors.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eligible Assignee</u>" means a Lender, any affiliate of a Lender and any other
commercial bank (i) whose short-term unsecured obligations are rated at least P-1 by Moody's and at least A-1+ by S&amp;P, (ii) which has a combined capital and surplus of at least $500,000,000, and (iii) which is reasonably acceptable to the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eligible CP Notes</u>" means CP Notes issued in compliance with the terms
hereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Environmental Laws</u>" means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of
any Hazardous Material or to health and safety matters.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Environmental Liability</u>" means, as to any Person, any liability, contingent or
otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of such Person directly or indirectly resulting from or based upon (i) violation of any Environmental Law, (ii) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (iii) exposure to any Hazardous Materials, (iv) the release or threatened release of any Hazardous Materials into the environment or (v) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the foregoing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Equity Interest</u>" means (i) shares of corporate stock, partnership interests,
membership interests, and any other interest that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person, and (ii) all warrants, options or other rights to acquire any Equity Interest set forth
in clause (i) of this defined term.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated)
that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eurodollar</u>", when used in reference to any Loan or Borrowing, refers to whether
such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Adjusted LIBO Rate.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Event of Bankruptcy</u>" means the occurrence of an Event of Default under
paragraphs (h) or (i) of Section 8.1.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Event of Default</u>" has the meaning assigned to such term in Section
8.1.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Excess CP Proceeds</u>" means the excess, if any, of (i) the net amount of the
proceeds to the Borrower of any new CP Notes issued, over (ii) the Face Amount of the Eligible CP Notes that matured immediately prior to the issuance of such new CP Notes</font><font size="3">.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Excluded Taxes</u>" means, with respect to any Credit Party or any other recipient
of any payment to be made by or on account of any obligation of the Borrower under any Loan Document, (i) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Credit Party, in which its applicable lending office is located, including any branch profits taxes imposed by the United States of America or any similar tax imposed by any
other jurisdiction, other than any such taxes that would not have been imposed but for the organization or residence by the Borrower in the jurisdiction imposing the tax or the situs of any property securing, directly or indirectly, the obligations of the Borrower
under the Loan Documents in the jurisdiction imposing the tax, and (ii) in the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Credit Agreement (or
designates a new lending office) or is attributable to such Foreign Lender's failure to comply with Section 3.7(e), except to the extent that such Foreign Lender (or its assignor, if any) was otherwise entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 3.7(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Existing Credit Agreement</u>" means the Amended and Restated Credit Agreement,
dated as of June 9, 1994, among the Borrower (formerly known as Duff &amp; Phelps Utilities Income Inc.), the lenders party thereto and Bank of America, N.A. (successor to Continental Bank N.A.), as agent for such lenders, as amended, supplemented or otherwise
modified prior to the Closing Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Extension Request</u>" has the meaning set forth in Section 2.11(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Face Amount</u>" means (i) in the case of any CP Note issued on a discount basis,
the face amount stated therein, and (ii) in the case</font> <font size="3">o</font><font size="3">f any CP Note issued on an interest-bearing basis, the principal amount stated therein plus the amount of all interest accrued or to accrue on such CP Note prior to its
stated maturity date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Fair Market Value</u>" means, with respect to any asset of the Borrower, the market
value thereof determined in accordance with the methods set forth in Schedule 1.1A.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Federal Funds Effective Rate</u>" means, for any day, a rate per annum (expressed
as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on the Business Day next succeeding such day, <u>provided</u> that (i) if the day for which such rate is to be determined is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if such rate is not so published for any day, the Federal Funds Effective Rate for such day shall be the average of the quotations for such day on such transactions
received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by it.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Federal Reserve Form</u>" means an FR Form U&#8209;1 duly completed and executed by
the Borrower, the statements made in which shall be such, in the reasonable opinion of the Administrative Agent, as to permit the transactions contemplated hereby in accordance with Section 6.7(b), together with all instruments, certificates and other documents
executed or delivered in connection therewith or attached thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Financial Officer</u>" means the chief financial officer, principal accounting
officer, treasurer or controller of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Foreign Lender</u>" means any Lender that is organized under the laws of a
jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Funding Test Discount Factors</u>" means the "Discount Factors" as defined in the
Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>GAAP</u>" means generally accepted accounting principles in effect from time to
time in the United States of America.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Governmental Authority</u>" means the government of the United States of America,
any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Gross Asset Coverage Ratio</u>" means, at any time, the ratio of (a) Total Asset
Value to (b) Liabilities of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Guarantee</u>" of or by any Person (the "<u>guarantor</u>") means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Liability of any other Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct
or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Liability or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or
services for the purpose of assuring the owner of such Liability of the payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor as to enable the primary obligor to pay such
Liability or (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Liability, <u>provided</u> that the term "Guarantee" shall not include endorsements for collection or deposit in the ordinary course of
business.&nbsp; The term "Guaranteed" has a meaning correlative thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes
and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any
nature regulated pursuant to any Environmental Law.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Hedging Agreement</u>" means any interest rate protection agreement, foreign
currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price swap, cap, collar, hedging or other like arrangement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Impermissible Qualification</u>" means, relative to the opinion or certification of
any independent public accountant as to any financial statement of the Borrower, any qualification or exception to such opinion or certification:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which is of a "going
concern" or similar nature;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which relates to the limited scope of
examination of matters<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; relevant to such financial statement; or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which relates to the treatment or
classification of any item in such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; financial statement and which, as a condition to its removal, would require an<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adjustment to such item, but only if the effect of such adjustment would be to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause the Borrower to be in default of any of its obligations under Section 7.11.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Indemnified Taxes</u>" means Taxes other than Excluded Taxes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Indemnitee</u>" has the meaning assigned to such term in Section
10.3(b).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Initial Transactions</u>" means (i) the execution and delivery of the Loan
Documents and (ii) the Borrowing, if any, to take place on the Closing Date, and the use of the proceeds thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Interest Election Request</u>" means a request by the Borrower to convert or
continue a Borrowing in accordance with Section 3.2.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Interest Payment Date</u>" means (i) with respect to any ABR Loan, the last day of
each March, June, September and December, (ii) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Eurodollar Loan is a part and, in the case of a Eurodollar Loan with an Interest Period of more than
three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, and (iii) with respect to all Loans, the Maturity Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Interest Period</u>" means, with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, threeor six months thereafter, as the Borrower may elect, <u>provided</u> that (i) if any Interest Period would end on a day other than a
Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) any
Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Investment Advisor</u>" means Duff &amp; Phelps Investment Management
Co.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Investment Advisors Act</u>" means the Investment Advisors Act of 1940.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Investment Company Act</u>" means the Investment Company Act of 1940.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Investment Policies</u>" means the policies of the Borrower set forth on
<u>Schedule 1.1B</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Junior Liabilities</u>" means, with respect to any Person, all Liabilities of such
Person other than Liabilities in respect of Senior Securities Representing Indebtedness.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Lenders</u>" means the Persons listed on <u>Schedule 2.1</u> and any other Person
that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Liabilities</u>" of any Person means, without duplication (i) all obligations of
such Person for borrowed money and all obligations of such Person evidenced by or otherwise in respect of bonds, debentures, notes or similar instruments, (ii) all obligations, contingent or otherwise, relative to the face amount of all letters of credit, whether or
not drawn, and banker's acceptances issued for the account of such Person, (iii) all Capital Lease Obligations of such Person, (iv) all other items which, in accordance with GAAP, would be included as liabilities on the liability side of the balance sheet of such
Person as of the date at which Liabilities are to be determined, (v) all net obligations of such Person under Hedging Agreements, (vi) whether or not so included as liabilities in accordance with GAAP, all obligations of such Person to pay the deferred purchase price
of property or services, and indebtedness of any other entity (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements),
whether or not such indebtedness shall have been assumed by such Person or is limited in recourse, (vii) all Guarantees of such Person in respect of any of the foregoing, and (viii) all Liabilities of any other entity (including any partnership in which such Person
is a general partner or any joint venture in which such Person is a joint venturer) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such other entity, except to the extent the terms of such
Liabilities expressly provide that such Person is not liable therefor; <u>provided</u> that, notwithstanding the foregoing, Liabilities shall not include (a) PURLS of such Person and (b) any liability arising solely from the deferred settlement of the purchase of any
security in the ordinary course of business of such Person.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>LIBO Rate</u>" means, with respect to any Eurodollar Borrowing for any Interest
Period, the rate of interest per annum as determined by the Administrative Agent, equal to the rate, as reported by BNY to the Administrative Agent, quoted by BNY to leading banks in the London interbank market as the rate at which BNY is offering dollar deposits in
an amount approximately equal to its ratable share of such Eurodollar Borrowing with a maturity comparable to such Interest Period at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Lien</u>" means, with respect to any asset, (i) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Loan Documents</u>" means this Credit Agreement and the Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this
Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Material Adverse Effect</u>" means a material adverse effect on (i) the business,
assets, operations or financial condition of the Borrower, (ii) the legality, validity or enforceability of any Transaction Document or (iii) the ability of the Borrower to perform any of its obligations under any Transaction Document.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Material Obligations</u>" means, as of any date, Liabilities (other than
Liabilities under the Transaction Documents) of the Borrower in an aggregate principal amount exceeding $1,000,000. For purposes of determining Material Obligations, the "principal amount" of any Liabilities at any time shall be the maximum aggregate amount (giving
effect to any netting agreements) that the Borrower would be required to pay if such Liabilities became due and payable on such day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Maturity Date</u>" means February 13, 2004, as such date may be extended pursuant
to Section 2.11.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Maximum Rate</u>" has the meaning set forth in Section 10.12.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Moody's</u>" means Moody's Investors Service, Inc., or any successor
thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3)
of ERISA.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Net Asset Coverage Ratio</u>" means, at any time, the ratio of (i) Total Asset
Value <u>less</u> Junior Liabilities of the Borrower to (ii) Liabilities of the Borrower in respect of Senior Securities Representing Indebtedness.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>New Maturity Date</u>" has the meaning set forth in Section 2.11(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Notes</u>" means, with respect to each Lender, a promissory note evidencing such
Lender's Loans payable to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns), substantially in the form of <u>Exhibit D</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Other Taxes</u>" means any and all current or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, the Loan Documents.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Outstanding Eligible CP Notes</u>" means all Eligible CP Notes issued and
authenticated by the Depositary pursuant to and in accordance with the Depositary Agreement, less those Eligible CP Notes which have been paid in full or for the payment of which funds equal to the Face Amount thereof are on deposit in the CP Payment
Account.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Participant</u>" has the meaning assigned to such term in Section
10.4(e).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in
ERISA and any successor entity performing similar functions.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Permitted Encumbrances</u>" means:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens imposed by law for taxes,
assessments or other similar governmental charges or levies that are not yet due or are being contested in compliance with Section 6.4;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; landlords', vendors', carriers',
warehousemen's, mechanics', materialmen's, repairmen's and other like Liens imposed by law,</font> <font size="3">arising</font><font size="3">in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested
in compliance with Section 6.4;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pledges and deposits made in the ordinary
course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deposits to secure the performance of
bids, tenders, contracts&nbsp; (other than contracts for the borrowing of money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; judgment liens in respect of judgments
that do not constitute an Event of Default under clause (k) of Section 8.1;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens of broker-dealers, clearing
corporations and similar Liens incurred in the ordinary course of business, including Liens in connection with margin deposits in respect of transactions in options, futures and options on futures, but excluding Liens created in connection with the purchase of
securities on margin or the short sale of securities;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens in connection with investments of
the Borrower, <u>provided</u> that such Liens are incurred in the ordinary course of business and consistent with customary practices in the Borrower's industry;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens in favor of a financial institution
encumbering deposits (including the right of set&#8209;off) held by such financial institution in the ordinary course of its commercial business and which are within the general parameters customary in the banking industry; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens on Margin Stock.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Person</u>" means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Placement Agent</u>" means Bank of America Securities LLC (successor to Continental Bank
N.A.), in its capacity as Placement Agent for the CP Notes, together with any successors or additional placement agents appointed from time to time by the Borrower in compliance with the Placement Agency Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Placement Agency Agreement</u>" means the Placement Agency Agreement, dated as of
April 29, 1993, between the Borrower and the Placement Agent, as amended by a certain letter amendment, dated the Agreement Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Plan</u>" means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as
defined in Section 3(5) of ERISA.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Preferred Stock</u>" means each share of preferred stock of the Borrower of any
series that is issued and outstanding at any time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Prime Rate</u>" means the rate of interest per annum publicly announced from time
to time by BNY as its prime commercial lending rate at its principal office in New York City, with each change in the Prime Rate being effective from and including the date such change is publicly announced as being effective. The Prime Rate is not intended to be the
lowest rate of interest charged by BNY in connection with extensions of credit to borrowers.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Program Termination Date</u>" means the earliest of (a) the 15th day immediately
preceding the Maturity Date then in effect, (b) the occurrence of an Event of Bankruptcy, (c) the date of any notice from the Administrative Agent or Required Lenders under Section 8.3, or (d) the date of any notice of termination from the Borrower pursuant to
Section 2.5(b).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>PURLS</u>" means, with respect to any Person as of any date, those items classified
as "payables upon return of securities loaned" of such Person on such date under GAAP and not included as "indebtedness" for purposes of the calculation of "asset coverage" under the Investment Company Act.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Rating Agencies</u>" mean S&amp;P and Moody's.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Register</u>" has the meaning assigned to such term in Section 10.4(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Regulated Investment Company</u>" has the meaning set forth in Section 851 of the
Code.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Regulation D</u>" means Regulation D of the Board as from time to time in effect
and all official rulings and interpretations thereunder or thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Regulation T</u>" means Regulation T of the Board as from time to time in effect
and all official rulings and interpretations thereunder or thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Regulation U</u>" means Regulation U of the Board as from time to time in effect
and all official rulings and interpretations thereunder or thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Regulation X</u>" means Regulation X of the Board as from time to time in effect
and all official rulings and interpretations thereunder or thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Related Parties</u>" means, with respect to any specified Person, such Person's
Affiliates and the respective directors, officers, employees, agents and professional advisors of such Person and such Person's Affiliates.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Replacement Event</u>" means, with respect to any Lender, (a) such Lender requests
compensation under Section 3.5 in excess of $10,000, (b) any event requiring the Borrower to pay any additional amount to such Lender or any Governmental Authority for the account of such Lender pursuant to Section 3.7 in excess of $10,000, (c) such Lender's
short-term unsecured obligations are rated lower than P-1 by Moody's or lower than A-1+ by S&amp;P, (d) either Rating Agency notifies the Borrower that as the result of any rating downgrade of such Lender by either Rating Agency, the rating of the CP Notes will be
reduced, (e) such Lender does not consent to an Extension Request made pursuant to Section 2.11 on or before the applicable Consent Expiration Date or (f) such Lender has a combined capital and surplus of less than $500,000,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Required Lenders</u>" means, at any time, Lenders having unused Commitments and
Credit Exposures representing greater than 50% of the sum of the unused Commitments and Credit Exposures of all Lenders.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>S&amp;P</u>" means Standard &amp; Poor's Ratings Services, a division of The McGraw
Hill Companies, or any successor thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>SEC</u>" means the Securities and Exchange Commission, or any other Governmental
Authority succeeding to the functions thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Securities Act</u>" means the Securities Act of 1933.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Senior Security Representing Indebtedness</u>" means any bond, debenture, note, or
similar obligation or instrument constituting a security and evidencing a Liability of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Statutory Reserve Rate</u>" means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one <u>minus</u> the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to
which the Administrative Agent is subject for eurocurrency funding (currently referred to as "<u>Eurocurrency liabilities</u>" in Regulation D). Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change
in any reserve percentage.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>subsidiary</u>" means, with respect to any Person (the "<u>parent</u>") at any
date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance
with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power is
or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by the parent or one or more subsidiaries of the parent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Successful Extension Request</u>" has the meaning set forth in Section
2.11(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Super-majority Lenders</u>" has the meaning set forth in Section 2.11(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Taxes</u>" means any and all current or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Termination Date</u>" has the meaning set forth in Section 3.3(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Total Asset Value</u>" means, as of any date, an amount equal to the aggregate Fair
Market Value of all items which would be set forth as assets on the balance sheet of the Borrower on such date in accordance with GAAP, <u>provided</u> that, for the purposes of any computation of the Gross Asset Coverage Ratio or the Net Asset Coverage Ratio, "Total
Asset Value" shall not include (i) any security referenced in clause (b) of the proviso set forth in the definition of "Liability" until such time as the related liability for the deferred settlement of the purchase of such security shall have been satisfied and (ii)
any asset held as collateral for securities loaned pursuant to a securities lending transaction.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Documents</u>" means the Loan Documents, the Depositary Agreement and
the CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transactions</u>" means (i) the Initial Transactions, (ii) the borrowing of the
Loans, (iii) the use of the proceeds of the Loans, and (iv) the transactions contemplated by the Depositary Agreement and all other documents and agreements executed or delivered in connection with the Borrower's commercial paper program.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the
rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.</font></p>

<p><a name="_Toc13382282"></a><a name="_Toc13382383"></a><a name="_Toc30173765"></a><a name="_Toc30236386"></a><a name="_Toc30273019"></a><a name="_Toc30273195"></a><a name="_Toc30302452"></a><a name="_Toc30425118"></a><a name="_Toc32992515"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s12"><font size="3">Section 1.2</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Classification of Loans and Borrowings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Credit Agreement, Loans may be classified and referred to by Type (<u>e.g.</u>, a
"<u>Eurodollar Loan</u>") and Borrowings may also be classified and referred to by Type (<u>e.g.</u>, a "<u>Eurodollar Borrowing</u>").</font></p>

<p><a name="_Toc13382283"></a><a name="_Toc13382384"></a><a name="_Toc30173766"></a><a name="_Toc30236387"></a><a name="_Toc30273020"></a><a name="_Toc30273196"></a><a name="_Toc30302453"></a><a name="_Toc30425119"></a><a name="_Toc32992516"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s13"><font size="3">Section 1.3</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Terms Generally</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified, (ii) any definition of or reference to any law shall be construed as referring to such law as from time to time amended and any successor thereto and the rules and regulations
promulgated from time to time thereunder, (iii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iv) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this
Credit Agreement in its entirety and not to any particular provision hereof, (v) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Credit Agreement, and
(vi) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.</font></p>

<p><a name="_Toc13382284"></a><a name="_Toc13382385"></a><a name="_Toc30173767"></a><a name="_Toc30236388"></a><a name="_Toc30273021"></a><a name="_Toc30273197"></a><a name="_Toc30302454"></a><a name="_Toc30425120"></a><a name="_Toc32992517"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s14"><font size="3">Section 1.4</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Accounting Terms; GAAP</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As used in the Loan Documents and in any certificate, opinion or other document made or
delivered pursuant thereto, accounting terms not defined in Section 1.1, and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP.&nbsp; If at any time any change in GAAP would affect
the computation of any financial ratio or requirement set forth in this Agreement and (i) the Borrower notifies the Administrative Agent that the Borrower objects to determining compliance with such financial ratio or requirement on the basis of GAAP in effect
immediately after such change becomes effective or (ii) the Required Lenders so object, then the Borrower's compliance with such ratio or requirement shall be determined on the basis of GAAP in effect immediately before such change becomes effective, until either
such notice is withdrawn by the Borrower or Required Lenders, as the case may be, or the Borrower and Required Lenders otherwise agree. Except as set forth in the preceding sentence or as otherwise expressly provided herein, the computation of financial ratios and
requirements set forth in this Agreement shall be consistent with the Borrower's financial statements required to be delivered hereunder.&nbsp; Unless the context otherwise expressly requires, any reference to a fiscal period shall refer to the relevant fiscal period
of the Borrower.</font></p>

<p align="center"><a name="a2"><font size="3" face="Times New Roman">Article 2.</font></a><a name="_Toc13382285"></a><a name="_Toc13382386"></a><a name="_Toc30173768"></a><a name="_Toc30236389"></a><a name="_Toc30273022"></a><a name="_Toc30273198"></a><a name=
"_Toc30302455"></a><a name="_Toc30425121"></a><a name="_Toc32992518"></a></p>

<p align="center"><font size="3" face="Times New Roman">THE CREDITS</font></p>

<p><a name="_Toc13382286"></a><a name="_Toc13382387"></a><a name="_Toc30173769"></a><a name="_Toc30236390"></a><a name="_Toc30273023"></a><a name="_Toc30273199"></a><a name="_Toc30302456"></a><a name="_Toc30425122"></a><a name="_Toc32992519"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s21"><font size="3">Section 2.1</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Commitments</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms and conditions hereof, each Lender agrees, severally and not
jointly, to make Loans to the Borrower (or to the Depositary on its behalf) in dollars from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender's Credit Exposure exceeding such Lender's Commitment. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.</font></p>

<p><a name="_Toc13382287"></a><a name="_Toc13382388"></a><a name="_Toc30173770"></a><a name="_Toc30236391"></a><a name="_Toc30273024"></a><a name="_Toc30273200"></a><a name="_Toc30302457"></a><a name="_Toc30425123"></a><a name="_Toc32992520"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s22"><font size="3">Section 2.2</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Loans and Borrowings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Loan shall be made as part of a
Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to Section 3.4, each Borrowing
shall be comprised entirely of ABR Loans or Eurodollar Loans, as applicable, in each case as the Borrower or the Depositary may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan, <u>provided</u> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Loan shall be made as part of a
Borrowing the aggregate principal amount of which shall be equal to the Face Amount of then maturing Eligible CP Notes (net of, without duplication, the sum of (i) any maturing Eligible CP Notes being paid from sources other than such Borrowing, (ii) the excess, if
any, of the aggregate cash and Cash Equivalents of the Borrower (excluding, to the extent included therein, all sums in the CP Payment Account) over $30,000,000 and (iii) all sums on deposit in the CP Payment Account) to be funded with such Borrowing, rounded up to
the nearest $50,000. Borrowings of more than one Type may be outstanding at the same time, <u>provided</u> that there shall not at any time be more than a total of five Eurodollar Borrowings outstanding.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of
this Credit Agreement, neither the Borrower nor the Depositary shall be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.</font></p>

<p><a name="_Toc13382288"></a><a name="_Toc13382389"></a><a name="_Toc30173771"></a><a name="_Toc30236392"></a><a name="_Toc30273025"></a><a name="_Toc30273201"></a><a name="_Toc30302458"></a><a name="_Toc30425124"></a><a name="_Toc32992521"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s23"><font size="3">Section 2.3</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Requests for Borrowings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To request a Borrowing, the Borrower or
the Depositary shall deliver to the Administrative Agent a Borrowing Request signed by an authorized officer of the Borrower or Depositary, as applicable, (1) in the case of any Eurodollar Borrowing by the Borrower, not later than 1:00 p.m., New York City time, three
Business Days before the date of the proposed Borrowing, (2) in the case of an ABR Borrowing by the Borrower, not later than 1:00 p.m., New York City time, one Business Day before the date of the proposed Borrowing and (3) in the case of an ABR Borrowing by the
Depositary, not later than 10:30 a.m., New York City time, on the date of the proposed Borrowing.. Each such Borrowing Request shall (x) attach a copy of a Compliance Certificate as contemplated by Section 5.2(c), and (y) be irrevocable (other than in accordance with
Section 2.3(d))and shall specify the following information in compliance with Section 2.2:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the aggregate amount of the requested Borrowing;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the date of such Borrowing, which shall be a Business Day;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; whether such Borrowing is to be an ABR Borrowing or a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurodollar Borrowing; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of a Eurodollar Borrowing, the initial Interest<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Period to be applicable thereto, which shall be a period contemplated by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; definition of the term "Interest Period".</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If no election as to the Type of
Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing.&nbsp; If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower or the Depositary, as applicable, shall be deemed to have selected an
Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the
requested Borrowing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary
contained herein, any request for an ABR Borrowing made by the Depositary with respect to any CP Notes must be delivered to the Administrative Agent by 10:30 a.m., New York City time, on or before the 15th day following the maturity date of such CP Notes (or, if such
15th day is not a Business Day, the next succeeding Business Day).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything to the contrary
contained herein, in the event that the Administrative Agent has received a Borrowing Request from each of the Borrower and the Depositary requesting Borrowings to be made on the same date and the sum of the aggregate principal amount of such requested Borrowings
would exceed the amount set forth in Section 2.2(c), the Borrower may submit a written request to the Administrative Agent to revoke the Borrower's Borrowing Request and the Administrative Agent may, in its sole and absolute discretion, honor such request. The
Borrower hereby agrees that, in the event such request for revocation is honored by the Administrative Agent, the Borrower shall be deemed to have failed to borrow the Loans requested by such revoked Borrowing Request on the date specified therein and shall be liable
for any break funding under Section 3.6 resulting from such failure. The Administrative Agent shall (i) notify the Borrower and the Lenders promptly after the Administrative Agent honors such request for revocation of the applicable Borrowing Request and (ii) shall
promptly return all funds to each Lender made available to the Administrative Agent by such Lender in connection with such revoked Borrowing Request.</font></p>

<p><a name="_Toc13382289"></a><a name="_Toc13382390"></a><a name="_Toc30173772"></a><a name="_Toc30236393"></a><a name="_Toc30273026"></a><a name="_Toc30273202"></a><a name="_Toc30302459"></a><a name="_Toc30425125"></a><a name="_Toc32992522"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Funding of
Borrowings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender shall make each Loan to be
made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. Subject to
Section 5.2, the Administrative Agent will make such Loans available to the Depositary, solely for the benefit of the holders of Outstanding Eligible CP Notes, by promptly crediting or otherwise transferring, in any event not later than 2:00 p.m., New York City time,
on the date of the proposed Borrowing, the amounts so received, in like funds, to the CP Payment Account.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with Section 2.4(a) and may, in reliance upon such assumption, make available to the Borrower or the Depositary, as applicable, a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the Lender and the Borrower severally agree to pay (without duplication) to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date
such amount is made available to the Borrower or the Depositary, as applicable, to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, for the three days beginning with the date such amount is made available to the
Borrower, the Federal Funds Effective Rate and, at all times thereafter, the interest rate that would be otherwise applicable to such Borrowing,<b></b>or (ii) in the case of the Borrower, the interest rate that would be otherwise applicable to such Borrowing. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.</font></p>

<p><a name="_Toc13382290"></a><a name="_Toc13382391"></a><a name="_Toc30173773"></a><a name="_Toc30236394"></a><a name="_Toc30273027"></a><a name="_Toc30273203"></a><a name="_Toc30302460"></a><a name="_Toc30425126"></a><a name="_Toc32992523"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s25"><font size="3">Section 2.5</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Termination and Reduction of Commitments</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless previously terminated, the
Commitments shall terminate on the Maturity Date.</font></p>

<p><a name="_Toc13382291"></a><a name="_Toc13382392"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower may at any time terminate, or from time to time reduce, the Commitments, <u>provided</u> that any such termination and each such reduction shall be in accordance with this Section 2.5(b). The Borrower shall
notify the Administrative Agent of any election to terminate or reduce the Commitments under this Section 2.5(b) at least ten Business Days prior to the proposed effective date of such termination or at least five Business Days prior to the proposed effective date of
such reduction, specifying such election and such proposed effective date.&nbsp; Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders, the Depositary and the Placement Agent of the contents thereof.&nbsp; Each notice delivered
by the Borrower pursuant to this Section shall be irrevocable.&nbsp; On the proposed effective date of any termination of, and each reduction of, the Commitments, the Commitments shall be so terminated or reduced <u>provided</u> that (1) the Borrower shall have paid
to the Administrative Agent, for the account of the applicable Credit Parties hereunder, all accrued and unpaid fees under Section 3.3, (2) no termination of the Commitments pursuant to this Section 2.5(b) shall be effective if, immediately after giving effect
thereto, there would be any Outstanding Eligible CP Notes, (3) no reduction of the Commitments pursuant to this Section 2.5(b) shall be effective if such reduction would reduce the then Available Commitment to an amount less than the aggregate Face Amount of all
Outstanding Eligible CP Notes that shall mature within the 44 consecutive day period immediately following the date of such reduction, (4) no such termination or reduction shall be effective if, after giving effect to any concurrent prepayment of the Loans, the sum
of the Credit Exposures would exceed the total Commitments and (5) each such reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000, <u>provided</u> <u>further</u> that the foregoing clauses (2) and
(3) shall not apply in connection with the termination of the Commitments effective concurrently with the effectiveness of a replacement credit facility having an aggregate commitment amount greater than or equal to the aggregate Commitments immediately prior to such
termination.</font></a></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each reduction, and any termination, of
the Commitments pursuant to this Agreement shall be permanent and each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.</font></p>

<p><a name="_Toc30173774"></a><a name="_Toc30236395"></a><a name="_Toc30273028"></a><a name="_Toc30273204"></a><a name="_Toc30302461"></a><a name="_Toc30425127"></a><a name="_Toc32992524"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s26"><font size="3">Section 2.6</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Repayment of Loans; Evidence of Debt</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.</font></p>

<p><a name="_Toc13382292"></a><a name="_Toc13382393"></a><a name="_Toc30173775"></a><a name="_Toc30236396"></a><a name="_Toc30273029"></a><a name="_Toc30273205"></a><a name="_Toc30302462"></a><a name="_Toc30425128"></a><a name="_Toc32992525"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s27"><font size="3">Section 2.7</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Prepayment of Loans</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall have the right at any
time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of any partial reduction or
termination of the Commitments, then (i) at or prior to the date of such reduction or termination, the Administrative Agent shall notify the Borrower and the Lenders of the sum of the Credit Exposures after giving effect thereto and (ii) if such sum would exceed the
total Commitments after giving effect to such reduction or termination, then the Borrower shall, on the date of such reduction or termination, prepay Borrowings in an amount sufficient to eliminate such excess.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">The Borrower shall
prepay outstanding Loans, if any, upon its receipt of, and in the amount of, any Excess CP</font> <font size="3">Proceeds</font><font size="3">.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall notify the
Administrative Agent by telephone (confirmed by facsimile) of any prepayment hereunder, (i) in the case of a prepayment of a Eurodollar Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of
prepayment of an ABR Borrowing, not later than 10:30 a.m., New York City time, on the date of the prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing under Section 2.7(a) shall be in an integral multiple of $100,000 and not less
than $500,000. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 3.1.</font></p>

<p><a name="_Toc13382295"></a><a name="_Toc13382396"></a><a name="_Toc30173776"></a><a name="_Toc30236397"></a><a name="_Toc30273030"></a><a name="_Toc30273206"></a><a name="_Toc30302463"></a><a name="_Toc30425129"></a><a name="_Toc32992526"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s28"><font size="3">Section 2.8</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Payments Generally; Pro Rata Treatment; Sharing of Setoffs</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall make each payment
required to be made by it hereunder or under any other Loan Document (whether of principal of Loans, interest or fees, or of amounts payable under Sections 3.5, 3.6, 3.7 or 10.3, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in
immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent at its office at One Wall Street, New York, New York, or such other office as to which the Administrative Agent may notify the other parties hereto, and except that payments pursuant to Sections
3.5, 3.6, 3.7 and 10.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any
payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in dollars.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If at any time insufficient funds are
received by and available to the Administrative Agent to pay fully all amounts of principal of Loans, interest, fees and commissions then due hereunder, such funds shall be applied (i) first, towards payment of interest, fees and commissions then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of interest, fees and commissions then due to such parties and (ii) second, towards payment of principal of Loans then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal of Loans then due to such parties.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender shall, by exercising any
right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of, or interest on, any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of, and accrued interest on, their respective Loans, <u>provided</u> that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Credit Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Affiliate thereof (as to which the
provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent permitted to do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower
rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the Administrative Agent shall
have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the applicable Credit Parties hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to such Credit Parties the amount due. In such event, if the Borrower has not in fact made such payment, then each such Credit Party severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Credit Party with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Credit Party shall fail to make
any payment required to be made by it pursuant to Section 2.4(b), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Credit
Party to satisfy such Credit Party's obligations under such Sections until all such unsatisfied obligations are fully paid.</font></p>

<p><a name="_Toc30173777"></a><a name="_Toc30236398"></a><a name="_Toc30273031"></a><a name="_Toc30273207"></a><a name="_Toc30302464"></a><a name="_Toc30425130"></a><a name="_Toc32992527"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s29"><font size="3">Section 2.9</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Effect of Program Termination Date</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon and after the occurrence of the Program Termination Date, (i) no further CP Notes
shall be issued by the Borrower, (ii) the Administrative Agent shall promptly notify the Depositary that the Program Termination Date has occurred and the Depositary is to cease authenticating and delivering CP Notes immediately and (iii) the Depositary shall, and
the Borrower shall cause the Depositary to, cease authenticating and delivering CP Notes immediately, <u>provided</u> that with respect to any CP Notes issued on the same date as such notice from the Administrative Agent is given, but prior to the receipt thereof by
the Depositary, the Program Termination Date shall be deemed to be the day following the giving of such notice.</font></p>

<p><a name="_Toc30173778"></a><a name="_Toc30236399"></a><a name="_Toc30273032"></a><a name="_Toc30273208"></a><a name="_Toc30302465"></a><a name="_Toc30425131"></a><a name="_Toc32992528"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s210"><font size="3">Section 2.10</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font
size="3">Issuance of CP Notes</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Borrower, in its
discretion, decides from time to time to issue CP Notes, it shall execute such CP Notes and deliver same to the Depositary for completion and delivery, all in accordance with the terms of the Depositary Agreement. Notwithstanding the foregoing, CP Notes shall not be
issued if the Depositary would be prohibited from authenticating and delivering such CP Notes pursuant to the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall not issue any CP Notes
if (i) the interest thereon or the discount from the face value amount thereof would be in excess of the maximum rate permitted by applicable law, or (ii) at the time of such issuance, the Borrower would not be able to satisfy the conditions to the making of Loans
set forth in paragraphs (a) or (b) of Section 5.2.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms and condition
hereof, each Lender agrees that it shall not give, and shall not cause the Administrative Agent to give, any instructions to cease issuing CP Notes so long as (i) the Program Termination Date shall not have occurred, (ii) notice of termination shall not have been
given by the Borrower under Section 2.5, and (iii) each of the applicable conditions precedent set forth in clause (b) above shall have been satisfied at the time such CP Notes are issued.</font></p>

<p><a name="_Toc30173779"></a><a name="_Toc30236400"></a><a name="_Toc30273033"></a><a name="_Toc30273209"></a><a name="_Toc30302466"></a><a name="_Toc30425132"></a><a name="_Toc32992529"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s211"><font size="3">Section 2.11</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font
size="3">Extension of Maturity Date</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower may from time to time
request that the Maturity Date be extended for one or more additional periods by delivering a written request therefor to the Administrative Agent not earlier than 150 days, but not less than 90 days, prior to the then applicable Maturity Date (each an "<u>Extension
Request</u>").&nbsp; Promptly after receipt of each Extension Request, the Administrative Agent shall notify each Lender of the terms thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender will endeavor to respond to
each Extension Request on or before the 20th Business Day following its receipt of notice thereof (such 20th Business Day being hereinafter sometimes referred to as the "<u>Consent Expiration Date</u>"), provided that (i) no Lender shall be required to consent to any
Extension Request (any such consent to be within the sole and absolute discretion of such Lender), (ii) if a Lender does not respond to an Extension Request on or prior to the related Consent Expiration Date, such Lender shall conclusively be deemed to have not
consented to such Extension Request, and (iii) the failure of any Lender to respond to an Extension Request shall not create any claim against it or have the effect of extending the Maturity Date or such Lender's Commitment beyond the then applicable Maturity
Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that at any time prior to
the Consent Expiration Date, Lenders having unused Commitments and Credit Exposures representing greater than 66-2/3% of the sum of the unused Commitments and Credit Exposures of all Lenders (after giving effect to any assignment pursuant to Section 2.13 which
becomes effective prior to the Consent Expiration Date) ("<u>Super&#8209;majority Lenders</u>") shall have given written notice (each such consent being irrevocable) of their consent to such Extension Request (each a "<u>Successful Extension Reques</u>t"), then (i)
the then applicable Maturity Date shall be extended, with respect to each Lender that shall have consented to such Extension Request prior to the Consent Expirations Date (each a "<u>Consenting Lender</u>"), to the date (the "<u>New Maturity Date</u>") which is the
earlier of (A) the Business Day selected by the Borrower in such Extension Request, or (B) the last Business Day which is not more than 364 days from the date of receipt by the Administrative Agent of the first consent from a Lender with respect to such Extension
Request, and (ii) the Administrative Agent shall promptly notify the Borrower (and immediately after receiving such notification from the Administrative Agent, the Borrower shall promptly notify the Rating Agencies then rating the CP Notes), each Lender and the
Depositary of the New Maturity Date. In the event that Super&#8209;majority Lenders shall not have consented to an Extension Request prior to the Consent Expiration Date, (1) the Maturity Date shall not be extended pursuant to such Extension Request, and (2) the
Administrative Agent shall promptly notify the Borrower, each Lender and the Depositary thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each Successful
Extension Request, with respect to each Lender that is not a Consenting Lender, on the existing Maturity Date (and without regard to any requirements relating to the pro-rata application of payments and Commitment reductions among all of the Lenders), (i) the
Borrower shall pay to the Administrative Agent for the account of each such Lender, the outstanding principal of such Lender's Loans, accrued interest thereon, accrued fees and all other amounts payable to such Lender hereunder, (ii) the Commitment of such Lender
shall expire and (iii) such Lender shall cease to be a party to this Credit Agreement, provided that such Lender shall continue to be entitled to the benefits of Sections 3.5, 3.6, 3.7 and 10.3 through the date it ceases to be a Lender hereunder.</font></p>

<p><a name="_Toc30425133"></a><a name="_Toc32992530"></a><a name="s212"><font size="3" face="Times New Roman">Section 2.12</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Evidence of Debt</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the debt of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each
Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The entries made in the accounts
maintained pursuant to paragraphs (a) or (b) of this Section shall, to the extent not inconsistent with any entries made in the Notes, be prima facie evidence of the existence and amounts of the obligations recorded therein, <u>provided</u> that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender's Loans shall be evidenced by
a Note. The Borrower shall prepare, execute and deliver to each Lender a Note payable to the order of such Lender, substantially in the form of <u>Exhibit D</u>. In addition, if requested by a Lender, its Note may be made payable to such Lender and its registered
assigns in which case all Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to Section 10.4) be represented by one or more Notes in like form payable to the order of the payee named therein and its registered
assigns.</font></p>

<p><a name="_Toc32992531"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s213"><font size="3">Section
2.13</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Replacement</font></u><u><font size="3">of Lenders</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the occurrence and during the continuance of any Replacement Event with respect to
any Lender, the Borrower may, at its sole expense (including the fees referred to in Section 10.4(b)) and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in Section 10.4), all its interests, rights and obligations under the Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u>
that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder, from such Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under Section 3.5 or payments required to be made pursuant to Section 3.7, such assignment shall result in a reduction in such compensation or payments on the effective date of such assignment. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.</font></p>

<p align="center"><a name="a3"><font size="3" face="Times New Roman">Article 3.</font></a><a name="_Toc13382296"></a><a name="_Toc13382397"></a><a name="_Toc30173780"></a><a name="_Toc30236401"></a><a name="_Toc30273034"></a><a name="_Toc30273210"></a><a name=
"_Toc30302467"></a><a name="_Toc30425134"></a><a name="_Toc32992532"></a></p>

<p align="center"><font size="3" face="Times New Roman">INTEREST, FEES, YIELD PROTECTION, ETC</font><font size="3">.</font></p>

<p><a name="_Toc13382297"></a><a name="_Toc13382398"></a><a name="_Toc30173781"></a><a name="_Toc30236402"></a><a name="_Toc30273035"></a><a name="_Toc30273211"></a><a name="_Toc30302468"></a><a name="_Toc30425135"></a><a name="_Toc32992533"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s31"><font size="3">Section 3.1</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Interest</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loans comprising each ABR Borrowing
shall bear interest at a rate per annum equal to the Alternate Base Rate. The Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the sum of (i)1.50% plus (ii) the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, if any
principal of or interest on any Loan, or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of overdue principal of any Loan, 2% <u>plus</u> the rate otherwise applicable to such Loan as provided in the preceding paragraph of this Section or (ii) in the case of any other amount, 2% <u>plus</u> the rate applicable to ABR
Borrowings as provided in the preceding paragraph of this Section.&nbsp; In addition, notwithstanding the foregoing, if an Event of Default has occurred and is continuing then, so long as such Event of Default is continuing, all outstanding principal of each Loan
shall, without duplication of amounts payable under the preceding sentence, bear interest, after as well as before judgment, at a rate per annum equal to 2% <u>plus</u> the rate otherwise applicable to such Loan as provided in the preceding paragraph of this
Section.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest on each Loan shall be
payable in arrears on each Interest Payment Date for such Loan, <u>provided</u> that (i) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable
on the effective date of such conversion.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All interest hereunder shall be computed
on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each
case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, in good faith, and such
determination shall be conclusive absent clearly demonstrable error.&nbsp;</font></p>

<p><a name="_Toc13382298"></a><a name="_Toc13382399"></a><a name="_Toc30173782"></a><a name="_Toc30236403"></a><a name="_Toc30273036"></a><a name="_Toc30273212"></a><a name="_Toc30302469"></a><a name="_Toc30425136"></a><a name="_Toc32992534"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s32"><font size="3">Section 3.2</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Interest Elections</font></u><u><font size="3">Relating to Borrowings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Borrowing initially shall be of the
Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to
continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To make an election pursuant to this
Section, the Borrower shall deliver to the Administrative Agent a signed Interest Election Request in a form reasonably acceptable to the Administrative Agent (or notify the Administrative Agent by telephone, to be promptly confirmed by delivery to the Administrative
Agent of a signed Interest Election Request) by the time that a Borrowing Request would be required under Section 2.3 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each such telephonic and written Interest
Election Request shall be irrevocable and shall specify the following information:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrowing to which such
Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and
(iv) of this paragraph shall be specified for each resulting Borrowing);</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the effective date of the election made
pursuant to such Interest Election Request, which shall be a Business Day;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; whether the resulting Borrowing is to be an
ABR Borrowing or a Eurodollar Borrowing, <u>provided</u> that any Borrowing requested by the Depositary shall initially be an ABR Borrowing; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the resulting Borrowing is a Eurodollar
Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period".</font></p>

<p><font size="3" face="Times New Roman">If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Borrower fails to deliver a timely
Interest Election Request prior to the end of the Interest Period applicable thereto (or an Election Request with respect to any Borrowing shall be ineffective pursuant to Section 3.4), then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period, such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the
Borrower, then, so long as an Event of Default is continuing, (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.</font></p>

<p><a name="_Toc13382299"></a><a name="_Toc13382400"></a><a name="_Toc30173783"></a><a name="_Toc30236404"></a><a name="_Toc30273037"></a><a name="_Toc30273213"></a><a name="_Toc30302470"></a><a name="_Toc30425137"></a><a name="_Toc32992535"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s33"><font size="3">Section 3.3</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Fees</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower agrees to pay to the
Administrative Agent, for the account of each Lender, a facility fee, which shall accrue at a rate per annum equal to 0.20% on the daily amount of the Commitment of such Lender (regardless of usage) during the period from and including the date on which this Credit
Agreement becomes effective pursuant to Section 10.6 to but excluding the&nbsp; date on which the Commitments shall have terminated (the "<u>Termination Date</u>"); <u>provided</u> that, if such Lender continues to have any Credit Exposure after the Termination Date,
then such facility fee shall continue to accrue on the daily amount of such Lender's Credit Exposure from and including the Termination Date to but excluding the date on which such Lender ceases to have any Credit Exposure. Accrued facility fees shall be payable in
arrears on the last day of March, June, September and December of each year, each date on which the Commitments are permanently reduced, on the last day of the Availability Period and on the Termination Date, <u>provided</u> that facility fees which accrue after the
Termination Date shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower agrees to pay to each Credit
Party, for its own account, fees and other amounts, if any, payable in the amounts and at the times separately agreed upon in writing between the Borrower and such Credit Party.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All fees and other amounts payable
hereunder shall be paid on the dates due, in immediately available funds. Fees and other amounts paid shall not be refundable under any circumstances.</font></p>

<p><a name="_Toc13382300"></a><a name="_Toc13382401"></a><a name="_Toc30173784"></a><a name="_Toc30236405"></a><a name="_Toc30273038"></a><a name="_Toc30273214"></a><a name="_Toc30302471"></a><a name="_Toc30425138"></a><a name="_Toc32992536"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s34"></a><font size="3">Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font
size="3">Alternate Rate of Interest</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If prior to the commencement of any Interest Period for a Eurodollar
Borrowing:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Administrative Agent determines
(which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Administrative Agent is advised by
Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost of making or maintaining their Loans included in such Borrowing for such Interest Period;</font></p>

<p><font size="3" face="Times New Roman">then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders
that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request
requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.</font></p>

<p><a name="_Toc13382301"></a><a name="_Toc13382402"></a><a name="_Toc30173785"></a><a name="_Toc30236406"></a><a name="_Toc30273039"></a><a name="_Toc30273215"></a><a name="_Toc30302472"></a><a name="_Toc30425139"></a><a name="_Toc32992537"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s35"><font size="3">Section 3.5</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Increased Costs; Illegality</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Change in Law shall:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; impose, modify or deem applicable any reserve, special<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deposit or similar requirement against assets of, deposits with or for the account<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of, or credit extended by, any Credit Party (except any such reserve requirement<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reflected in the Adjusted LIBO Rate); or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; impose on any Credit Party or the London interbank market<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other condition affecting this Credit Agreement, any Eurodollar Loans made<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by such Credit Party or any participation therein;</font></p>

<p><font size="3" face="Times New Roman">and the result of any of the foregoing shall be to increase the cost to such Credit Party of making or maintaining any Eurodollar Loan hereunder or to increase the cost to such Credit Party or to reduce the amount of any sum
received or receivable by such Credit Party hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Credit Party such additional amount or amounts as will compensate such Credit Party for such additional costs incurred or reduction
suffered.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Credit Party determines that any
Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Credit Party's capital or on the capital of such Credit Party's holding company, if any, as a consequence of this Credit Agreement or the Loans made, by
such Credit Party to a level below that which such Credit Party or such Credit Party's holding company could have achieved but for such Change in Law (taking into consideration such Credit Party's policies and the policies of such Credit Party's holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Credit Party such additional amount or amounts as will compensate such Credit Party or such Credit Party's holding company for any such reduction suffered.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certificate of a Credit Party setting
forth the amount or amounts necessary to compensate such Credit Party or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Credit Party the amount shown as due on any such certificate within 10 days after receipt thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Failure or delay on the part of any
Credit Party to demand compensation pursuant to this Section shall not constitute a waiver of such Credit Party's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Credit Party pursuant to this Section for any
increased costs or reductions incurred more than 90 days prior to the date that such Credit Party notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Credit Party's intention to claim compensation therefor; and
<u>provided</u> <u>further</u> that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90 day period referred to above shall be extended to include the period of retroactive effect thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any other provision of
this Credit Agreement, if, after the Agreement Date, any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written
notice to the Borrower and to the Administrative Agent:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Lender may declare that Eurodollar Loans will not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereafter (for the duration of such unlawfulness) be made by such Lender<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hereunder (or be continued for additional Interest Periods) and ABR Loans will<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not thereafter (for such duration) be converted into Eurodollar Loans, whereupon<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any request for a Eurodollar Borrowing or to convert an ABR Borrowing to a<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurodollar Borrowing or to continue a Eurodollar Borrowing, as applicable, for<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an additional Interest Period shall, as to such Lender only, be deemed a request<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for an ABR Loan (or a request to continue an ABR Loan as such for an additional<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Period or to convert a Eurodollar Loan into an ABR Loan, as applicable),<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unless such declaration shall be subsequently withdrawn; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Lender may require that all outstanding Eurodollar<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans made by it be converted to ABR Loans, in which event all such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eurodollar Loans shall be automatically converted to ABR Loans, as of the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; effective date of such notice as provided in the last sentence of this paragraph.</font></p>

<p><font size="3" face="Times New Roman">In the event any Lender shall exercise its rights under clause (i) or (ii) of this paragraph, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that would have been
made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans, as applicable.&nbsp; For purposes of this paragraph, a
notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period currently applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date of
receipt by the Borrower.</font></p>

<p><a name="_Toc13382302"></a><a name="_Toc13382403"></a><a name="_Toc30173786"></a><a name="_Toc30236407"></a><a name="_Toc30273040"></a><a name="_Toc30273216"></a><a name="_Toc30302473"></a><a name="_Toc30425140"></a><a name="_Toc32992538"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s36"><font size="3">Section 3.6</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Break Funding Payments</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of (i) the payment or prepayment (voluntary or otherwise) of any principal
of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (ii) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (iii) the
failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, or (iv) the assignment of any Eurodollar Loan other than on the last day of the Interest Period or maturity date applicable thereto as a
result of a request by the Borrower pursuant to Section 2.13, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender
shall be deemed to include an amount determined by such Lender to be the excess, if any, of (a) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable
to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (b) the
amount of interest that would accrue on such principal amount for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar
market (adjusted for reserve requirements). A certificate of any Lender setting forth, in reasonable detail, any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten days after receipt thereof.</font></p>

<p><a name="_Toc13382303"></a><a name="_Toc13382404"></a><a name="_Toc30173787"></a><a name="_Toc30236408"></a><a name="_Toc30273041"></a><a name="_Toc30273217"></a><a name="_Toc30302474"></a><a name="_Toc30425141"></a><a name="_Toc32992539"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Taxes</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any and all payments by or on account of
any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes, <u>provided</u> that, if the Borrower shall be required to deduct any Indemnified Taxes or Other
Taxes from such payments, then (i) the sum payable shall be increased as necessary so that, after making all required deductions (including deductions applicable to additional sums payable under this Section), the applicable Credit Party receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, the Borrower shall pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall indemnify each Credit
Party, within ten days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by such Credit Party on or with respect to any payment by or on account of any obligation of the Borrower under the Loan Documents (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Credit Party, or by the Administrative Agent on its own behalf or on behalf of a Credit Party,
shall be conclusive absent manifest error.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As soon as practicable after any payment
of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under the Loan Documents, shall deliver to the Borrower (with a copy to
the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a
reduced rate.</font></p>

<p><a name="_Toc13382304"></a><a name="_Toc13382405"></a><a name="_Toc30173788"></a><a name="_Toc30236409"></a><a name="_Toc30273042"></a><a name="_Toc30273218"></a><a name="_Toc30302475"></a><a name="_Toc30425142"></a><a name="_Toc32992540"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Mitigation
Obligations</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender requests compensation under Section 3.5, or if the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.7, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to
assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or materially reduce amounts payable pursuant to Section 3.5 or 3.7, as applicable,
in the future and (ii) would not subject such Lender or any of its Affiliates to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or any of its Affiliates. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender in connection with any such designation or assignment.</font></p>

<p align="center"><a name="a4"><font size="3" face="Times New Roman">Article 4.</font></a><a name="_Toc13382305"></a><a name="_Toc13382406"></a><a name="_Toc30173789"></a><a name="_Toc30236410"></a><a name="_Toc30273043"></a><a name="_Toc30273219"></a><a name=
"_Toc30302476"></a><a name="_Toc30425144"></a><a name="_Toc32992541"></a></p>

<p align="center"><font size="3" face="Times New Roman">REPRESENTATIONS AND WARRANTIES</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower represents and warrants to the Credit Parties that:</font></p>

<p><a name="_Toc13382306"></a><a name="_Toc13382407"></a><a name="_Toc30173790"></a><a name="_Toc30236411"></a><a name="_Toc30273044"></a><a name="_Toc30273220"></a><a name="_Toc30302477"></a><a name="_Toc30425145"></a><a name="_Toc32992542"></a><a name="s41"><font
size="3" face="Times New Roman">Section 4.1</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Organization; Powers</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.</font></p>

<p><a name="_Toc13382307"></a><a name="_Toc13382408"></a><a name="_Toc30173791"></a><a name="_Toc30236412"></a><a name="_Toc30273045"></a><a name="_Toc30273221"></a><a name="_Toc30302478"></a><a name="_Toc30425146"></a><a name="_Toc32992543"></a><a name="s42"><font
size="3" face="Times New Roman">Section 4.2</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Authorization; Enforceability</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transactions are within the corporate powers of the Borrower to the extent it is a
party thereto and have been duly authorized by all necessary corporate and, if required, equity holder action. Each Loan Document has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation thereof, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally.</font></p>

<p><a name="_Toc13382308"></a><a name="_Toc13382409"></a><a name="_Toc30173792"></a><a name="_Toc30236413"></a><a name="_Toc30273046"></a><a name="_Toc30273222"></a><a name="_Toc30302479"></a><a name="_Toc30425147"></a><a name="_Toc32992544"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s43"><font size="3">Section 4.3</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">Governmental Approvals; No Conflicts</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Transactions (i) do not require any consent or approval of, registration or filing
with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (ii) will not violate any applicable law or regulation or the charter, by&#8209;laws or other organizational documents of the
Borrower or any order of any Governmental Authority applicable to the Borrower, (iii) will not contravene or result in a default under any material indenture, agreement or other instrument (other than the Loan Documents) binding upon the Borrower or its assets, (iv)
will not give rise to a right under any material indenture, agreement or other instrument (other than the Transaction Documents) (which has not been waived) to require any payment to be made by the Borrower, and (v) will not result in the creation or imposition of
any Lien on any asset of the Borrower (other than Liens permitted by Section 7.2).</font></p>

<p><a name="_Toc13382309"></a><a name="_Toc13382410"></a><a name="_Toc30173793"></a><a name="_Toc30236414"></a><a name="_Toc30273047"></a><a name="_Toc30273223"></a><a name="_Toc30302480"></a><a name="_Toc30425148"></a><a name="_Toc32992545"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s44"><font size="3">Section 4.4</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Financial Condition; No Material Adverse Change</font></u></p>

<p><a name="_Toc13382310"></a><a name="_Toc13382411"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower has heretofore furnished to each of the Credit Parties its statement of assets and liabilities as of and for the fiscal year ended December 31, 2001, and its related statements of operations and changes in
net assets, in each case, audited and reported on by Ernst &amp; Young, independent public accountants and certified by a Financial Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and
changes in financial position of the Borrower as of such dates and for the indicated periods in accordance with GAAP.</font></a></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since December 31, 2001, there has been
no material adverse change in the financial condition, operations, assets, business or properties, taken as a whole, of the Borrower<b>.</b></font></p>

<p><a name="_Toc30173794"></a><a name="_Toc30236415"></a><a name="_Toc30273048"></a><a name="_Toc30273224"></a><a name="_Toc30302481"></a><a name="_Toc30425149"></a><a name="_Toc32992546"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s45"><font size="3">Section 4.5</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Properties</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower has good title to, or valid
leasehold interests in, all its real and personal property used in its business, except for any such defects in title that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and none of its real and personal
property is subject to any Liens other than Permitted Encumbrances.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower owns, or is entitled to use,
all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.</font></p>

<p><a name="_Toc13382311"></a><a name="_Toc13382412"></a><a name="_Toc30173795"></a><a name="_Toc30236416"></a><a name="_Toc30273049"></a><a name="_Toc30273225"></a><a name="_Toc30302482"></a><a name="_Toc30425150"></a><a name="_Toc32992547"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s46"><font size="3">Section 4.6</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Litigation and Environmental Matters</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no actions, suits or
proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower (i) that, if adversely determined (and there exists a reasonable possibility of such adverse
determination), could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that may affect the legality, enforceability or validity of any Transaction Document or the Transactions
or, to the Borrower's knowledge, that involve any Transaction Document or the Transactions.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for the Disclosed Matters and
except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, the Borrower shall not (i) have failed to comply with any Environmental Law or to obtain, maintain or comply with
any permit, license or other approval required under any Environmental Law, (ii) have become subject to any Environmental Liability, (iii) have received notice of any claim with respect to any Environmental Liability or (iv) know of any reasonable basis for any
Environmental Liability.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since the Agreement Date, there has been
no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.</font></p>

<p><a name="_Toc13382312"></a><a name="_Toc13382413"></a><a name="_Toc30173796"></a><a name="_Toc30236417"></a><a name="_Toc30273050"></a><a name="_Toc30273226"></a><a name="_Toc30302483"></a><a name="_Toc30425151"></a><a name="_Toc32992548"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s47"><font size="3">Section 4.7</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Compliance with Laws and Agreements</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower is in compliance with all laws, regulations and orders of any Governmental
Authority applicable to it or its property (including the Investment Company Act) and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.&nbsp; Each of the Borrower's advisory contracts with the Investment Advisor is in full force and effect in all material respects and no default exists thereunder (other than any default arising solely as a result of
the Borrower's compliance with Section 7.9).</font></p>

<p><a name="_Toc13382321"></a><a name="_Toc13382422"></a><a name="_Toc13382313"></a><a name="_Toc13382414"></a><a name="_Toc30173797"></a><a name="_Toc30236418"></a><a name="_Toc30273051"></a><a name="_Toc30273227"></a><a name="_Toc30302484"></a><a name=
"_Toc30425152"></a><a name="_Toc13382315"></a><a name="_Toc13382416"></a><a name="_Toc30173799"></a><a name="_Toc30236420"></a><a name="_Toc30273053"></a><a name="_Toc30273229"></a><a name="_Toc30302486"></a><a name="_Toc30425154"></a><a name="_Toc32992549"></a><a
name="s48"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Subsidiaries</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower has no (a) direct or indirect subsidiaries, or (b) investments in joint
ventures or partnerships as a general partner.<a name="_Toc32992550"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a name="s49">Section 4.9</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size=
"3">Pension Plans; Multiemployer Plans</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Borrower nor any ERISA Affiliate thereof maintains, or has at any time
maintained, any Plan or Multiemployer Plan.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p><a name="_Toc32992551"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s410"><font size="3">Section
4.10</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Holding Company Status</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower is not a "holding company" as defined in, or subject to regulation under,
the Public Utility Holding Company Act of 1935.<a name="_Toc13382314"></a><a name="_Toc13382415"></a><a name="_Toc30173798"></a><a name="_Toc30236419"></a><a name="_Toc30273052"></a><a name="_Toc30273228"></a><a name="_Toc30302485"></a><a name="_Toc30425153"></a><a
name="_Toc13382317"></a><a name="_Toc13382418"></a><a name="_Toc30173801"></a><a name="_Toc30236422"></a><a name="_Toc30273055"></a><a name="_Toc30273231"></a><a name="_Toc30302488"></a><a name="_Toc30425156"></a><a name="_Toc30173802"></a><a name=
"_Toc30236423"></a><a name="_Toc30273056"></a><a name="_Toc30273232"></a><a name="_Toc30302489"></a><a name="_Toc30425157"></a><a name="_Toc32992552"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.11&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Federal Reserve
Regulations; Use of Proceeds</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except for the Federal Reserve Forms to be executed and delivered by the Borrower
pursuant to Section 5.2, no filing or other action is required under the provisions of Regulation T, Regulation U or Regulation X in connection with the execution and delivery by the Borrower of this Credit Agreement and neither the making of the Loans in accordance
with this Credit Agreement, nor the use by Borrower of the proceeds thereof, will violate or be inconsistent with the provisions of Regulation T, Regulation U or Regulation X. The Borrower is not engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock.</font></p>



<p><a name="_Toc32992553"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.12&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size=
"3">Investment Company Matters</font></u><u><font size="3">; Taxes</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower has qualified as a Regulated
Investment Company with respect to the immediately preceding fiscal year and has not taken any action, or failed to take any action, if such action or failure to act could reasonably be expected to prevent the Borrower from qualifying as a Regulated Investment
Company with respect to the current fiscal year. The Borrower has timely filed or caused to be filed all Federal and State Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (i)
Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower has set aside on its books adequate reserves in accordance with GAAP or (ii) to the extent that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower is in compliance in all
material respects with all of its Investment Policies.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower is a diversified closed-end
management investment company registered under the Investment Company Act and has registered the sale of its common stock under the Securities Act and the Investment Company Act pursuant to one or more registration statements.</font></p>

<p><a name="_Toc30173805"></a><a name="_Toc30236426"></a><a name="_Toc30273059"></a><a name="_Toc30273235"></a><a name="_Toc30302492"></a><a name="_Toc30425160"></a><a name="_Toc32992554"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.13&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Offerings in Compliance with Securities
Laws</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrowers has not issued any of its securities in violation of any Federal or State
securities laws applicable thereto, except to the extent that any such violation could not reasonably be expected to have a Material Adverse Effect.</font></p>

<p><a name="_Toc13382316"></a><a name="_Toc13382417"></a><a name="_Toc30173800"></a><a name="_Toc30236421"></a><a name="_Toc30273054"></a><a name="_Toc30273230"></a><a name="_Toc30302487"></a><a name="_Toc30425155"></a><a name="_Toc32992555"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.14&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Disclosure</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None of the reports, financial statements, certificates or other information furnished
by or on behalf of the Borrower to any Credit Party in connection with the negotiation of the Loan Documents or delivered thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, <u>provided</u> that, with respect to projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.</font></p>



<p align="center"><a name="a5"><font size="3" face="Times New Roman">Article 5.</font></a><a name="_Toc13382322"></a><a name="_Toc13382423"></a><a name="_Toc30173807"></a><a name="_Toc30236428"></a><a name="_Toc30273061"></a><a name="_Toc30273237"></a><a name=
"_Toc30302494"></a><a name="_Toc30425162"></a><a name="_Toc32992556"></a></p>

<p align="center"><font size="3" face="Times New Roman">CONDITIONS</font></p>

<p><a name="_Toc13382323"></a><a name="_Toc13382424"></a><a name="_Toc30173808"></a><a name="_Toc30236429"></a><a name="_Toc30273062"></a><a name="_Toc30273238"></a><a name="_Toc30302495"></a><a name="_Toc30425163"></a><a name="_Toc32992557"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s51"><font size="3">Section 5.1</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Closing Date</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligations of the Lenders to make Loans hereunder shall not become effective until
the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.2):</font></p>

<p><a name="_Toc13382324"></a><a name="_Toc13382425"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Credit Agreement</u>. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Credit Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Administrative Agent (which may include facsimile transmission of a signed signature page of this Credit Agreement) that such party has signed a counterpart of this Credit Agreement.</font></a></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notes</u>. The Administrative Agent
shall have received a Note for each Lender, signed on behalf of the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Legal Opinion</u>. The Administrative
Agent shall have received a favorable written opinion (addressed to the Credit Parties and dated the Closing Date) from Piper Rudnick LLP, special Maryland counsel to the Borrower, substantially in the form of <u>Exhibit B&#8209;1</u>, and Mayer, Brown, Rowe &amp;
Maw, special Illinois and New York counsel to the Borrower, substantially in the form of <u>Exhibit B&#8209;2</u>. The Borrower hereby requests such counsel to deliver such opinions.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Organizational Documents, etc</u>. The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Initial Transactions, the
incumbency of its officer or officers who may sign the Loan Documents, including therein a signature specimen of such officer or officers and any other related legal matters relating to the Borrower, the Transaction Documents or the Initial Transactions, all in form
and substance reasonably satisfactory to the Administrative Agent and its counsel.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Officer's Certificate</u>. The
Administrative Agent shall have received a certificate, in form and substance reasonably satisfactory to the Administrative Agent, dated the Closing Date and signed by a Financial Officer (i) confirming compliance with the conditions set forth in paragraphs (a) and
(b) of Section 5.2, and (ii) attaching a true, correct and complete copy of the Depositary Agreement, the Placement Agency Agreement, each other document relating to the CP Notes, and each investment advisory agreement between the Borrower and the Investment
Advisor.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fees and Expenses</u>. The
Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out&#8209;of&#8209;pocket expenses required to be reimbursed or paid by the
Borrower hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Insurance</u>. The Administrative
Agent shall have received evidence reasonably satisfactory to it that the insurance required by Section 6.8 is in effect.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Violation</u>. The performance by
the Borrower of its obligations under each Transaction Document shall not (i) violate any applicable law, statute, rule or regulation or (ii) contravene, or result in a default or event of default under, any material agreement to which the Borrower is a
party.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Closing Ratios</u>. The
Administrative Agent shall have received a certificate of a Financial Officer, dated the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent, setting forth each of the CP Maintenance Ratio, the Gross Asset Coverage Ratio and the
Net Asset Coverage Ratio, in each case as of the Calculation Date immediately preceding the Closing Date after giving effect to the Initial Transactions (and attaching calculations in reasonable detail).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Consent Letter</u>. The
Administrative Agent shall have received a letter, in form and substance reasonably satisfactory to the Administrative Agent, from the Investment Advisor consenting to the provisions of Section 7.9.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Litigation</u>. The Administrative
Agent shall have received a certificate of a Financial Officer, dated the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent, confirming that the representations and warranties set forth in Section 4.6(a) shall be true and correct
as of the Closing Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Material Adverse Change</u>.
The Administrative Agent shall have received a certificate of a Financial Officer, in form and substance reasonably satisfactory to the Administrative Agent, dated the Closing Date, confirming that the representations and warranties set forth in Section 4.4(b) shall
be true and correct as of the Closing Date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of Existing Credit
Agreement.</u> The Existing Credit Agreement shall have been terminated, all commitments of the lenders under the Existing Credit Agreement shall have been terminated, all loans, interest, fees and other obligations payable to the lenders under the Existing Credit
Agreement shall have been paid in full, and the Administrative Agent shall have received satisfactory evidence of the foregoing.</font></p>

<p><font size="3" face="Times New Roman">The Administrative Agent shall notify the Borrower and the Credit Parties of the Closing Date, and each such notice shall be conclusive and binding. The Administrative Agent shall be entitled to assume that each of the
conditions set forth in Section 5.1(h) has been satisfied unless it shall have received notice expressly to the contrary from a Lender or the Borrower. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 10.2) at or prior to 3:00 p.m., New York City time, on or before March 31, 2003 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time).</font></p>

<p><a name="_Toc30173809"></a><a name="_Toc30236430"></a><a name="_Toc30273063"></a><a name="_Toc30273239"></a><a name="_Toc30302496"></a><a name="_Toc30425164"></a><a name="_Toc32992558"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Each Credit Event</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligation of each Lender to make a Loan on the occasion of any Borrowing is
subject to the satisfaction of the following conditions:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The representations and warranties of the
Borrower set forth in this Credit Agreement shall be true and correct on and as of the date of such Borrowing (except to the extent any such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall have been
true and correct as of such earlier date).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the time of and immediately after
giving effect to such Borrowing, (i) the Borrower shall be in compliance with Section 7.11(b), and (ii) no Event of Bankruptcy shall have occurred.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have
received (i) a Federal Reserve Form for each Lender, (ii) a Compliance Certificate duly completed and signed by a Financial Officer, and demonstrating compliance with Section 7.11(b), and (iii) such other documentation and assurances as shall be reasonably required
by it in connection therewith.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediately after giving effect to each
Loan and the use of the proceeds thereof, the Borrower shall not have more than $30,000,000, in the aggregate, in cash and Cash Equivalents.</font></p>

<p><font size="3" face="Times New Roman">Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (d) of this Section and each issuance of a CP Note shall be
deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.</font></p>

<p align="center"><a name="s6"><font size="3" face="Times New Roman">Article 6.</font></a><a name="_Toc13382325"></a><a name="_Toc13382426"></a><a name="_Toc30173810"></a><a name="_Toc30236431"></a><a name="_Toc30273064"></a><a name="_Toc30273240"></a><a name=
"_Toc30302497"></a><a name="_Toc30425165"></a><a name="_Toc32992559"></a></p>

<p align="center"><font size="3" face="Times New Roman">AFFIRMATIVE COVENANTS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Until the Termination Date has occurred and the principal of and interest on each Loan and all fees and other amounts payable under the Loan Documents shall
have been paid in full, the Borrower covenants and agrees with the Credit Parties that:</font></p>

<p><a name="_Toc13382326"></a><a name="_Toc13382427"></a><a name="_Toc30173811"></a><a name="_Toc30236432"></a><a name="_Toc30273065"></a><a name="_Toc30273241"></a><a name="_Toc30302498"></a><a name="_Toc30425166"></a><a name="_Toc32992560"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s61"><font size="3">Section 6.1</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Financial Statements and Other Information</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will furnish to the Administrative Agent and each Lender:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as available and in any event within 60 days after the end of the second fiscal quarter of each fiscal year, a copy of the Borrower's semi&#8209;annual unaudited asset statement for such period, which shall have
been prepared in accordance with the requirements of the SEC, including therein balance sheets of the Borrower as of the end of such period, statements of assets and liabilities of the Borrower, including the portfolio of investments as of the end of the preceding
semi-annual period, and statements of earnings and cash flow of the Borrower for such period, in each case certified by a Financial Officer;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as available and in any event within 60 days after the end of each fiscal year, a copy of the annual audit report for the Borrower for such fiscal year, which shall have been prepared in accordance with the
requirements of the SEC, including therein balance sheets of the Borrower as of the end of such fiscal year, statements of assets and liabilities of the Borrower, including the portfolio of investments as of the end of the previous fiscal year, and statements of
earnings and cash flow of the Borrower for such fiscal year, in each case certified (other than as to the preparation of such statements in accordance with the requirements of the SEC and without any Impermissible Qualification) by Ernst &amp; Young, or other
independent public accountants reasonably acceptable to the Required Lenders, together with a certificate from such accountants containing a computation of, and showing compliance with, the financial ratios contained in Section 7.11 and to the effect that, in making
the examination necessary for the signing of such annual report by such accountants, they have not become aware of any Default that has occurred and is continuing, or, if they have become aware of such Default, describing such Default and the steps, if any, being
taken to cure it;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as available and in any event not later than seven days after the end of each calendar month, a Compliance Certificate, duly completed as at the end of such calendar month and signed by a Financial
Officer;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as available and in any event not later than two Business Days after (i) the end of each calendar week, a Compliance Certificate, duly completed and signed by a Financial Officer, demonstrating compliance, as at
the end of such calendar week, with Section 7.11(a) and (ii) each Calculation Date, in the event that any CP Note or any Loan shall have been outstanding on such Calculation Date, a Compliance Certificate, duly completed and signed by a Financial Officer,
demonstrating compliance, as of such Calculation Date, with Sections 7.11(b) and 7.11(c);</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as possible, and in any event within 60 days after the end of each fiscal quarter, an itemized statement as of the last Business Day of such fiscal quarter containing such detail as may be reasonably satisfactory
to the Required Lenders, of the Borrower's (i) assets, and the Fair Market Value thereof and (ii) Liabilities <u>provided</u>, that at any time that Loans are outstanding, the statement referred to herein shall be provided no less frequently than the last Business
Day of each month during such period;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon the written request of the Administrative Agent, all such information as the Administrative Agent shall reasonably request relating to the value of any portfolio security or other asset of the Borrower or the
assignment of values thereto by the Borrower or any other Person;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as possible and in any event within three Business Days after the occurrence of any Default (or immediately upon the occurrence thereof in the case of a Default specified in paragraphs (h) or (i) of Article 8), a
statement of a Financial Officer setting forth details of such Default and the action which the Borrower has taken and proposes to take with respect thereto;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as possible and in any event within three Business Days after (x) the occurrence of any materially adverse development with respect to any litigation, action or proceeding constituting a Disclosed Matter or (y)
the commencement of any litigation, action or proceeding of the type described in Section 4.6, notice thereof and copies of all documentation filed in any proceeding relating thereto;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly after the sending or filing thereof, copies of all reports which the Borrower sends to any of its security holders, and all reports and registration statements which the Borrower files with the SEC or any
national securities exchange;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly after the entering into thereof, copies of all amendments to (i) all investment advisory contracts (including all sub-advisory or similar contracts) to which the Borrower is a party, and of all new
investment advisory contracts (including all sub-advisory or similar contracts) and (ii) any of the documents referred to in Section 7.7, in each case, entered into by the Borrower after the Agreement Date;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as possible after the occurrence thereof, notice to the Administrative Agent and the Lenders of any loss in the Total Asset Value that exceeds 20% of the Total Asset Value (i) as of the Business Day immediately
preceding the date of such occurrence, (ii) calculated for the period commencing with the first Business Day of any calendar week and ending on the last Business Day of such week, and/or (iii) calculated for the period commencing with the first Business Day of any
calendar month and ending on the last Business Day of such month;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at any other time reasonably requested by any Credit Party, a Compliance Certificate, duly completed and signed by a Financial Officer; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such other information respecting the condition or operations, financial or otherwise, of the Borrower as any Lender through the Administrative Agent may from time to time reasonably request.</font></p>

<p><a name="_Toc13382327"></a><a name="_Toc13382428"></a><a name="_Toc30173812"></a><a name="_Toc30236433"></a><a name="_Toc30273066"></a><a name="_Toc30273242"></a><a name="_Toc30302499"></a><a name="_Toc30425167"></a><a name="_Toc32992561"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Notices of Material
Events</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will furnish to the Administrative Agent and each Lender prompt written
notice of the following:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the filing or commencement of any action,
suit or proceeding by or before any arbitrator or Governmental Authority against or, so long as the Borrower has knowledge thereof, affecting the Borrower or any Affiliate thereof that, if adversely determined, could in the good faith opinion of the Borrower
reasonably be expected to result in a Material Adverse Effect;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any other development that results in, or
could reasonably be expected to result in, a Material Adverse Effect.</font></p>

<p><font size="3" face="Times New Roman">Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any
action taken or proposed to be taken with respect thereto.</font></p>

<p><a name="_Toc13382328"></a><a name="_Toc13382429"></a><a name="_Toc30173813"></a><a name="_Toc30236434"></a><a name="_Toc30273067"></a><a name="_Toc30273243"></a><a name="_Toc30302500"></a><a name="_Toc30425168"></a><a name="_Toc32992562"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Existence; Conduct of
Business</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will do or cause to be done all things necessary to preserve, renew and
keep in full force and effect (a) its legal existence and (b) the rights, licenses, permits, privileges and franchises material to the conduct of its business, <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 7.3.</font></p>

<p><a name="_Toc13382329"></a><a name="_Toc13382430"></a><a name="_Toc30173814"></a><a name="_Toc30236435"></a><a name="_Toc30273068"></a><a name="_Toc30273244"></a><a name="_Toc30302501"></a><a name="_Toc30425169"></a><a name="_Toc32992563"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Payment and Performance of
Obligations</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will pay or perform its obligations, including Tax liabilities, that, if
not paid or performed, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (i) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (ii) the
Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP.</font></p>

<p><a name="_Toc13382331"></a><a name="_Toc13382432"></a><a name="_Toc30173816"></a><a name="_Toc30236437"></a><a name="_Toc30273069"></a><a name="_Toc30273245"></a><a name="_Toc30302502"></a><a name="_Toc30425170"></a><a name="_Toc32992564"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s65"><font size="3">Section 6.5</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Books and Records; Inspection Rights</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will keep proper books of record and account which accurately reflect all
dealings and transactions in relation to its business and activities in each case in all respects in compliance with all applicable laws, rules and regulations and its organic documents. The Borrower will permit any representatives designated by the Administrative
Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts (at the Borrower's expense) from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants (and the Borrower hereby irrevocably authorizes such independent accountants to discuss the Borrower's financial matters with each Credit Party or its representatives whether or not any representative of the Borrower is present), all at such reasonable
times and as often as reasonably requested.</font></p>

<p><a name="_Toc13382332"></a><a name="_Toc13382433"></a><a name="_Toc30173817"></a><a name="_Toc30236438"></a><a name="_Toc30273070"></a><a name="_Toc30273246"></a><a name="_Toc30302503"></a><a name="_Toc30425171"></a><a name="_Toc32992565"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Compliance with
Laws</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will comply in all material respects with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property.</font></p>

<p><a name="_Toc13382333"></a><a name="_Toc13382434"></a><a name="_Toc30173818"></a><a name="_Toc30236439"></a><a name="_Toc30273071"></a><a name="_Toc30273247"></a><a name="_Toc30302504"></a><a name="_Toc30425172"></a><a name="_Toc32992566"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Use of Proceeds</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall cause the Depositary to apply the proceeds of each Borrowing to the payment of principal of, and interest on, matured Outstanding Eligible CP Notes.&nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or acquire any Margin Stock or for any purpose that entails a violation of
any of the regulations of the Board, including Regulation T, Regulation U and Regulation X.</font></p>

<p><a name="_Toc13382335"></a><a name="_Toc13382436"></a><a name="_Toc30173820"></a><a name="_Toc30236441"></a><a name="_Toc30273072"></a><a name="_Toc30273248"></a><a name="_Toc30302505"></a><a name="_Toc30425173"></a><a name="_Toc32992567"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Insurance</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will maintain or cause to be maintained with responsible insurance
companies insurance with respect to its properties and business to the extent required under applicable law, including (a) such fidelity bond coverage as shall be required by Rule 17g-l promulgated under the Investment Company Act or any successor provision, (b)
errors and omissions, and director and officer liability insurance, and (c) other insurance against such casualties and contingencies, and, with respect to clauses (b) and (c) hereof, of such types and in such amounts as are substantially similar to the coverages
maintained by the Borrower as of the Agreement Date, and the Borrower will, upon request of the Administrative Agent, furnish to each Credit Party at reasonable intervals a certificate of an authorized officer of the Borrower setting forth the nature and extent of
all insurance maintained by the Borrower in accordance with this Section.</font></p>

<p><a name="_Toc30273074"></a><a name="_Toc30273250"></a><a name="_Toc30302506"></a><a name="_Toc30425174"></a><a name="_Toc32992568"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s69"><font size="3">Section 6.9</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Regulated Investment Company</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will at all times maintain its status as a "regulated investment company"
under the Code and will timely distribute its income (including capital gains) so that it will not be subject to tax (including corporate tax) under the Code.</font></p>

<p><a name="_Toc30273079"></a><a name="_Toc30273255"></a><a name="_Toc30302511"></a><a name="_Toc30425178"></a><a name="_Toc30273075"></a><a name="_Toc30273251"></a><a name="_Toc30302507"></a><a name="_Toc30425175"></a><a name="_Toc32992569"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Compliance with Agreements</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will comply in all material respects with the terms of the
Depo</font><font size="3">sitary Agreement and the Placement Agency Agreement, including all provisions in the Depositary Agre</font><font size="3">ement pertaining to the issuance of CP Notes and all provisions contained in Section 9(a) of the Depositary
Agreement.</font></p>

<p><a name="_Toc30273077"></a><a name="_Toc30273253"></a><a name="_Toc30302509"></a><a name="_Toc30425176"></a><a name="_Toc32992570"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Environmental Compliance</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will use and operate all of its facilities and properties in material
compliance with all Environmental Laws.</font></p>

<p><a name="_Toc30273078"></a><a name="_Toc30273254"></a><a name="_Toc30302510"></a><a name="_Toc30425177"></a><a name="_Toc32992571"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.12&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Closed-end Status</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will maintain itself as a "closed-end" fund under the Investment Company
Act.</font></p>



<p align="center"><a name="a7"><font size="3" face="Times New Roman">Article 7.</font></a><a name="_Toc13382341"></a><a name="_Toc13382442"></a><a name="_Toc30173826"></a><a name="_Toc30236447"></a><a name="_Toc30273080"></a><a name="_Toc30273256"></a><a name=
"_Toc30302512"></a><a name="_Toc30425179"></a><a name="_Toc32992572"></a></p>

<p align="center"><font size="3" face="Times New Roman">NEGATIVE COVENANTS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Until the Termination Date and the principal of and interest on each Loan and all fees and other amounts payable under the Loan Documents shall have been paid
in full, the Borrower covenants and agrees with the Credit Parties that:</font></p>

<p><a name="_Toc13382342"></a><a name="_Toc13382443"></a><a name="_Toc30173827"></a><a name="_Toc30236448"></a><a name="_Toc30273081"></a><a name="_Toc30273257"></a><a name="_Toc30302513"></a><a name="_Toc30425180"></a><a name="_Toc32992573"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Liabilities</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not create, incur,
assume or suffer to exist or otherwise become or be liable in respect of any Liabilities, other than (i) Liabilities in respect of the Loans and the CP Notes, and (ii) other Liabilities, provided that such other Liabilities (A) do not contain any affirmative
covenants (other than customary affirmative covenants specific to the particular transaction, such as informational covenants with respect to collateral, requirements to maintain insurance on collateral and similar items), negative covenants, default provisions,
events of default, or other material terms or conditions which are more restrictive than the terms and conditions of this Credit Agreement, and (B) either (1) comprise short&#8209;term debt securities, reverse repurchase agreements, dollar rolls or other derivatives
or (2) does not exceed (x) 10% of Total Asset Value at any time that any Preferred Stock is issued and outstanding or (y) 15% of Total Asset Value at any time that no Preferred Stock is issued and outstanding.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not cause or permit the
issuance of CP Notes (i) if immediately before or after giving effect thereto any Default shall or would exist, or (ii) in violation of the Depositary Agreement.</font></p>

<p><a name="_Toc13382343"></a><a name="_Toc13382444"></a><a name="_Toc30173828"></a><a name="_Toc30236449"></a><a name="_Toc30273082"></a><a name="_Toc30273258"></a><a name="_Toc30302514"></a><a name="_Toc30425181"></a><a name="_Toc32992574"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Liens</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, except Permitted Encumbrances.</font></p>

<p><a name="_Toc13382344"></a><a name="_Toc13382445"></a><a name="_Toc30173829"></a><a name="_Toc30236450"></a><a name="_Toc30273083"></a><a name="_Toc30273259"></a><a name="_Toc30302515"></a><a name="_Toc30425182"></a><a name="_Toc32992575"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Fundamental Changes; Line of
Business; Fiscal Year</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not merge into or consolidate with any other Person, or permit any
other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets or liquidate or dissolve, unless, (i) immediately before and after giving
effect thereto, no Default shall or would exist, (ii) the Borrower is the survivor of any such merger or consolidation and (iii) the Rating Agencies have reconfirmed the rating of the CP Notes.</font></p>

<p><a name="_Toc13382345"></a><a name="_Toc13382446"></a><a name="_Toc30173830"></a><a name="_Toc30236451"></a><a name="_Toc30273084"></a><a name="_Toc30273260"></a><a name="_Toc30302516"></a><a name="_Toc30425183"></a><a name="_Toc32992576"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Investments, Loans, Advances,
Guarantees and Acquisitions</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not purchase, hold or acquire (including pursuant to any merger) any
capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to (other than commissions, travel expenses, and similar advances to officers
and employees of the Borrower made in the ordinary course of business), make or permit to exist any Guarantees of any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions (including pursuant to any merger)) any assets of any other Person constituting a business unit, except to the extent in compliance with the Investment Policies.</font></p>

<p><a name="_Toc13382349"></a><a name="_Toc13382450"></a><a name="_Toc30173834"></a><a name="_Toc30236455"></a><a name="_Toc30273085"></a><a name="_Toc30273261"></a><a name="_Toc30302517"></a><a name="_Toc30425184"></a><a name="_Toc32992577"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s75"><font size="3">Section 7.5</font></a><font size=
"3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font size="3">Restricted Payments</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not (a) (i) declare any dividend with respect to any Equity Interests
of the Borrower, unless, as of the date of such declaration, no Event of Default shall or would exist and the Borrower could have paid such dividend at the time of such declaration without causing an Event of Default, and (ii) make, or agree to pay for or make,
directly or indirectly, any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower unless (A) as of the date such dividend or distribution is made, the representations and warranties of the
Borrower set forth in this Credit Agreement shall be true and correct on and as of the date of such dividend or distribution (except to the extent any such representation or warranty expressly relates to an earlier date, in which case such representation or warranty
shall have been true and correct as of such earlier date) and (B) at the time of and immediately before and after giving effect to such dividend or distribution, the Borrower shall be in compliance with Section 7.11(b) and no Event of Bankruptcy shall have occurred,
(b) make, or agree to pay for or make, directly or indirectly, (i) any payment (other than with respect to the Borrower's DRIP) whether in cash, securities or other property, including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any Equity Interest, unless both immediately before and after giving effect thereto, no Loans are outstanding and no Event of Default shall or would exist, (ii) any payment of principal or interest or any
purchase, redemption, retirement, acquisition or defeasance with respect to any Liability of the Borrower which is subordinated (other than pursuant to, or as contemplated by, Section 7.9) to the payment of any obligations of the Borrower under the Loan Documents,
and (iii) any acquisition for value by the Borrower of any Equity Interests issued by the Borrower or any other Person that Controls the Borrower.</font></p>

<p><a name="_Toc13382351"></a><a name="_Toc13382452"></a><a name="_Toc30173836"></a><a name="_Toc30236457"></a><a name="_Toc30273086"></a><a name="_Toc30273262"></a><a name="_Toc30302518"></a><a name="_Toc30425185"></a><a name="_Toc32992578"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Restrictive
Agreements</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not directly or indirectly, enter into, incur or permit to exist any
agreement or other arrangement binding on the Borrower (other than the Transaction Documents or any agreement in favor of any Rating Agency) that prohibits, restricts or imposes any condition upon the ability of the Borrower to amend, supplement or otherwise modify
the Loan Documents.</font></p>

<p><a name="_Toc13382352"></a><a name="_Toc13382453"></a><a name="_Toc30173837"></a><a name="_Toc30236458"></a><a name="_Toc30273087"></a><a name="_Toc30273263"></a><a name="_Toc30302519"></a><a name="_Toc30425186"></a><a name="_Toc32992579"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Amendment of Material
Documents</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not consent to any amendment, supplement or other modification of any
of the terms or conditions contained in, or applicable to, the Borrower's articles of incorporation, by-laws or other organic documents, the Depositary Agreement, the Articles Supplementary or the Investment Policies, other than any amendment, supplement or other
modification to the Borrower's articles of incorporation, by-laws or other organic documents, the Depositary Agreement or the Articles Supplementary that (i) would have no material effect on any term or condition of any Transaction Document, (ii) could not reasonably
be expected to adversely affect the interests of the Credit Parties under the Loan Documents, (iii) would not in any way modify the Investment Policies or (iv) with respect to which, the prior written consent of the Required Lenders has been obtained.</font></p>

<p><a name="_Toc30425187"></a><a name="_Toc32992580"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section
7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Pension Plans; Multiemployer Plans</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither the Borrower nor any ERISA Affiliate thereof shall incur any liability or
obligation with respect to any Plan or Multiemployer Plan.</font></p>

<p><a name="_Toc30273089"></a><a name="_Toc30273265"></a><a name="_Toc30302521"></a><a name="_Toc30425188"></a><a name="_Toc32992581"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s79"><font size="3">Section 7.9</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Payment of Management Fees</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time that an Event of Default shall have occurred and be continuing, the
Borrower will not pay, or cause or permit to be paid, any management or advisory fees of any type to the Investment Advisor, whether pursuant to the terms of an investment advisory agreement or not.</font></p>

<p><a name="_Toc30273090"></a><a name="_Toc30273266"></a><a name="_Toc30302522"></a><a name="_Toc30425189"></a><a name="_Toc32992582"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s710"><font size="3">Section 7.10</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font> <u><font
size="3">Partnerships, Joint Ventures and Subsidiaries</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower will not be a general partner or joint venture in any partnership or joint
venture, or create or permit to exist any subsidiary of the Borrower.</font></p>

<p><a name="_Toc13382353"></a><a name="_Toc13382454"></a><a name="_Toc30173838"></a><a name="_Toc30236459"></a><a name="_Toc30273091"></a><a name="_Toc30273267"></a><a name="_Toc30302523"></a><a name="_Toc30425190"></a><a name="_Toc32992583"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Financial Covenants</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CP Maintenance Ratio</u>. The Borrower
will not permit the CP Maintenance Ratio as of the last Business Day of any calendar week to be less than 4.05:1.00.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Gross Asset Coverage Ratio</u>. The
Borrower will not permit the Gross Asset Coverage Ratio as of any Calculation Date to be less than 4.00:1.00, <u>provided</u> that if such ratio is less than 4.10:1.00 as of any Calculation Date, such ratio shall be calculated as of the close of business on each
Business Day thereafter until such ratio is greater than 4.10:1.00 (and the Borrower shall cause the Investment Advisor to provide the Administrative Agent, by telephone or facsimile, with a reasonably detailed statement of the Gross Asset Coverage Ratio for each
Business Day during the period described in this proviso by not later than the following Business Day.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Net Asset Coverage Ratio</u>. The
Borrower will not permit the Net Asset Coverage Ratio as of any Calculation Date to be less than 4.00:1.00, <u>provided</u> that if such ratio is less than 4.10:1.00 as of any Calculation Date, such ratio shall be calculated as of the close of business on each
Business Day thereafter until such ratio is greater than 4.10:1.00 (and the Borrower shall cause the Investment Advisor to provide the Administrative Agent, by telephone or facsimile, with a reasonably detailed statement of the Net Asset Coverage Ratio for each
Business Day during the period described in this proviso by not later than the following Business Day.</font></p>

<p align="center"><a name="a8"><font size="3" face="Times New Roman">Article 8.</font></a><a name="_Toc13382354"></a><a name="_Toc13382455"></a><a name="_Toc30173839"></a><a name="_Toc30236460"></a><a name="_Toc30273092"></a><a name="_Toc30273268"></a><a name=
"_Toc30302524"></a><a name="_Toc30425191"></a><a name="_Toc32992584"></a></p>

<p align="center"><font size="3" face="Times New Roman">EVENTS OF DEFAULT</font></p>

<p><a name="_Toc30273093"></a><a name="_Toc30273269"></a><a name="_Toc30302525"></a><a name="_Toc30425192"></a><a name="_Toc32992585"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s81"><font size="3">Section 8.1</font></a><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<u><font size="3">Events of Default</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the following events constitute an "<u>Event of Default</u>":</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall fail to pay any
principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall fail to pay any
interest on any Loan or any fee, commission or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a
period of three Business Days;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any representation or warranty (i) made
or deemed made on the Closing Date, on the date of any Borrowing and on the date of any issuance of CP Notes by or on behalf of the Borrower pursuant to, or in connection with, any Transaction Document or (ii) made or deemed made by or on behalf of the Borrower
pursuant to, or in connection with, any amendment or modification or waiver of or under any Transaction Document, or in any report, certificate, financial statement or other document furnished pursuant to, or in connection with, any Transaction Document or any
amendment or modification or waiver of or under any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall fail to observe or
perform any covenant, condition or agreement contained in Section 2.10, 6.3(a), 6.7, 6.9, 6.10 or 6.12 or in Article 7 (other than Section 7.11(a));</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall fail to observe or
perform any covenant, condition or agreement contained in any Transaction Document to which it is a party (other than those specified in clause (a), (b) or (d) of this Article), and (i) with respect to Section 7.11(a), such failure shall continue unremedied for a
period of 15 days after the Borrower shall have obtained knowledge thereof and (ii) with respect to each such covenant, condition or agreement (other than those contained in Section 7.11(a)), such failure shall continue unremedied for a period of 30 days after the
Borrower shall have obtained knowledge thereof;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall fail to make any
payment (whether of principal, interest or otherwise and regardless of amount) in respect of any Material Obligations when and as the same shall become due and payable (after giving effect to any applicable grace period);</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any event or condition occurs that
results in any Material Obligations becoming due prior to their scheduled maturity or payment date, or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Obligations or any trustee or agent
on its or their behalf to cause any Material Obligations to become due prior to their scheduled maturity or payment date or to require the prepayment, repurchase, redemption or defeasance thereof prior to their scheduled maturity or payment date (in each case after
giving effect to any applicable cure period), <u>provided</u> that this clause (g) shall not apply to secured Liabilities that become due solely as a result of the voluntary sale or transfer of the property or assets securing such Liabilities;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an involuntary proceeding shall be
commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or for a substantial part of its assets, and, in any such case, such proceeding or petition or appointment
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall (i) voluntarily
commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or for a
substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the
foregoing;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Borrower shall become unable,
admit in writing its inability or fail generally to pay its debts as they become due;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; one or more judgments for the payment of
money in an aggregate amount in excess of $1,000,000 shall be rendered against the Borrower (which shall not be fully covered by insurance without taking into account any applicable deductibles) and the same shall remain undischarged or unbonded for a period of 30
consecutive days during which execution shall not be effectively stayed, or enforcement proceeding shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower to enforce any such judgment;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any Transaction Document shall
cease, for any reason not expressly provided hereunder, to be in full force and effect against the Borrower, or the Borrower shall so assert in writing or shall disavow any of its obligations thereunder; or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Investment Advisor shall for any reason (i)
cease to serve as the investment advisor to the Borrower and such failure shall continue unremedied for a period of 30 days or (ii) cease to be a registered investment advisor under the Investment Advisors Act.</font></p>

<p><a name="_Toc30273094"></a><a name="_Toc30273270"></a><a name="_Toc30302526"></a><a name="_Toc30425193"></a><a name="_Toc32992586"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Event of Bankruptcy</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon the occurrence of any Event of Bankruptcy, the Commitments shall automatically
terminate (whether&nbsp; before or after the Closing Date) and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued under the Loan Documents, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.</font></p>

<p><a name="_Toc30273095"></a><a name="_Toc30273271"></a><a name="_Toc30302527"></a><a name="_Toc30425194"></a><a name="_Toc32992587"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Other Events of Default</font></u></p>

<p><font size="3" face="Times New Roman">Upon the occurrence and during the continuance of any Event of Default (other than an Event of Bankruptcy), the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower (with a copy
to each of the Depositary and the Placement Agent), take either or both of the following actions (whether before or after the Closing Date), at the same or different times:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) subject to Section 8.4, declare the Commitments terminated,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) declare the Loans then outstanding to be due and payable in whole (or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in part, in which case any principal not so declared to be due and payable may<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereafter be declared to be due and payable), and thereupon the principal of the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans so declared to be due and payable, together with accrued interest thereon<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and all fees and other obligations of the Borrower accrued under the Loan<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Documents, shall become due and payable immediately, without presentment,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; demand, protest or other notice of any kind, all of which are hereby waived by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrower.</font></p>

<p><a name="_Toc30425195"></a><a name="_Toc32992588"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section
8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Declaration of Commitment Termination</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon any declaration of the termination of the Commitments under Section 8.3(i), the
Commitments shall terminate immediately, <u>provided</u> that no termination of the Commitments pursuant to this Section 8.4 shall be effective if, immediately after giving effect thereto, there would be any Outstanding Eligible CP Notes, <u>provided</u>
<u>further</u> that the Commitments shall, on each date following any such declaration, be automatically reduced to an amount equal to the aggregate Face Amount of all Outstanding Eligible CP Notes.</font></p>

<p align="center"><a name="a9"><font size="3" face="Times New Roman">Article 9.</font></a><a name="_Toc13382355"></a><a name="_Toc13382456"></a><a name="_Toc30173840"></a><a name="_Toc30236461"></a><a name="_Toc30273096"></a><a name="_Toc30273272"></a><a name=
"_Toc30302528"></a><a name="_Toc30425196"></a><a name="_Toc32992589"></a></p>

<p align="center"><font size="3" face="Times New Roman">THE ADMINISTRATIVE AGENT</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Credit Party hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent, and such Person and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Affiliate thereof as if it were not the Administrative Agent
hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing,
(i) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Credit Parties as shall be
necessary under the circumstances as provided in Section 10.2), and (iii) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower
that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Credit Parties as shall be necessary under the circumstances as provided in Section 10.2) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of
any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Credit Party (and, promptly after its receipt of any such notice, it shall give each Credit Party and the Borrower notice thereof), and the Administrative
Agent shall not be responsible for or have any duty to ascertain or inquire into (a) any statement, warranty or representation made in or in connection with any Loan Document, (b) the contents of any certificate, report or other document delivered thereunder or in
connection therewith, (c) the performance or observance of any of the covenants, agreements or other terms or conditions set forth therein, (d) the validity, enforceability, effectiveness or genuineness thereof or any other agreement, instrument or other document or
(e) the satisfaction of any condition set forth in Article 5 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper
Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub agents appointed by the
Administrative Agent, <u>provided</u> that no such delegation shall serve as a release of the Administrative Agent or waiver by the Borrower of any rights hereunder. The Administrative Agent and any such sub agent may perform any and all its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by
notifying the Credit Parties and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Credit Parties, appoint a successor Administrative Agent which shall be an Eligible Assignee
and shall have an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and Section 10.3 shall continue in effect for the benefit of such retiring Administrative Agent, its
sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Credit Party acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Credit Party and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Credit Agreement. Each Credit Party also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other
Credit Party and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon any Loan Document, any related agreement or any document furnished
thereunder.</font></p>

<p align="center"><a name="a10"><font size="3" face="Times New Roman">Article 10.</font></a><a name="_Toc13382356"></a><a name="_Toc13382457"></a><a name="_Toc30173841"></a><a name="_Toc30236462"></a><a name="_Toc30273097"></a><a name="_Toc30273273"></a><a name=
"_Toc30302529"></a><a name="_Toc30425197"></a><a name="_Toc32992590"></a></p>

<p align="center"><font size="3" face="Times New Roman">MISCELLANEOUS</font></p>



<p><a name="_Toc13382357"></a><a name="_Toc13382458"></a><a name="_Toc30173842"></a><a name="_Toc30236463"></a><a name="_Toc30273098"></a><a name="_Toc30273274"></a><a name="_Toc30302530"></a><a name="_Toc30425198"></a><a name="_Toc32992591"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Notices</font></u><font size=
"3">.</font><font size="3"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the case of notices and other communications expressly permitted to be given
by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if to the Borrower, to it at 55 East
Monroe Street, Chicago, Illinois 60603, Attention of: T. Brooks Beittel, Senior Vice President and Secretary, (Telephone No. (312) 630&#8209;4692; Facsimile No. (312) 630&#8209;2226);</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if to the Administrative Agent, to it at
One Wall Street, New York, New York 10286, Attention of: Susan Baratta, (Telephone No. (212) 635&#8209;4695; Facsimile No. (212) 635&#8209;6365 or 6366 or 6367), with a copy to The Bank of New York, at One Wall Street, New York, New York 10286, Attention of: Timothy
Somers (Telephone No. (212) 635&#8209;8528; Facsimile No. (212) 635&#8209;6348);</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if to the Depositary, to it at Corporate
Trust Division, 101 Barclay Street, 8W, New York, New York 10286, Attention: Mary LaGumina (Telephone No. (212) 815&#8209;4812; Facsimile No. (212) 815&#8209;5707); and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if to any other Credit Party, to it at
its address (or facsimile number) set forth in its Administrative Questionnaire.</font></p>

<p><font size="3" face="Times New Roman">Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance
with the provisions of this Credit Agreement shall be deemed to have been given on the date of receipt.</font></p>

<p><a name="_Toc13382358"></a><a name="_Toc13382459"></a><a name="_Toc30173843"></a><a name="_Toc30236464"></a><a name="_Toc30273099"></a><a name="_Toc30273275"></a><a name="_Toc30302531"></a><a name="_Toc30425199"></a><a name="_Toc32992592"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Waivers; Amendments</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No failure or delay by any Credit Party
in exercising any right or power under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Credit Parties under the Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
any Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be made pursuant to paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default at the time.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neither any Loan Document nor any
provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders,
<u>provided</u> that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) increase the Commitment of any Lender as a percentage of the total aggregate Commitments of all Lenders (other than as a result of
a Successful Extension Request (a) to which such Lender was a Consenting Lender, and (b) in respect of which one or more Lenders were not Consenting Lenders) without the written consent of such Lender,&nbsp; (iii) reduce the principal amount of any Loan, reduce the
rate of any interest (other than under Section 3.1(b)), or reduce any fees, payable under the Loan Documents, without the written consent of each Credit Party affected thereby, (iv) postpone the date of payment at stated maturity of any Loan, any interest or any fees
payable under the Loan Documents, or reduce the amount of, waive or excuse any such payment, or postpone the stated termination or expiration of the Commitments without the written consent of each Credit Party affected thereby, (v) change any provision hereof in a
manner that would alter the pro rata sharing of payments required by Section 2.8(b) or the pro rata reduction of Commitments required by Section 2.5(c), without the written consent of each Credit Party affected thereby, or (vi) change any of the provisions of this
Section or the definition of the term "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, or change the
currency in which Loans are to be made or payments under the Loan Documents are to be made, or provide for additional borrowers, without the written consent of each Lender, and <u>provided</u> <u>further</u> that no such agreement shall amend, modify or otherwise
affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent.</font></p>

<p><a name="_Toc13382359"></a><a name="_Toc13382460"></a><a name="_Toc30173844"></a><a name="_Toc30236465"></a><a name="_Toc30273100"></a><a name="_Toc30273276"></a><a name="_Toc30302532"></a><a name="_Toc30425200"></a><a name="_Toc32992593"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Expenses; Indemnity; Damage
Waiver</font></u></p>

<p><font size="3" face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall pay (i) all reasonable out&#8209;of&#8209;pocket costs and expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facility provided for herein, the preparation and administration of each Loan Document or any amendments, modifications or waivers of the provisions
thereof (whether or not the transactions contemplated thereby shall be consummated) and (ii) all reasonable out&#8209;of&#8209;pocket costs and expenses incurred by any Credit Party, including the reasonable fees, charges and disbursements of any counsel for any
Credit Party and any consultant or expert witness fees and expenses, in connection with the enforcement or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made, including all
such reasonable out&#8209;of&#8209;pocket costs and expenses incurred during any workout, restructuring or negotiations in respect of such Loans.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower shall indemnify each Credit
Party and each Related Party thereof (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the
performance by the parties to the Loan Documents of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or the use of the proceeds thereof, (iii) any actual or alleged presence
or release of Hazardous Materials on or from any property owned or operated by the Borrower, or any Environmental Liability related in any way to the Borrower or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto, <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent that the Borrower fails to
pay any amount required to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent an amount equal to the product of such unpaid amount <u>multiplied by</u> a fraction, the
numerator of which is the sum of such Lender's unused Commitment <u>plus</u> the outstanding principal balance of such Lender's Loans and the denominator of which is the sum of the unused Commitments <u>plus</u> the outstanding principal balance of all Lenders' Loans
(in each case determined as of the time that the applicable unreimbursed expense or indemnity payment is sought or, in the event that no Lender shall have any unused Commitments or outstanding Loans at such time, as of the last time at which any Lender had any unused
Commitments or outstanding Loans), <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as applicable, was incurred by or asserted against the Administrative Agent in its capacity as such.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable
law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct and actual damages) arising out of, in connection with, or as a result
of, any Loan Document or any agreement, instrument or other document contemplated thereby, the Transactions or any Loan or the use of the proceeds thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All amounts due under this Section shall
be payable promptly but in no event later than ten days after written demand therefor.</font></p>

<p><a name="_Toc13382360"></a><a name="_Toc13382461"></a><a name="_Toc30173845"></a><a name="_Toc30236466"></a><a name="_Toc30273101"></a><a name="_Toc30273277"></a><a name="_Toc30302533"></a><a name="_Toc30425201"></a><a name="_Toc32992594"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Successors and Assigns</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The provisions of the Loan Documents
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Credit Party (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). Nothing in the Loan Documents, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each Credit Party) any legal or equitable right, remedy or claim under or by reason of any Loan Document.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Lender may assign all or a portion of
its rights and obligations under the Loan Documents (including all or a portion of its Commitment and the applicable Loans at the time owing to it) to one or more Eligible Assignees, <u>provided</u> that (i) except in the case of an assignment to a Lender or an
Affiliate of a Lender, each of the Borrower and the Administrative Agent must give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed), (ii) except in the case of an assignment to a Lender or an Affiliate of a
Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $5,000,000, unless the Borrower and the Administrative Agent otherwise consent (which consent shall not be unreasonably withheld or delayed), (iii) no assignments to the Borrower or any of its
Affiliates shall be permitted (and any attempted assignment or transfer to the Borrower or any of its Affiliates shall be null and void), (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance together
with, unless otherwise agreed by the Administrative Agent, a processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire, <u>provided</u> <u>further,</u> that
any consent of the Borrower otherwise required under this paragraph shall not be required if a Default has occurred and is continuing, and <u>provided</u> <u>further</u>, that if the Program Termination Date has not occurred or if such assignment would increase the
number of Lenders to eleven or more, no such assignment shall occur if the Rating Agencies refuse to reconfirm the rating of the CP Notes after a timely request for such reconfirmation by the Borrower to the Rating Agencies made prior to the effectiveness of any such
assignment. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under the Loan Documents, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations
under the Loan Documents (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 3.5, 3.6, 3.7 and 10.3 with respect to facts and circumstances occurring prior to the effectiveness of such assignment). Except as otherwise provided under clause (iii) of this paragraph, any assignment or transfer by a Lender of rights or obligations under
the Loan Documents that does not comply with this paragraph shall be treated for purposes of the Loan Documents as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent, acting for this
purpose as an agent of the Borrower, shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent clearly demonstrable error, and the Borrower and each Credit Party may treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Credit Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Credit Party, at any reasonable time and from time to time upon reasonable
prior notice.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon its receipt of a duly completed
Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section
and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of
this Credit Agreement unless it has been recorded in the Register as provided in this paragraph.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Lender may, without the consent of
the Borrower or any Credit Party, sell participations to one or more banks or other entities (each such bank or other entity being called a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under the Loan Documents (including all or a
portion of its Commitment and outstanding Loans owing to it), <u>provided</u> that (i) such Lender's obligations under the Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations, (iii) the Borrower and the Credit Parties shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under the Loan Documents and (iv) no participations to the Borrower or any of its Affiliates
shall be permitted (and any attempted participation to the Borrower or any of its Affiliates shall be null and void). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to
enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of any Loan Documents, <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in the first proviso to Section 10.2(b) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.5, 3.6 and 3.7 to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8 as though it were a Lender,
<u>provided</u> that such Participant agrees to be subject to Section 2.8(c) as though it were a Lender.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Participant shall not be entitled
to receive any greater payment under Section 3.5 or 3.7 than the Lender that sold the participation to such Participant would have been entitled to receive with respect to the interest in the Loan Documents subject to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.7 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.7(e) as though it were a Lender.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under the Loan Documents to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or
assignment of a security interest, <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations under the Loan Documents or substitute any such pledgee or assignee for such Lender as a party
hereto.</font></p>

<p><a name="_Toc13382361"></a><a name="_Toc13382462"></a><a name="_Toc30173846"></a><a name="_Toc30236467"></a><a name="_Toc30273102"></a><a name="_Toc30273278"></a><a name="_Toc30302534"></a><a name="_Toc30425202"></a><a name="_Toc32992595"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Survival</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All covenants, agreements, representations and warranties made by the Borrower herein
and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Credit Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
of any Loan Document and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default or incorrect representation or warranty at the
time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under the Loan Documents is outstanding and unpaid and so long as the Commitments
have not expired or terminated. The provisions of Sections 3.5, 3.6, 3.7 and 10.3, 10.9, 10.10 and Article 9 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and the
termination of the Commitments or the termination of this Credit Agreement or any provision hereof.</font></p>

<p><a name="_Toc13382362"></a><a name="_Toc13382463"></a><a name="_Toc30173847"></a><a name="_Toc30236468"></a><a name="_Toc30273103"></a><a name="_Toc30273279"></a><a name="_Toc30302535"></a><a name="_Toc30425203"></a><a name="_Toc32992596"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Counterparts; Integration;
Effectiveness</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Credit Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which, when taken together, shall constitute but one contract. This Credit Agreement and any separate letter agreements with respect to fees payable to any Credit Party or the
syndication of the credit facilities established hereunder constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 5.1, this Credit Agreement shall become effective as of the date set forth in the preamble to this Credit Agreement when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the other parties and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of
this Credit Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart of this Credit Agreement.</font></p>

<p><a name="_Toc13382363"></a><a name="_Toc13382464"></a><a name="_Toc30173848"></a><a name="_Toc30236469"></a><a name="_Toc30273104"></a><a name="_Toc30273280"></a><a name="_Toc30302536"></a><a name="_Toc30425204"></a><a name="_Toc32992597"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Severability</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event any one or more of the provisions contained in this Credit Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).&nbsp; The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</font></p>

<p><a name="_Toc13382364"></a><a name="_Toc13382465"></a><a name="_Toc30173849"></a><a name="_Toc30236470"></a><a name="_Toc30273105"></a><a name="_Toc30273281"></a><a name="_Toc30302537"></a><a name="_Toc30425205"></a><a name="_Toc32992598"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Right of Setoff</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each of the Lenders and their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by it to or for the credit or the
account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Credit Agreement and the other Loan Documents held by it, irrespective of whether or not it shall have made any demand therefor and although such
obligations may be unmatured (a) if an Event of Bankruptcy shall have occurred or if the Borrower fails to make any payment (whether of principal, interest, fees or otherwise and regardless of amount) to any Credit Party when the same shall become due under the Loan
Documents or (b) with the consent of the Required Lenders if any other Event of Default shall have occurred and be continuing. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender,
<u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each of the Lenders and their respective Affiliates under this Section are in addition to other rights and remedies (including other
rights of setoff) that they may have.</font></p>

<p><a name="_Toc13382365"></a><a name="_Toc13382466"></a><a name="_Toc30173850"></a><a name="_Toc30236471"></a><a name="_Toc30273106"></a><a name="_Toc30273282"></a><a name="_Toc30302538"></a><a name="_Toc30425206"></a><a name="_Toc32992599"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <u><font size="3">Governing Law; Jurisdiction; Consent to
Service of Process</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Credit Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Credit Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that, to the extent permitted by applicable law, all claims in
respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by applicable law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Credit Agreement shall affect any right that the Administrative Agent or any other Credit Party may otherwise have to bring any
action or proceeding relating to this Credit Agreement or the other Loan Documents against the Borrower, or any of its property, in the courts of any jurisdiction.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Credit Agreement or the other Loan
Documents in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower irrevocably consents to
service of process in the manner provided for notices in Section 10.1. Nothing in this Credit Agreement will affect the right of any party to this Credit Agreement to serve process in any other manner permitted by law.</font></p>

<p><a name="_Toc13382366"></a><a name="_Toc13382467"></a><a name="_Toc30173851"></a><a name="_Toc30236472"></a><a name="_Toc30273107"></a><a name="_Toc30273283"></a><a name="_Toc30302539"></a><a name="_Toc30425207"></a><a name="_Toc32992600"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></a> <a name="s1010"><font size="3">Section 10.10</font></a><font size="3">&nbsp;&nbsp;</font>
<b><u><font size="3">WAIVER OF JURY TRIAL</font></u></b></p>

<p><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <b><font size="3">EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.<a name="_Toc13382367"></a><a name="_Toc13382468"></a><a name="_Toc30173852"></a><a name=
"_Toc30236473"></a><a name="_Toc30273108"></a><a name="_Toc30273284"></a><a name="_Toc30302540"></a><a name="_Toc30425208"></a><a name="_Toc32992601"></a></font></b></p>

<p><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <font size="3">Section 10.11&nbsp;&nbsp;</font> <u><font size=
"3">Headings</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="3">Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Credit Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Credit Agreement.<a name="_Toc13382368"></a><a name="_Toc13382469"></a><a name=
"_Toc30173853"></a><a name="_Toc30236474"></a><a name="_Toc30273109"></a><a name="_Toc30273285"></a><a name="_Toc30302541"></a><a name="_Toc30425209"></a><a name="_Toc32992602"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.12&nbsp;&nbsp; <u>Interest Rate Limitation</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts that are treated as interest thereon under applicable law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") that may be contracted for,
charged, taken, received or reserved by the Lender holding an interest in such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all of the Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and the Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated, and the interest and the charges payable to such Lender in
respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.<a name=
"_Toc30273110"></a><a name="_Toc30273286"></a><a name="_Toc30302542"></a><a name="_Toc30425210"></a><a name="_Toc32992603"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.13&nbsp;&nbsp; <u>Agreement not to File Petition in
Bankruptcy</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Credit Party, severally for itself alone, agrees that it will not institute
against, or join any other Person in instituting against, the Borrower any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any Federal or State bankruptcy or similar law, for one year and a day after the latest
maturing CP Note is paid.&nbsp; However, nothing contained in this Section 10.13 shall prevent the Credit Parties from acting to protect their respective interests in the event that the Borrower has instituted such proceedings or that other parties have instituted
such proceedings against the Borrower.&nbsp; The provisions of this Section 10.13 shall survive the termination of this Agreement.<a name="_Toc13382369"></a><a name="_Toc13382470"></a><a name="_Toc13382610"></a><a name="_Toc32992604"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.14&nbsp;&nbsp; <u>Treatment of Certain Information</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Credit Party agrees to use reasonable precautions to keep confidential, in
accordance with its customary procedures for handling confidential information of the same nature, all non&#8209;public information supplied by the Borrower pursuant to this Credit Agreement which (i) is clearly identified by such Person as being confidential at the
time the same is delivered to such Credit Party or (ii) constitutes any financial statement, financial projections or forecasts, budget, Compliance Certificate, audit report, management letter or accountants' certification delivered hereunder ("information"),
<u>provided</u> that nothing herein shall limit the disclosure of any information (a) to any of its respective Related Parties that needs to know such information, (b) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, or requested by any bank regulatory authority, (c) on a confidential basis, to prospective lenders or participants or their counsel, (d) to auditors, accountants, consultants and advisors, and any analogous counterpart thereof, (e) to any other Credit Party,
(f) in connection with any litigation to which any one or more of the Credit Parties is a party, (g) to the extent such information (A) becomes publicly available other than as a result of a breach of this Credit Agreement by such Credit Party, (B) becomes available
to any of the Credit Parties on a non&#8209;confidential basis from a source other than the Borrower or any of its Affiliates or (C) was available to the Credit Parties on a non&#8209;confidential basis prior to its disclosure to any of them by the Borrower or any of
its Affiliates; and (h) to the extent the Borrower shall have consented to such disclosure in writing.<a name="_Toc32992605"></a></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.15&nbsp;&nbsp; <u>Use of Lender Names</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender hereby consents to the use by the Borrower of its name and credit rating in
the private placement memorandum to be issued in connection with any CP Notes.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><b><font size="3" face="Times New Roman">[Signature pages follow]</font></b></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p align="center"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
CREDIT AGREEMENT</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be duly executed by their respective authorized officers as of the day and year
first above written.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: <u>&nbsp; /s/ Nathan I.Partain</u></font><b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
<font size="3">Name:&nbsp; <u>Nathan I. Partain<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Title:&nbsp;&nbsp;&nbsp; <u>President and CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p align="center"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
CREDIT AGREEMENT</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BANK OF NEW YORK, individually and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
as Administrative Agent</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp; <u>/s/ Philip H. Evans&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; <u>Philip H. Evans<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Title:&nbsp;&nbsp;&nbsp; <u>Vice
President<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p align="center"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
CREDIT AGREEMENT</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DANSKE BANK A\S</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp; <u>/s/ George Neofitidis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; <u>George Neofitidis<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Title:&nbsp;&nbsp;&nbsp; <u>Vice
President&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp; <u>/s/ John A. O'Neill<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; <u>John A. O'Neill&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Title:&nbsp;&nbsp;&nbsp; <u>Assistant General Manager&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
CREDIT AGREEMENT</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE&nbsp; NORTHERN TRUST COMPANY</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp; <u>/s/ Ashish S. Bhagwat&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Name:&nbsp; <u>Ashish S. Bhagwat&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</b></u>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Title:&nbsp;&nbsp;&nbsp; <u>Vice
President&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></u></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><b><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.<br />
CREDIT AGREEMENT</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
HARRIS TRUST AND SAVINGS BANK</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp; <u>/s/ Charles Howes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; <u>Charles Howes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp;&nbsp; <u>Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="2" face="Times New Roman"></font></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>16
<FILENAME>exhib_k5.htm
<TEXT>
<html>
<head>
<title>EXHIBIT K-5</title>
</head>
<body>
<div>
<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p align="center"><u><font size="3" face="Times New Roman">DEPOSITARY AGREEMENT</font></u></p>

<p align="center"><font size="3" face="Times New Roman">dated as of April 29, 1993</font></p>

<p align="center"><font size="3" face="Times New Roman">between</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p align="center"><font size="3" face="Times New Roman">and</font></p>

<p align="center"><font size="3" face="Times New Roman">IBJ SCHRODER BANK &amp; TRUST COMPANY</font></p>

<p><u><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">TABLE OF CONTENTS</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Section</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Page</u></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp; Issuance of the CP Notes............................................................................................. &nbsp;&nbsp;
&nbsp;&nbsp;1</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp; Payment of the CP Notes............................................................................................. &nbsp;&nbsp;
&nbsp;&nbsp;6</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp; Accounts...................................................................................................................... &nbsp;&nbsp;
&nbsp;&nbsp;8</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp; The Credit Agreement.................................................................................................. &nbsp;&nbsp;
&nbsp;&nbsp;9</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp; Indemnity Provisions..................................................................................................... &nbsp;&nbsp; 10</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp; Notices........................................................................................................................ &nbsp;&nbsp;
10</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp; Agreement Not to File Petition in Bankruptcy................................................................ &nbsp;&nbsp; 10</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp; Representations and Warranties.................................................................................... &nbsp;&nbsp; 11</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.&nbsp; Special Covenants of the Company............................................................................... &nbsp;&nbsp; 11</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp; Termination................................................................................................................ &nbsp;&nbsp;
13</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp; Amendment................................................................................................................ &nbsp;&nbsp; 13</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp; Protection of Depositary............................................................................................. &nbsp;&nbsp; 13</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.&nbsp; Successor Depositary................................................................................................. &nbsp;&nbsp; 14</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.&nbsp; Fees and Expenses..................................................................................................... &nbsp;&nbsp; 15</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.&nbsp; Benefit of Agreement.................................................................................................. &nbsp;&nbsp; 15</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.&nbsp; Governing Law........................................................................................................... &nbsp;&nbsp; 15</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.&nbsp; Execution in Counterparts........................................................................................... &nbsp;&nbsp; 16</font></p>

<p><font size="3" face="Times New Roman">EXHIBIT A - &nbsp; List of Defined Terms<br />
EXHIBIT B -&nbsp;&nbsp; Form of Master CP Note<br />
EXHIBIT C -&nbsp;&nbsp; Form of Certificated CP Note<br />
EXHIBIT D -&nbsp;&nbsp; Form of Loan Request (by Depositary)<br />
EXHIBIT E -&nbsp;&nbsp; Form of Notice of Change in Commitment Amount<br />
EXHIBIT F -&nbsp;&nbsp; Addresses for Notice</font></p>

<div><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="left" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
April 29, 1993</font></p>

<p><font size="3" face="Times New Roman">IBJ Schroder Bank &amp; Trust Company<br />
One State Street<br />
New York, New York&nbsp; 10004</font></p>

<p align="center"><b><font size="3" face="Times New Roman">DEPOSITARY AGREEMENT</font></b></p>

<p><font size="3" face="Times New Roman">Ladies and Gentlemen:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We hereby request that you (the "<u>Depositary</u>") act as issuing and paying agent and depositary in connection with the sale from time to time of CP Notes
(as hereinafter defined) of Duff &amp; Phelps Utilities Income Inc. (the "<u>Company</u>"), and that you undertake certain obligations, but only such obligations as described in this Agreement, on behalf of the holders from time to time of such CP Notes (the "<u>CP
Holders</u>").&nbsp; In such capacities you shall be governed by the terms and conditions of this Depositary Agreement (hereinafter referred to as "<u>this Agreement</u>") and, whenever the book-entry system of The Depository Trust Company ("<u>DTC</u>") is used for
the CP Notes, the Letter of Representations (the "<u>Letter of Representations</u>") from the Company and you that shall be delivered to DTC before the first use of such book-entry system, the Commercial Paper Certificate Agreement between you and DTC (the
"<u>Certificate Agreement</u>") and the procedures set forth in the DTC Commercial Paper Issuing/Paying Agency Manual and Rules of DTC, including DTC's Same-Day Funds Settlement System (collectively, the "<u>DTC Rules</u>").&nbsp; The Letter of Representations, the
Certificate Agreement and the DTC Rules are herein collectively called the "<u>DTC Documents</u>".&nbsp; You shall be required to perform only such duties as are specifically set forth in this Agreement and in the DTC Documents.&nbsp; No implied duties shall be read
into this Agreement against you.&nbsp; In the event of a conflict between this Agreement and the terms of the DTC Documents, the DTC Documents shall control to the extent (but only to the extent) of such conflict.&nbsp; Capitalized terms used but not defined herein
have the meanings assigned thereto in <u>Exhibit A</u> attached hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp; <u>Issuance of the CP Notes</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; During the period that this Agreement is in effect, CP Notes of the
Company may be issued either in bearer or in registered form, and may be represented either by (i) (A) one of two global securities of the Company, in substantially the form attached hereto as <u>Exhibit B</u> (a "<u>Master CP Note</u>"), evidencing either discount
CP Notes or interest-bearing CP Notes and delivered to you as custodian and agent for DTC, and (B) entries in the book-entry system maintained by DTC ("<u>Book-Entry CP Notes</u>") or (ii) a promissory notes of the Company issued in definitive form in substantially
the form attached hereto as <u>Exhibit C</u> (a "<u>Certificated CP Note</u>)" delivered to the purchasers thereof.&nbsp; Certificated CP Notes and Book-Entry CP Notes are herein collectively called "<u>CP Notes</u>".</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> On the date of execution and delivery of this Agreement, or at such
time thereafter as the Company shall use the DTC book-entry system for Book-Entry CP Notes, the Company will deliver to you an executed Master CP Note evidencing the aggregate Face Amount of Book-Entry CP Notes to be issued via DTC's book-entry system, which Master
CP Note shall be registered in the name of DTC's nominee and shall be held by you as custodian and agent on DTC's behalf.&nbsp; During the period that this Agreement is in effect, the Company may also deliver to you from time to time, as Depositary, executed
Certificated CP Notes, to be held in safekeeping by you for the account of the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; The Master CP Note and Certificated CP Notes will be signed (either
manually or by facsimile) on behalf of the Company by an officer of the Company whose name appears on a certificate to be furnished pursuant to the next sentence.&nbsp; Prior to or concurrently with your execution and delivery of this Agreement, you will be furnished
with incumbency certificates with respect to the officers of the Company whose signatures are authorized to appear on the CP Notes, together with specimen signatures of such officers.&nbsp; Any CP Note bearing the signature of a person authorized to execute the same
on the date such signature is affixed thereto shall bind the Company after your completion of such CP Note notwithstanding that such person shall have died or otherwise shall have ceased to hold his or her office on the date such CP Note is countersigned or delivered
by you.&nbsp; Such certificates also shall identify the authorized agents of the Company (including authorized officers and employees of the Placement Agent) (collectively, the "<u>Company Representatives</u>") authorized to give notices and instructions hereunder on
behalf of the Company, it being understood that such notices and instructions occasionally may be given by the Placement Agent on the Company's behalf.&nbsp; From time to time the Company also will furnish you with certificates from the Agent identifying its
authorized officers (the "<u>Authorized Agent Officers</u>") referred to below.&nbsp; Until the Depositary shall receive a subsequent incumbency certificate of the Company, or until a Designated Depositary Person shall have actual knowledge of the lack of authority
of any individual, the Depositary may rely on the last such certificate delivered to it.&nbsp; The Company hereby agrees to provide to the Depositary from time to time upon request, a copy of the Company's current signature book or appropriate certificates of
designation, in either case setting forth the names, offices and specimen signatures of the Company Representatives.&nbsp; The Company further agrees that the Depositary shall be fully protected in giving notices or instructions to, and in relying and acting upon
notices, demands, requests and other communications received from, any person reasonably believed by it to be a Company Representative or an Authorized Agent Officer, and that the Depositary shall be entitled to assume, in the absence of prior notice to the contrary
received by it from the Company, that any signature purporting to be an authorized signature of the Company on any Certificated CP Note or any receipt for any Certificated CP Note is in fact the valid and authorized signature of a Company Representative.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Upon your receipt of this Agreement, and at such times thereafter that
you may choose, you shall deliver to the Company, the Agent and the Placement Agent a certificate certifying the incumbency and specimen signatures of (i) your employees who are authorized to enter issuance instructions in the DTC book-entry system with respect to
Book-Entry CP Notes ("<u>Issuance Instructions</u>") and to receipt for, complete, authenticate and deliver Certificated CP Notes on your behalf (each of such employees being herein called a "<u>Signing Depositary Officer</u>"), and (ii) persons who are otherwise
authorized to act on your behalf hereunder and to give and receive notices on your behalf (each such person, collectively with the Signing Depositary Officers being herein called a "<u>Designated Depositary Person</u>").&nbsp; Until the Company shall receive a
subsequent incumbency certificate of the Depositary, or until a Company Representative shall have the actual knowledge of the lack of authority of any individual, the Company may rely on the last such certificate delivered to it.&nbsp; You hereby agree to provide to
the Company, the Agent and the Placement Agent, from time to time upon request by any of them, a copy of your current signature book or appropriate certificates of designation, in either case setting forth the names, offices and specimen signatures of the Signing
Depositary Officers and Designated Depositary Persons.&nbsp; You further agree that each of the Company, the Agent and the Placement Agent shall be fully protected in giving notices or instructions to, and in relying and acting upon notices, demands, requests and
other communications received from, any person reasonably believed by it to be a Designated Depositary Person, and that each of the Company, the Placement Agent and each CP Holder shall be entitled to assume, in the absence of prior notice to the contrary received by
it from you, that any signature purporting to be an authorized signature of the Depositary on any Certificated CP Note or any receipt for any Certificated CP Notes is in fact the valid and authorized signature of a Signing Depositary Officer.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; The Certificated CP Notes delivered to you will be incomplete as to
face amount or, in the case of interest-bearing CP Notes, the principal amount and interest rate thereon, date of issue and maturity.&nbsp; They will be numbered consecutively and may bear other appropriate identification.&nbsp; When any CP Note is delivered to you
as the Depositary, you will cause a Signing Depositary Officer to acknowledge receipt thereof by signing and returning a receipt to the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp; From time to time and at a mutually agreed upon time, a Signing
Depositary Officer, in accordance with instructions given by any Company Representative to a Designated Depositary Person (which instructions shall be given prior to 12:30 p.m., New York City time, on the date of issuance of such CP Notes), shall:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of Certificated CP Notes,</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; Withdraw the necessary number of Certificated CP Notes and complete
each<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Certificated CP Note as to the date of issue, maturity date, the name of the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; purchaser (unless such Certificated CP Note is in bearer form) and, in the case of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; discount Certificated CP Notes, the face amount or, in the case of interest bearing<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificated CP Notes, the principal amount and the interest rate thereon;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; Authenticate each such Certificated CP Note by countersigning the form
of<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authentication inscribed thereon; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; Deliver each such Certificated CP Note to or for the account of the
purchaser<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of such Certificated CP Note designated in such instructions against payment as herein<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provided; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of Book-Entry CP Notes, enter Issuance Instructions, which instructions should identify, without
limitation,</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; The Face Amount of Book-Entry CP Notes to be issued,</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; The date of issue and maturity date (which should be a Business Day),
and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; A delivery order to debit the account of the relevant Placement Agent or
of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the purchaser of&nbsp; such CP Notes (or the purchaser's custodian bank) at DTC (as specified<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by the relevant Placement Agent) with respect to the purchase price of such Book-Entry<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Notes against credit to your account with DTC.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Instructions from a Company Representative to enter Issuance Instructions for Book-Entry CP Notes, or for completion, authentication and delivery by you of
Certificated CP Notes (which instructions may be by facsimile transmission or electronic system-to-system link), shall include the following information with respect to each CP Note:&nbsp; date of issue, maturity date and, in the case of discount CP Notes, the face
amount, discount rate and amount of discount from face amount or, in the case of interest bearing CP Notes, the principal amount and the interest rate thereon, and the party to whom delivery of such CP Note is to be made together with such party's address (in the
case of Certificated CP Notes) or the payee's settlement bank (in the case of Book-Entry CP Notes), which settlement bank shall be a participant in the DTC book-entry commercial paper program.&nbsp; You shall incur no liability in acting upon facsimile or electronic
system-to-system instructions and approvals given to a Designated Depositary Person which such Designated Depositary Person believes in good faith to have been given by a Company Representative.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; You shall not issue any CP Note after the Business Day immediately
preceding the Stop Date that is in effect at the time of issuance thereof (provided that you shall have received notice of the Stop Date), and no CP Note shall mature later than (i) 270 days after the date of issuance thereof or (ii) 15 days prior to the Scheduled
Commitment Termination Date that to your actual knowledge is in effect at the time of issuance of such CP Note, whichever is earlier, or mature on a day other than a Business Day; <u>provided</u>, <u>however</u>, that, solely in the case of CP Notes issued on the
same date as notice is given by the Agent, a Lender or the Company pursuant to Section 8.3 of the Credit Agreement, but prior to receipt of such notice by the Depositary, for purposes of this Section 1(g) the Stop Date shall be deemed to be the day following the
giving of such notice rather than the date of the giving of such notice.&nbsp; No CP Note shall have a Face Amount less than $100,000.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)</font>&nbsp; Notwithstanding any instructions from a Company Representative to the
contrary, you shall not accept or act on Issuance Instructions with respect to Book-Entry CP Notes or complete, authenticate and deliver any Certificated CP Note if you shall determine (in consultation with the Company, the Agent and the Placement Agent) that,
immediately after giving effect to (i) such instructions or the completion, authentication and delivery of and receipt of payment for such CP Note, and (ii) the application of the proceeds of such issuance on such day in accordance with this Agreement:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; the aggregate Face Amount of all CP Notes Outstanding that shall mature<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; within any 44-day period would exceed the then Available Commitment (as defined in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Credit Agreement) as certified to you by the Agent;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; the aggregate Face Amount of all CP Notes Outstanding would exceed<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100,000,000;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; based on the Company's most recent certification to you, the Discounted<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of the Company's Eligible Portfolio Property (using the Discount Factor that<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; results in the lowest Discounted Value) would be less than the product of (1) 5.00 (or&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05 if you have received notice from the Agent to the effect that the Required Lenders<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; have agreed to 4.05) and (2) the Company's then outstanding Indebtedness; or</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp; based on the Company's most recent RP Basic Maintenance Report, the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Value of the Company's Eligible Portfolio Property would be less than the RP<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Maintenance Amount.</font></p>

<p><font size="3" face="Times New Roman">The Company shall use reasonable efforts to cause the Agent to advise a Designated Depositary Person of any extension of the Commitment under the Credit Agreement on or promptly after the date of such extension, and of any
change in the Available Commitment on the date of such change.&nbsp; In addition, if requested by the Depositary prior to any proposed issuance of CP Notes, then, as soon as practicable after receipt of such request, the Company (upon consultation with the Agent)
shall advise a Designated Depositary Person of the amount of the Available Commitment.&nbsp; You shall have no obligation to request such advice, and you shall be fully protected in relying upon the most recently received notice or certification, as the case may
be.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; If any Designated Depositary Person receives instructions from an
Authorized Agent Officer to cease (i) entering Issuance Instructions with respect to Book-Entry CP Notes or (ii) completing, authenticating or delivering Certificated CP Notes, you shall use your best efforts to comply with such instructions immediately,
notwithstanding any contrary instructions received by you from any Company Representative or any other Person.&nbsp; You shall incur no liability to the Company or any other Person in acting upon telephone instructions which a Designated Depositary Person believes in
good faith to have been given by an Authorized Agent Officer.&nbsp; In addition, you shall not incur any liability to the Agent or the Lenders for any CP Notes issued or delivered on the same date that such instructions are given but prior to the receipt of such
instructions by a Designated Depositary Person.&nbsp; If such instructions to cease entering Issuance Instructions or completing, authenticating or delivering CP Notes, as the case may be, are given by telephone, they shall be confirmed within twenty-four (24) hours
in writing.&nbsp; No further Issuance Instructions or completion, authentication or delivery of CP Notes shall be made until such time as an Authorized Agent Officer shall have rescinded such instructions and shall consent to the issuance of CP Notes by a notice in
writing to a Designated Depositary Person.&nbsp; Notwithstanding the provisions of this <u>subsection (i)</u>, the giving of instructions pursuant to this <u>subsection (i)</u> shall not have the effect of terminating, reducing or altering in any respect the terms of
the Credit Agreement with respect to CP Notes Outstanding at the time.&nbsp; Nothing in this <u>subsection (i)</u> or elsewhere in this Agreement shall constitute a waiver of any rights which the Agent or the Lenders may have against the Company for issuing CP Notes
in contravention of the terms of the Credit Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)</font>&nbsp; Each delivery of Certificated CP Notes shall be subject to the rules
of the New York Clearing House in effect at the time of the delivery.&nbsp; Each delivery of Book-Entry CP Notes shall be subject to the DTC Documents.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)</font>&nbsp; In the event you are instructed by a Company Representative to deliver
a Certificated CP Note against payment by a purchaser designated in such instructions, or to process Issuance Instructions with respect to Book-Entry CP Notes, the delivery and receipt of payment may not necessarily be completed simultaneously and you are hereby
authorized (i) in the case of a Certificated CP Note, to follow the prevailing custom, which is:&nbsp; to deliver a Certificated CP Note to or for the account of the purchaser thereof, to receive the purchaser's receipt for the delivery, and at a later time, but on
the same day, after the purchaser has verified the delivery against the purchase agreement, to receive payment from the purchaser in immediately available funds and (ii) in the case of Book-Entry CP Notes, to receive payment from the purchaser thereof in accordance
with the provisions of the DTC Rules.&nbsp; In such event, you shall have no responsibility or liability for the credit risks involved in your delivery of such CP Note to such purchaser prior to receipt of payment.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)</font>&nbsp; Proceeds of the sale of CP Notes shall be distributed pursuant to
<u>Sections 2</u> and <u>3</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)</font>&nbsp; No later than one Business Day after the date on which each CP Note is
delivered, you shall send to the Company at its address referred to in <u>Section 6</u> (i) a copy of such CP Note (in the case of a Certificated CP Note) and (ii) a written statement setting forth the discount rate and the amount of discount from face amount of such
CP Note if such CP Note is issued at discount, and the principal amount and interest rate of such CP Note if such CP Note is issued on an interest bearing basis.&nbsp; You shall promptly forward to the Company the original and all copies of any spoiled, mutilated, or
incorrectly completed Certificated CP Note, properly cancelled.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp; <u>Payment of the CP Notes</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; You shall pay (x) each matured Certificated CP Note in full on
presentation by application thereto of funds deposited in the CP Payment Account, and (y) each matured Book-Entry CP Note out of funds held in the CP Payment Account by transferring such funds to your account with DTC in accordance with the DTC Documents, all in
accordance with the procedures set forth in this <u>Section 2</u>.&nbsp; Such funds may include (I) proceeds of sales of CP Notes issued on the maturity date of such CP Note, (II) other funds of the Company deposited in the CP Payment Account for payment of such CP
Note (which may include proceeds of a Loan requested by the Company), and (III) proceeds of a Loan requested by the Depositary as provided below.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; The Company shall give you notice not later than 4:00 p.m., New York
City<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; time, on the Business Day immediately preceding the maturity date of any CP Notes,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; setting forth:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; the
aggregate Face Amount of such maturing CP Notes;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; the amount of funds expected to be available for payment of such CP<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes from each of the following sources (in each case, if applicable):</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp; cash, if any, then on deposit in the CP Payment Account (as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; theretofore notified by the Depositary),</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp; cash which is expected to be received as proceeds of sales of<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; new CP Notes to be issued on such maturity date (as
determined in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; consultation with one or more of the Placement Agent)
and which is to be<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deposited in the CP Payment Account on or before such
maturity date,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp; other cash to be deposited in the CP Payment Account by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company on or before 10:00 a.m., New York City time, on
such maturity<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; date;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; if,
on the basis of the amounts referred to in <u>subclauses (A)</u> and <u>(B)</u><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; above, the amount of the expected Deficiency, if any, with respect to such<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; maturing CP Notes; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp; if
there is expected to be a Deficiency, the amount of the Loan, if any,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; that may be needed on such maturity date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; If at 10:00 a.m., New York City time, on the maturity date of any CP
Notes<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; there is a Deficiency, you shall request a Loan in an amount equal to the lesser of (x) the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficiency and (y) the Available Commitment (based upon information provided by the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agent).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp; You shall request each Loan permitted or required hereunder by delivering
to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Agent a request in accordance with the Credit Agreement not later than 10:30 a.m.,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City time, on the maturity date of the relevant CP Notes.&nbsp; Each Loan request<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be substantially in the form attached hereto as <u>Exhibit D</u>, appropriately completed<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and signed by you.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; When you receive Loan proceeds, you shall deposit such proceeds into
the CP Payment Account for payment of such CP Notes (and, in the case of Book-Entry CP Notes, you shall then transfer such funds from the CP Payment Account to your account with DTC in accordance with the DTC Documents for payment of such Book-Entry CP Notes), in
each case to the extent such proceeds do not exceed the difference between the unpaid Face Amount of the relevant CP Notes and the amount already on deposit in the CP Payment Account.&nbsp; You shall return any excess Loan proceeds to the Agent for distribution to
the Lenders promptly after determining that you have received excess Loan proceeds.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Upon your receipt (and deposit in the CP Proceeds Account) of proceeds
of sales of new CP Notes issued on the maturity date of any maturing CP Notes, you shall transfer such funds equal to (x) the aggregate unpaid Face Amount of such maturing CP Notes <u>less</u> (y) the amount of funds then on deposit in the CP Payment Account for
payment of such maturing CP Notes (after giving effect to any deposit referred to in the foregoing <u>Section 2(b)</u>) to the CP Payment Account for application to the payment of such maturing CP Notes (and, in the case of Book-Entry CP Notes, you shall then
transfer such funds from the CP Payment Account to your account with DTC in accordance with the DTC Documents for payment of such Book&#8209;Entry CP Notes).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Following your transfer of funds to the CP Payment Account, pursuant
to <u>subsection (c)</u>, provided that all such maturing CP Notes have been paid or that funds for the payment thereof are on deposit in the CP Payment Account or your account at DTC, as applicable, you shall immediately transfer the balance remaining in the CP
Proceeds Account, if any, to an account designated in writing by the Company to you unless otherwise instructed by the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; Each Certificated CP Note shall be delivered to you at or before the
time of payment therefor.&nbsp; You shall cancel any Certificated CP Note paid by you and send it to the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp; If any CP Note shall not be presented to you for payment on the
maturity date thereof and&nbsp;sufficient funds are then on deposit in the CP Payment Account (or on deposit in your account at DTC) for payment thereof, such CP Note shall be deemed paid and you shall hold such funds as trustee for the benefit of the holder of such
CP Note until the earlier of (i) the time when such CP Note is presented for payment and (ii) 5:00 p.m., New York City time, on the fifteenth day following the maturity date of such CP Note (or, if such fifteenth day is not a Business Day, on the next succeeding
Business Day).&nbsp; If at the time set forth in <u>clause (ii)</u> of the preceding sentence any CP Note has not been presented for payment, you shall, unless the Company otherwise directs in writing, return to the Company on the next Business Day the funds on
deposit in the CP Payment Account (including any funds transferred therefrom to your account at DTC) for payment thereof.&nbsp; Upon and after the return of such funds to the Company, such CP Note no longer shall be deemed paid and the holder thereof may require
payment directly from the Company, but such holder no longer shall be entitled to payment from funds in the CP Payment Account (or from your account at DTC) and you shall have no responsibility for such payment.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; The Company hereby agrees, for the benefit of the holders from time to
time of the CP Notes, that no CP Note shall be redeemable or subject to voluntary prepayment prior to maturity.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp; <u>Accounts</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; <u>CP Proceeds Account</u>.&nbsp; (i)&nbsp; You will establish and
maintain&nbsp;a&nbsp;trust account in your corporate trust department designated "The Duff &amp; Phelps Utilities Income Inc. CP Proceeds Account" (the "<u>CP Proceeds Account</u>").&nbsp; You shall deposit in the CP Proceeds Account all proceeds received from the
sale of CP Notes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (ii)&nbsp; On each day that any CP Notes mature, moneys received in the CP
Proceeds Account as proceeds of new CP Notes shall be transferred if any such CP Notes remain Outstanding (<u>i.e.</u>, such CP Notes have not yet been paid and the amount, if any, on deposit in the CP Payment Account for payment thereof is not sufficient to pay in
full the Face Amount thereof), to the CP Payment Account at the time and to the extent provided in <u>Section 2(c)</u>.&nbsp; To the extent that any moneys remain in the CP Proceeds Account on any such day after the above applications, then you shall transfer such
moneys to an account designated in writing by the Company unless otherwise instructed by the Company.&nbsp; You shall not be required to pay any interest on any such funds held on deposit in the CP Proceeds Account.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> (iii)&nbsp; You shall have control of and the sole right of withdrawal from the
CP Proceeds Account.&nbsp; However, you hereby waive any right of setoff and any banker's lien or other lien or security interest you otherwise may have with respect to the CP Proceeds Account or any funds from time to time deposited therein.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; <u>CP Payment Account</u>.&nbsp; (i) You shall establish and maintain
in your corporate trust department for the benefit of the holders of the CP Notes a special purpose trust account designated "The Duff &amp; Phelps Utilities Income Inc. CP Payment Account" (the "<u>CP Payment Account</u>").&nbsp; You shall deposit in the CP Payment
Account&nbsp;the&nbsp;funds transferred from the CP Proceeds Account in accordance herewith, any other funds transferred to you by the Company for deposit in the CP Payment Account and the proceeds of Loans requested by you.&nbsp; Except to the extent that you hold
CP Notes for your own account or as otherwise provided in this Agreement, you shall have no other interest in the CP Payment Account or any funds from time to time deposited therein, and you hereby waive any right of setoff and any banker's lien or other lien or
security interest you otherwise may have with respect thereto.&nbsp; The Company shall have no legal, equitable or beneficial interest in the CP Payment Account, except for the right to receive funds held in respect of CP Notes not presented for payment as provided
in <u>Section 2(f)</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; All funds on deposit in the CP Payment Account shall at all times be under
your exclusive control and shall be held uninvested by you in trust for the holders of the CP Notes (except as provided in <u>Section 2(f)</u>).&nbsp; You shall not be required to pay any interest on any such funds held on deposit in the CP Payment Account.&nbsp;
Funds in the CP Payment Account shall be subject to withdrawal only by you and, except as provided in the second sentence of <u>Section 2(f)</u>, only for the purpose of effecting payment of the CP Notes as provided in this Agreement, until the CP Notes have been
paid in full or until the close of business on the fifteenth day (or if such day is not a Business Day, the next following Business Day) following the maturity date thereof.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp; <u>The Credit Agreement</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; Concurrently with your execution and delivery of this Agreement, the
Company, the Agent and the Lenders shall enter into a Credit Agreement substantially in the form previously delivered to you as the execution version of the Credit Agreement (herein, as it may be amended, supplemented, amended and restated or otherwise modified or
replaced from time to time, called the "<u>Credit Agreement</u>").&nbsp; The Credit Agreement shall permit you, on behalf of the CP Holders, in order to obtain funds for payment of the Face Amount of outstanding CP Notes to the extent there is a Deficiency, to
request, in the place of and for the account of the Company, that the Lenders make a Loan in an amount not greater than the amount of the Deficiency.&nbsp; You shall request Loans for the benefit of the CP Holders as provided in <u>Section 2</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; Proceeds of each Loan requested by the Depositary pursuant hereto
shall be distributed pursuant to <u>Sections 2</u> and <u>3</u> hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; <u>Section 2.8</u> of the Credit Agreement describes circumstances
under which the Commitment Amount thereunder may be decreased at the Company's request. Any such decrease will become effective upon your receipt of a copy of a certificate in the form of <u>Exhibit E</u> to this Agreement, properly completed.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp; <u>Indemnity Provisions</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will indemnify the Depositary and each of its directors, officers, employees and agents (each an "<u>Indemnified Party</u>") for, and hold each
Indemnified Party harmless from, any and all liability, loss, damage, costs and expenses of any nature (including reasonable counsel fees and expenses) arising out of or in connection with such Indemnified Party's performance under this Depositary Agreement, except
for costs, expenses, fees and liabilities arising out of such Indemnified Party's gross negligence or willful misconduct (or, in the case of the Depositary as the Indemnified Party, the gross negligence or willful misconduct of the Depositary's directors, officers,
employees and agents).&nbsp; The Company agrees that neither you nor any other Indemnified Party shall be liable for any action or omission to act which is taken or made pursuant to this Agreement, except for gross negligence or willful misconduct.&nbsp; This
indemnity includes, but is not limited to, any action taken or omitted in good faith within the scope of this Agreement upon telephone or electronic system-to-system instructions, if authorized herein, received from, or believed by you in good faith to have been
given by, any one of the Company Representatives or the Authorized Agent Officers.&nbsp; You are fully indemnified by the Company for acting in good faith on telephone instructions, even if the telephone instructions conflict with subsequent written confirmation
thereof.&nbsp; The obligations of the Company under this Section&nbsp;5 shall survive the termination of this Agreement, the payment in full of all CP Notes and your resignation or removal as Depositary hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp; <u>Notices</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except where instructions or notices are authorized herein to be given by telephone or electronic system-to-system link, all instructions, notices and other
communications to be given hereunder by any party hereto shall be in writing and shall be personally delivered (including delivery by express mail or courier) or sent by certified mail, postage prepaid, or by Telex, or by facsimile, to the intended party at the
address or Telex or facsimile number of such party set forth in <u>Exhibit F</u>, or at such other address or Telex or facsimile number as may be designated in writing by such intended party to the party giving such notice.&nbsp; Whenever this Agreement requires you
to give notice to the Agent, you shall also give notice to the Company.&nbsp; Any such written notice shall be deemed given (i) if personally delivered, when received, (ii) if sent by certified mail, three Business Days after having been deposited in the mail,
postage prepaid, (iii) if transmitted by Telex, when sent, answerback confirmed, and (iv) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic means, except that notices to the Depositary shall be deemed given only when
received.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.</font>&nbsp; <u>Agreement Not to File Petition in Bankruptcy</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> You hereby agree that you will not institute against, or join any other person in instituting against, the Company any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under any Federal or State bankruptcy or similar law, for one year and a day after the latest maturing CP Note is paid.&nbsp; However, nothing contained herein shall prevent you from acting to
protect your interests or those of the CP Holders in the event that the Company has instituted such proceedings or that other parties have instituted such proceedings against the Company.&nbsp; The provisions of this <u>Section 7</u> shall survive the termination of
this Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.</font>&nbsp; <u>Representations and Warranties</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; The Company hereby warrants and represents to you that:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; the Company has, and at all relevant times has had, all necessary<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; power and authority (A) to execute, deliver and perform this Agreement and the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Letter of Representations, (B) to issue the CP Notes, and (C) to receive credit as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; contemplated under the Credit Agreement and this Agreement;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; all
action on the part of the Company which is required (A) for the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorization of the issuance of the CP Notes, (B) for the authorization, execution,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; delivery and performance of this Agreement and the Letter of Representations,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and (C) for the Company to receive credit as contemplated under the Credit<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement and this Agreement, has been duly and effectively taken;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp; the
Company's execution, delivery and performance of this<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement, the Letter of Representations, and the Credit Agreement, and the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company's issuance of the CP Notes &nbsp;&nbsp; (A) do not and will not contravene any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provision of any law, regulation or rule applicable to the Company and (B) do not<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and will not conflict with, breach or contravene the provisions of any contract or<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other instrument binding upon the Company;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp; this
Agreement constitutes, and the CP Notes, when executed,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; delivered and authenticated (or issued through DTC) hereunder or as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; contemplated hereby for value, will constitute, legal, valid and binding<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obligations of the Company, enforceable against the Company in accordance with<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; their respective terms; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v)&nbsp; the
CP Notes are not required to be registered under the Securities<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; By its signature hereto, the Depositary hereby represents and warrants
to the Company, the Agent, the Lenders and the Placement Agent that it has the corporate power and authority to enter into and perform this Agreement, that it has duly authorized, executed and delivered this Agreement and that this Agreement constitutes its legal,
valid and binding obligation, enforceable against the Depositary in accordance with its terms.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Covenants of the Company</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;</font> The Company hereby agrees, solely for the benefit of the holders from
time to time of the CP Notes, that if at any of the Company's Valuation Dates the aggregate Discounted Value of the Company's Eligible Portfolio Property (calculated in the manner as set forth in the Articles Supplementary for comparison with the "RP Basic
Maintenance Amount", but using the Discount Factor that results in the lowest Discounted Value) shall be less than the product of (i) 5.00 (or 4.05 if the Depositary has received notice from the Agent to the effect that the Required Lenders have agreed to 4.05) and
(ii) the Company's then outstanding Indebtedness, the Company shall either cure such condition within four Business Days or, if such condition is not so cured, shall alter as promptly as is reasonably practicable the composition of its portfolio by selling assets
(and holding the proceeds of such sales in cash or Deposit Securities with maturity dates not later than the next maturing CP Notes), and shall refrain from issuing any new CP Notes, until the total amount of the Company's cash and Deposit Securities at least equals
the Company's then outstanding Indebtedness.&nbsp; Thereafter, the Company shall maintain cash and Deposit Security balances at least equal to the Company's outstanding Indebtedness until the aggregate Discounted Value of the Company's Eligible Portfolio Property
(calculated in the manner as set forth in the Articles Supplementary for comparison with the "RP Basic Maintenance Amount", but using the Discount Factor that results in the lowest Discounted Value) again exceeds the product of (x) 5.00 (or 4.05 if the Depositary has
received notice from the Agent to the effect that the Required Lenders have agreed to 4.05) and (y) the Company's outstanding Indebtedness as at any of the Company's Valuation Dates.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;</font> The Company hereby agrees to deliver to each of the Depositary,
Moody's and S&amp;P, not later than 5:00 p.m., New York City time, on (i) the second Business Day after each Valuation Date, (ii) the third Business Day before the scheduled initial issuance of CP Notes and (iii) the third Business Day after the initial issuance of
CP Notes, a certificate of a Company Representative setting forth, as of such Valuation Date or as of such initial issuance date, as the case may be, the calculations of the type described in the foregoing clause (a) as well as the Available Commitment.&nbsp; The
certificate required pursuant to clause (ii) of the preceding sentence shall be prepared on a <u>pro</u> <u>forma</u> basis giving effect to the initial issuance of CP Notes and using the Discounted Value of the Company's Eligible Portfolio Property as of the
immediately preceding Valuation Date.&nbsp; The certificate required pursuant to clause (iii) of the preceding sentence, by contrast, shall be based on actual data after giving effect to the initial issuance of CP Notes.&nbsp; The Company further agrees to deliver to
each of the Depositary, Moody's and S&amp;P, not later than 5:00 p.m., New York City time, on the third Business Day after each RP Valuation Date, an RP Basic Maintenance Report.&nbsp; The Depositary shall not be under any obligation to verify the accuracy of any of
the certificates or reports delivered pursuant to this clause (b).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; The Company hereby agrees to deliver to each of the Depositary, the
Agent (for distribution to the Lenders), Moody's and S&amp;P, not later than the tenth Business Day after the date on which the Company delivers the certificate described in the first sentence of the foregoing <u>clause (b)</u> for the last Valuation Date of each
March, June, September and December of each year, a written confirmation of the Independent Accountant substantially identical to that required by paragraph 8(a)(iii) of the Articles Supplementary except that such confirmation shall be made with respect to the test
described in <u>clause (a)</u> of this <u>Section 9</u> instead of with respect to the RP Basic Maintenance Amount.&nbsp; If any confirmation delivered pursuant to this <u>clause (c)</u> shows that an error was made in any calculation made by the Company, or shows
that a lower aggregate Discounted Value for the aggregate of all Eligible Portfolio Property of the Company was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant shall be final and conclusive and shall be
binding on the Company, and the Company shall accordingly amend the relevant certificate promptly following receipt by the Depositary of such confirmation.&nbsp; The Depositary shall not be under any obligation to verify the accuracy of any confirmation delivered
pursuant to this <u>clause (c)</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; The Company hereby agrees to deliver to the Depositary, not later than
the date of the initial issuance of CP Notes, opinions substantially in the forms set forth as Exhibits 5.1.5(i) and 5.1.5(ii) to the Credit Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp; <u>Termination</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is understood that either you or the Company may terminate this Agreement and the authority granted herein at any time upon at least fifteen days' written
notice; <u>provided</u>, <u>however</u> no such termination shall not become effective until a successor depositary, issuing agent and paying agent have been appointed by the Company and each of such successors shall have accepted its respective appointment.&nbsp;
Each successor depositary, issuing agent and paying agent must have a Moody's long-term debt rating of Baa3 or better at the time of appointment unless Moody's has confirmed in writing prior to such appointment that such appointment will not result in the reduction
or withdrawal of Moody's rating of the CP Notes.&nbsp; Upon any such termination, you shall (i) return to the Company all undelivered CP Notes held by you at the time of such notice and (ii) on the date when all CP Notes Outstanding at the time of such termination
have been paid in full or funds have been deposited in the CP Payment Account for such payment, return the Master CP Note to the Company.&nbsp; All CP Notes validly completed, authenticated and delivered by you as Depositary pursuant hereto prior to the termination
of this Agreement, and the authority granted to you hereunder with respect to the payment of such CP Notes (including the authority to request Loans under the Credit Agreement for such payment) shall be valid obligations notwithstanding such termination, and this
Agreement shall remain in full force and effect with respect to such CP Notes until the same have been paid in full.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.</font>&nbsp; <u>Amendment</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended, supplemented or otherwise modified only if such amendment, supplement or other modification is in writing and signed by you and
the Company and is consented to by the Agent.&nbsp; No amendment, supplement or other modification hereto shall become effective unless Moody's and S&amp;P shall have confirmed in writing that such effectiveness will not result in a reduction or withdrawal of their
respective ratings of the CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp; <u>Protection of Depositary</u>.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; It is understood and agreed by the parties hereto that the provisions
of this Agreement relating to the Credit Agreement are intended to provide sources of funds for payment of the CP Notes at their maturity to the extent that funds are not then on deposit in the CP Payment Account for such payment.&nbsp; Accordingly, the parties
hereto specifically acknowledge that in actions taken by you under the Credit Agreement you shall not be acting as an agent of the Company but instead shall be acting in a fiduciary capacity on behalf of the CP Holders.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; Your duties are only those expressly stated herein, and no implied
duties shall be read into this Agreement against you.&nbsp; In furtherance and not in limitation of the foregoing, in acting with respect to the Credit Agreement, and generally in acting under this Agreement, you will be required to perform only such duties as are
specifically set forth in this Agreement.&nbsp; Nothing in this Agreement shall require you to advance or expend your own funds for the payment of CP Notes or otherwise.&nbsp; Neither you nor any of your directors, officers, employees, attorneys or agents shall be
liable to the Company, the Agent, any Lender, the Placement Agent or any CP Holder for any action taken or omitted to be taken by you or them under this Agreement except for your or such other person's gross negligence or willful misconduct.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; It is understood that you are acting as a fiduciary on behalf of the
CP Holders only to the extent that (i) you have the right to request Loans for the payment of CP Notes at maturity, (ii) you maintain the CP Payment Account and (iii) you apply funds received by you as trustee in accordance with this Agreement.&nbsp; You shall have
no other fiduciary duties to the holders of the CP Notes and no implied duties or obligations shall be read into this Agreement against you by the use of the term "fiduciary" or otherwise.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Except as otherwise provided in this Agreement, you may execute any of
the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys; <u>provided</u>, <u>however</u>, in the case of performance by agents or attorneys, you shall remain responsible for such performance as provided herein.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; You, in your individual or any other capacity, may become the owner or
pledgee of CP Notes with the same rights you would have if you were not acting hereunder.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp; Until used or applied as herein provided, all moneys received by you
hereunder shall be held for the purposes for which they were received but need not be segregated from other funds except to the extent required by law.&nbsp; You shall be under no liability for interest on any moneys received by you hereunder except such as you may
agree with the Company to pay thereon.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; You may consult with counsel of your choice, including in-house
counsel, and shall not be liable for any action taken, suffered or omitted by you in accordance with the advice of such counsel.&nbsp; Further, you may rely and shall be protected in acting upon any request, certificate, opinion of counsel, statement, instrument,
report, notice or other paper or document believed by you to be genuine and to have been signed or presented by the proper party or parties in connection with this Agreement.&nbsp; Except as otherwise expressly provided herein, whenever, in the administration of this
Agreement, you shall deem it necessary that a matter be proved or established prior to taking, suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a certificate of a Company Representative or an Authorized Agent Officer, and such certificate shall be full warranty to you for any action taken, suffered or omitted under the provisions of this Agreement upon the faith thereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)</font>&nbsp; Except as expressly provided in <u>Section 10(b)</u>, you make no
representation as to, and shall have no responsibility for, the correctness of any statement contained in, or the validity or sufficiency of, this Agreement or any documents or instruments referred to in this Agreement or as to or for the validity or collectibility
of any obligation contemplated by this Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.</font>&nbsp; <u>Successor Depositary</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any corporation into which you may be merged or converted, or with which you may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which you shall be a party, or any corporation succeeding to your business, shall succeed to all your rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.</font>&nbsp; <u>Fees and Expenses</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall compensate you promptly for your services and your fees for your services hereunder shall be as mutually agreed upon from time to time
between the Company and you.&nbsp; In addition, the Company agrees to reimburse you upon request for out-of-pocket expenses incurred by you.&nbsp; Such expenses shall include the reasonable compensation and expenses of your agents and counsel.&nbsp; None of the
Agent, the Lenders or the Placement Agent shall have any responsibility or liability for the payment of such fees and expenses.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.</font>&nbsp; <u>Benefit of Agreement</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be binding on the Depositary, the Company and their respective successors and assigns, and shall inure to the benefit of the Depositary,
the Company, the Agent, the Lenders, the Placement Agent and their respective successors and assigns.&nbsp; The provisions hereof expressly relating to the rights of the CP Holders and of the Depositary on behalf of the CP Holders shall inure to the benefit of the CP
Holders.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.</font>&nbsp; <u>Governing Law</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> This Agreement shall in all respects be governed by and construed in accordance with the laws of the State of New York.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.&nbsp;</font> <u>Execution in Counterparts</u>.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> If the foregoing correctly and fully sets forth our agreement with respect to the matters to which it pertains, please sign and return to us the
enclosed copy of this letter, whereupon this letter shall become a binding agreement between us.</p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By <u>/s/ Richard J. Spletzer___________________<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name: Richard J. Spletzer<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp; Senior Vice President</font></p>

<p><font size="3" face="Times New Roman">Accepted and approved as of<br />
the date first above written.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">IBJ SCHRODER BANK &amp; TRUST COMPANY,<br />
&nbsp;&nbsp;&nbsp; as Depositary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">By <u>/s/ Hitoshi
Hisano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><u><br clear="all" />
</u></font>

<p align="center"><u><font size="3" face="Times New Roman">DEFINITIONS</font></u></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Agent</u>" means the Person from time to time acting as Agent for the Lenders under the Credit Agreement.&nbsp; The initial Agent shall be Continental Bank
N.A.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Agreement</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Articles Supplementary</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Authorized Agent Officers</u>" is defined in Section 1(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Available Commitment</u>" is defined in Section 1(h)(A).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Book-Entry CP Notes</u>" is defined in Section 1(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Business Day</u>" means any day which is neither a Saturday or Sunday nor a legal holiday in which banks are authorized or required to be closed in
Chicago, Illinois or New York, New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Certificate Agreement</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Certificated CP Note</u>" is defined in Section 1(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Commitment</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Commitment Amount</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Company</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Company Representatives</u>" is defined in Section 1(c).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Holders</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Notes</u>" is defined in Section 1(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Payment Account</u>" is defined in Section 3(b).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>CP Proceeds Account</u>" is defined in Section 3(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Credit Agreement</u>" is defined in Section 4(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Deficiency</u>" means, with respect to any maturing CP Notes, an amount equal to the excess, if any, of (a) the aggregate unpaid Face Amount of such CP
Notes at the time of measurement <u>over</u> (b) the amounts of funds then on deposit in the CP Payment Account.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Deposit Security</u>" has the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Depositary</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Designated Depositary Person</u>" is defined in Section 1(d).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discount Factor</u>" has the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted Value</u>", until the Articles Supplementary are amended in the manner contemplated by Exhibit 1.1 to the Credit Agreement, shall have the
meaning assigned thereto in the Company's by-laws as amended as of April 14, 1993, and, after the Articles Supplementary are so amended, shall have the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>DTC Documents</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>DTC Rules</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Eligible Portfolio Property</u>" has the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Face Amount</u>" means, in the case of any CP Note issued on a discount basis, the face amount stated therein and, in the case of any CP Note issued on an
interest-bearing basis, the principal amount stated therein plus the amount of all interest accrued or to accrue on such CP Note prior to its stated maturity date.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Indebtedness</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Indemnified Party</u>" is defined in Section 5.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Independent Accountant</u>" has the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Issuance Instructions</u>" is defined in Section 1(d).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Lenders</u>" means, collectively, the lenders from time to time party to the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Letter of Representations</u>" is defined in the preamble.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Loan</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Master CP Note</u>" is defined in Section 1(a).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Moody's</u>" means Moody's Investors Service, Inc.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Outstanding</u>" means, with respect to CP Notes, all CP Notes issued and authenticated pursuant to this Agreement, less those CP Notes which have been
paid in full or for the payment of which funds equal to the Face Amount thereof are on deposit in the CP Payment Account.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Placement Agent</u>" means the placement agent for the CP Notes designated from time to time by the Company.&nbsp; The initial Placement Agent shall be
Continental Bank N.A.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Required Lenders</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>RP Basic Maintenance Amount</u>", until the Articles Supplementary are amended in the manner contemplated by Exhibit 1.1 to the Credit Agreement, shall
have the meaning assigned thereto in the Company's by-laws as amended as of April 14, 1993, and, after the Articles Supplementary are so amended, shall have the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>RP Basic Maintenance Report</u>", until the Articles Supplementary are amended in the manner contemplated by Exhibit 1.1 to the Credit Agreement, shall
have the meaning assigned thereto in the Company's by-laws as amended as of April 14, 1993, and, after the Articles Supplementary are so amended, shall have the meaning assigned thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>RP Valuation Date</u>" means a "Valuation Date" as defined in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>S&amp;P</u>" means Standard &amp; Poor's Corporation.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Scheduled Commitment Termination Date</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Securities Act</u>" means the Securities Act of 1933, as amended.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Signing Depositary Officer</u>" is defined in Section 1(d).</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Stop Date</u>" has the meaning assigned thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Valuation Date</u>" means (a) so long as any CP Notes are Outstanding, the last Business Day of each calendar week and (b) if no CP Notes are Outstanding,
both the fifteenth day of each calendar month (or, if such day is not a Business Day, the next succeeding Business Day) and the last Business Day of each calendar month.</font></p>

<div><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="left" />
</div>

<font size="3" face="Times New Roman"><b><br clear="all" />
</b></font>

<p align="center"><b><font size="3" face="Times New Roman">COMMERCIAL PAPER MASTER NOTE</font></b></p>

<p><font size="3" face="Times New Roman">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND IS SUBJECT TO CERTAIN TRANSFER RESTRICTIONS DESCRIBED BELOW.&nbsp; BY ITS ACCEPTANCE OF THIS
NOTE, THE PURCHASER REPRESENTS THAT IT IS AN ACCREDITED INVESTOR (OTHER THAN A NATURAL PERSON), AS DEFINED IN REGULATION D UNDER THE ACT, AND THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) FOR INVESTMENT AND NOT WITH A VIEW
TO, OR FOR SALE IN CONNECTION WITH, ANY DISTRIBUTION HEREOF AND THAT ANY RESALE OF THIS NOTE WILL BE MADE ONLY (1) THROUGH THE PLACEMENT AGENT SPECIFIED FROM TIME TO TIME BY DUFF &amp; PHELPS UTILITIES INCOME INC. TO AN INSTITUTIONAL INVESTOR APPROVED BY SUCH
PLACEMENT AGENT AS AN ACCREDITED INVESTOR OR QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A UNDER THE ACT, OR (2) DIRECTLY TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION APPROVED BY SUCH PLACEMENT AGENT OR DIRECTLY TO A QUALIFIED INSTITUTIONAL BUYER
IN A TRANSACTION MADE PURSUANT TO RULE 144A UNDER THE ACT.</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New
Roman">________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
New York, New York<br />
(Date of Issuance)</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">$________________________</font></p>

<p><font size="3" face="Times New Roman">Duff &amp; Phelps Utilities Income Inc. (the "Issuer"), a corporation organized and existing under the laws of the State of Maryland, for value received, hereby promises to pay to Cede &amp; Co. or registered assigns on the
maturity date of each obligation identified on the records of the Company (which records are maintained by IBJ Schroder Bank &amp; Trust Company (the "Depositary")), the principal amount [and interest thereon at the rate of interest, from and including the dated
date,]* for each such obligation.&nbsp; Payment shall be made by wire transfer to the registered owner from the Depositary without the necessity of presentation and surrender of this Master Note.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Master Note shall be governed by, and construed in accordance with, the laws of the State of New York.</font></p>

<p><font size="3" color="black" face="Times New Roman">______________________</font></p>

<p><font size="3" color="black" face="Times New Roman">*</font><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> Include this language in a separate note on this form in the case of interest-added-at-maturity<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Notes.</p>

<p><font size="2" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p align="center"><b><font size="3" face="Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF.</font></b></p>

<p><font size="3" face="Times New Roman">This Master Note is a valid and binding obligation of the Issuer.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By___________________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signature</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">(Reverse Side of Note)</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the request of the registered owner, the Issuer promptly shall promptly issue and deliver one or more separate note certificates evidencing each obligation evidenced by this Master Note.&nbsp;
As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note.</font></p>

<p><font size="3" face="Times New Roman">_________________________________________________________________</font></p>

<p><font size="3" face="Times New Roman">FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto __________________________________________________</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name, Address And Taxpayer Identification Number</font></p>

<p><font size="3" face="Times New Roman">_______________ the Master Note and all rights thereunder, hereby</font></p>

<p><font size="3" face="Times New Roman">of Assignee)</font></p>

<p><font size="3" face="Times New Roman">irrevocably constituting and appointing ________________________ Attorney in Fact to transfer said Master Note on the books of the Company with full power of substitution in the premises.</font></p>

<p><font size="3" face="Times New Roman">Dated:&nbsp; _________________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Signature</font></p>

<p><font size="3" face="Times New Roman">Signature(s) Guaranteed:</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTICE:&nbsp; The signature on this assignment must correspond<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with the name as written upon the face of this Master Note, in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
every particular, without alteration or enlargement or any<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
change whatsoever.</font></p>

<p align="center"><font size="3" face="Times New Roman">(The following shall appear as a legend)</font></p>

<p><font size="3" face="Times New Roman">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &amp; CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHER WISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><b><br clear="all" />
</b></font>

<p align="center"><b><font size="3" face="Times New Roman">[FORM OF CERTIFICATED CP NOTE]</font></b></p>

<p><font size="3" face="Times New Roman">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND IS SUBJECT TO CERTAIN TRANSFER RESTRICTIONS DESCRIBED BELOW.&nbsp; BY ITS ACCEPTANCE OF THIS
NOTE, THE PURCHASER REPRESENTS THAT IT IS AN ACCREDITED INVESTOR (OTHER THAN A NATURAL PERSON), AS DEFINED IN REGULATION D UNDER THE ACT, AND THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) FOR INVESTMENT AND NOT WITH A VIEW
TO, OR FOR SALE IN CONNECTION WITH, ANY DISTRIBUTION HEREOF AND THAT ANY RESALE OF THIS NOTE WILL BE MADE ONLY (1) THROUGH THE PLACEMENT AGENT SPECIFIED FROM TIME TO TIME BY DUFF &amp; PHELPS UTILITIES INCOME INC. TO AN INSTITUTIONAL INVESTOR APPROVED BY SUCH
PLACEMENT AGENT AS AN ACCREDITED INVESTOR OR QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A UNDER THE ACT, OR (2) DIRECTLY TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION APPROVED BY SUCH PLACEMENT AGENT OR DIRECTLY TO A QUALIFIED INSTITUTIONAL BUYER
IN A TRANSACTION MADE PURSUANT TO RULE 144A UNDER THE ACT.</font></p>

<p align="center"><font size="3" face="Times New Roman">DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p align="center"><font size="3" face="Times New Roman">CP Note</font></p>

<p><font size="3" face="Times New Roman">$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
New York, New York<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 19</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For value received, Duff &amp; Phelps Utilities Income Inc. (the "<u>Company</u>") promises to pay to the order of BEARER the sum of
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Dollars <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> on
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> ,</font></p>

<p><font size="3" face="Times New Roman">19<u>&nbsp;&nbsp;</u> , at the office of IBJ Schroder Bank &amp; Trust Company (the "<u>Depositary</u>") at One State Street, New York, New York 10004.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note has been issued pursuant to the Depositary Agreement dated as of April 29, 1993, as from time to time amended, supplemented or otherwise modified (the "<u>Depositary Agreement</u>"),
between the Company and the Depositary.&nbsp; This Note is entitled to the benefits of a certain Credit Agreement dated as of April 29, 1993, as amended from time to time, among the Company, Continental Bank N.A., as Agent, and the financial institutions from time to
time party thereto (the "<u>Lenders</u>").&nbsp; Such benefits are subject to the limitations on the amount of the Lenders' obligations contained in the Credit Agreement, and are also subject to the requirement that this Note be presented for payment, and that the
Depositary requests the Lenders to make loans under the Credit Agreement not later than 5:00 p.m., New York City time, on the fifteenth day following the above stated maturity date or, if such fifteenth day is not a Business Day, on the next succeeding Business
Day.&nbsp; As used herein, the term "<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to close in Chicago, Illinois or New York, New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference is made to the Credit Agreement and related documents which, as from time to time amended, are on file with the Depositary at its aforesaid office, for a statement of the terms upon
which funds may be obtained under the Credit Agreement for payment of this Note.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note shall be governed by, and construed in accordance with, the laws of the State of New York.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signature</font></p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p><font size="3" face="Times New Roman">Countersigned for authentication<br />
only by IBJ Schroder Bank &amp; Trust Company<br />
as Issuing Agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">By<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signature</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">This Note is not valid for any purpose unless countersigned by IBJ Schroder Bank &amp; Trust Company as Issuing Agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><b><font size="3" face="Times New Roman">LOAN REQUEST<br />
(by Depositary)</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman"></font></b></p>

<p align="center"><font size="3" face="Times New Roman">_______________, 19__</font></p>

<p><font size="3" face="Times New Roman">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Bank N.A., as Agent<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 South LaSalle Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois 60697</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ms. Angelina Monarrez<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency and Investor
Services</font></p>

<p><font size="3" face="Times New Roman">All terms used herein which are defined in the Depositary Agreement dated as of April 29, 1993, as amended (the "<u>Depositary Agreement</u>"), between Duff &amp; Phelps Utilities Income Inc. and us have the same meanings when
used herein.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We, in trust for the holder or holders of the one or more CP Note or Notes listed<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on the attached Schedule A (the "<u>Maturing Notes</u>"), in the respective Face<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts listed on such Schedule A and maturing on the maturity date stated on<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such Schedule A (the "<u>Maturity Date</u>"), are requesting a Base Rate Loan (as that<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; term is defined in the Credit Agreement) in an amount (the "Loan Amount") equal<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to $_________.&nbsp; You should make payment of the Loan Amount to the CP<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment Account on _________, 19__.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concurrently herewith, we are transmitting a copy of this Loan Request to the<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company by facsimile or hand delivery at the address set forth below our<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; signature hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Maturing Note was authenticated and delivered by us pursuant to authority<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; under the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Loan Amount does not exceed either the Deficiency or the Available<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitment as notified to us by the Company on ___________, 19__.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon our receipt of the Loan Amount, we will deposit the same directly to the CP<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment Account and not to any other account maintained by or for the account<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of the Company and will apply the same solely to the payment of the unpaid Face<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount of the Maturing Notes at maturity or return any excess amount to you.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When the Maturing Notes have been presented for payment and paid by us, we<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will cancel such matured CP Notes and send them to the Company.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The account number of the CP Payment Account is _________.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IBJ SCHRODER BANK &amp; TRUST<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;COMPANY, as Depositary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By____________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designated Depositary Person</font></p>

<p><font size="3" face="Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Utilities Income Inc.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 East Monroe Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois 60603</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attn:&nbsp; Richard J. Spletzer</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><b><font size="3" face="Times New Roman">LIST OF MATURING NOTES</font></b></p>

<p><u><font size="3" face="Times New Roman">Serial Number*</font></u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Face Amount</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Date of
Issuance</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Maturity Date</u></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">________________________<br />
<br />
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font color="black">In the case of Certificated CP Notes.</font></font></p>

<p><font size="3" color="black" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">[LETTERHEAD OF AGENT]</font></p>

<p align="center"><font size="3" face="Times New Roman">______________, 19__</font></p>

<p><font size="3" face="Times New Roman">IBJ Schroder Bank &amp; Trust Company<br />
One State Street<br />
New York, New York&nbsp; 10004<br />
Attention:&nbsp; Commercial Paper Department</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Change in Commitment Amount</u></font></p>

<p><font size="3" face="Times New Roman">Dear Sirs:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please refer to the Depositary Agreement dated as of April 29, 1993, as amended (the "<u>Depositary Agreement</u>") among Duff &amp; Phelps Utilities Income
Inc. (the "<u>Company</u>") and you, as Depositary.&nbsp; Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Commitment Amount under the Credit Agreement has been reduced to $____________ in accordance with the Credit Agreement, effective as of the date
hereof.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CONTINENTAL BANK N.A., as Agent</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:&nbsp;&nbsp;&nbsp; ______________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp; ______________________________</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Utilities Income Inc.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 East Monroe Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois&nbsp; 60603<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Richard J. Spletzer</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">ADDRESSES FOR NOTICE</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><u><font size="3" face="Times New Roman">The Company</font></u>:</p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Duff &amp; Phelps Utilities Income Inc.<br />
 55 East Monroe Street<br />
 Chicago, Illinois&nbsp; 60603<br />
 Telephone No.:&nbsp;&nbsp;(312) 368-5507<br />
 Facsimile No.:&nbsp;&nbsp;(312) 263-3149<br />
 Attention:&nbsp; Richard J. Spletzer</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="3" face="Times New Roman">The Agent</font></u>:</p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Continental Bank N.A., as Agent<br />
 231 South LaSalle Street<br />
 Chicago, Illinois&nbsp; 60697<br />
 Telephone No.:&nbsp;&nbsp;(312) 828-3879<br />
 Telex No.:&nbsp; 25-3412 (ANSWERBACK:<br />
 &nbsp;&nbsp;CONTL BK CGO<br />
 Facsimile No.:&nbsp;&nbsp;(312) 974-9102<br />
 Attention:&nbsp; Agency and Investor Services</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="3" face="Times New Roman">The Depositary</font></u>:</p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">IBJ Schroder Bank &amp; Trust Company<br />
 One State Street<br />
 New York, New York&nbsp; 10004<br />
 Telephone No.:&nbsp;&nbsp;212-858-2743<br />
 Facsimile No.:&nbsp;&nbsp;212-858-2858<br />
 Attention:&nbsp; Douglas J. Magnolia,<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><u><font size="3" face="Times New Roman">Continental Bank N.A.,<br />
</font></u> &nbsp;&nbsp;&nbsp;&nbsp;<u>as Placement Agent</u>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman"><br />
 Continental Bank N.A.<br />
 Capital Markets Group Operations<br />
 File Room/Investigations<br />
 231 South LaSalle Street<br />
 Chicago, Illinois 60697<br />
 Telephone No.:&nbsp;&nbsp;(312) 828-7264<br />
 Facsimile No.:&nbsp;&nbsp;(312) 987-7293<br />
 Attention:&nbsp; Gary Hosking</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><font size="3" face="Times New Roman"></font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>17
<FILENAME>exhib_k6.htm
<TEXT>
<html>
<head>
<title>EXHIBIT K-6</title>
</head>
<body>
<div>
<p align="center"><font size="3" face="Times New Roman">[Letterhead of Duff &amp; Phelps Utilities Income Inc.]</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="right"><font size="3" face="Times New Roman">June 9, 1994</font></p>

<p><font size="3" face="Times New Roman">IBJ Schroder Bank &amp; Trust Company<br />
One State Street<br />
New York, New York&nbsp; 10004</font></p>

<p><font size="3" face="Times New Roman">Re:&nbsp; <u>Amendment to Depositary Agreement</u></font></p>

<p><font size="3" face="Times New Roman">Ladies/Gentlemen:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference is hereby made to that certain Depositary Agreement, dated as of April 29, 1993 (the "Depositary Agreement") between Duff &amp; Phelps Utilities
Income Inc. (the "Fund") and you, as Depositary; capitalized terms defined therein having the same respective meanings herein.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund desires to increase the amount of CP Notes that it may have Outstanding under the Depositary Agreement and to modify certain covenants contained
therein related to the issuance of such CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordingly, the Fund proposes to amend the Depositary Agreement and that this letter evidence our agreement regarding such amendment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositary Agreement is hereby amended as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1(h)(B)</u> of the Depositary Agreement is amended by deleting the number<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100,000,000 therein and substituting therefor the number "$200,000,000";</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 1(h)(C)</u> of the Depositary Agreement is amended by (i) deleting the<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; number "5.00" in <u>clause (1)</u> thereof and substituting therefor the number "4.05",<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and (ii) deleting the parenthetical in such <u>clause (1)</u> in its entirety;</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Section 9(a)</u> of the Depositary Agreement is amended by (i) deleting the number<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "5.00" in <u>clause (i)</u> and <u>clause (x)</u> thereof and substituting therefor in each case<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number "4.05", and (ii) by deleting each parenthetical in such <u>clause (i)</u> and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>clause (x)</u> in its entirety; and</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The definitions of the terms "RP Basic Maintenance Amount" and "RP Basic<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance Report" set for in <u>Exhibit A</u> of the Depositary Agreement are<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amended in their entirety to read as follows:</p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"'<u>RP Basic Maintenance Amount</u>' shall have the meaning assigned<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereto in the Articles Supplementary.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
'<u>RP Basic Maintenance Report</u>' shall have the meaning assigned<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; thereto in the Articles Supplementary."</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution and delivery of this agreement shall not be deemed to expressly or impliedly amend, modify or supplement provisions of the Depositary Agreement
other than as set forth herein.&nbsp; The Depositary Agreement, as amended hereby, shall continue in full force and effect.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall become effective upon the Fund's receipt of written confirmation from Moody's and Standard &amp; Poor's that the amendments to the
Depositary Agreement described herein will not result in a reduction or withdrawal of their respective ratings of the CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be executed by the parties on separate counterparts, each of which shall be deemed to be an original, and all of which shall together
constitute but one and the same original.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall in all respects be governed by and construed in accordance with the internal laws of the State of New York without regard to any otherwise
applicable principles of conflicts of law.</font></p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">Please indicate your agreement regarding the proposed amendment by executing a copy hereof where indicated below and returning such executed copy hereof to the
Fund.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: <u>/s/ Richard J. Spletzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="3" face="Times New Roman">Agreed as of the date<br />
first above written:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">IBJ SCHRODER BANK AND TRUST COMPANY,<br />
&nbsp; as Depositary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">By: <u>/s/ Hitoshi
Hisano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>18
<FILENAME>exhib_k7.htm
<TEXT>
<html>
<head>
<title>exhibit_k7</title>
</head>
<body>
<div>
<p align="center"><a name="ReturnHereAfterFooterUpdate"></a><font size="3" face="Times New Roman">[Letterhead of DNP Select Income Fund Inc.]</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">February 14, 2003</font></p>

<p><font size="3" face="Times New Roman">The Bank of New York, as Depositary<br />
101 Barclay Street, 8W<br />
New York, New York&nbsp; 10286</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re:&nbsp; <u>Amendment to Depositary Agreement</u></font></p>

<p><font size="3" face="Times New Roman">Ladies/Gentlemen:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please refer to the Depositary Agreement dated as of April 29, 1993 (as previously amended on June 9, 1994, the "Depositary Agreement") between DNP Select
Income Fund Inc. (f/k/a Duff &amp; Phelps Utilities Income Inc.) (the "Fund") and you, as successor to IBJ Schroder Bank &amp; Trust Company, as Depositary.&nbsp; Capitalized terms used but not otherwise defined herein have the respective meanings given to them in
the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concurrently herewith, the Fund will (a) terminate the Amended and Restated Credit Agreement dated as of June 9, 1994 among the Fund, various financial
institutions and Bank of America, N.A. (f/k/a Continental Bank N.A.), as agent, and (b) enter into a credit agreement with various financial institutions and The Bank of New York, as administrative agent (as <font color="black">it may be amended, supplemented,
amended and restated or otherwise modified or replaced from time to time</font>, the "New Credit Agreement").&nbsp;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordingly, the Fund proposes to amend the Depositary Agreement and that this letter evidence our agreement regarding such amendment.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositary Agreement and the exhibits thereto are amended as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to the "Credit Agreement" shall be deemed to refer<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the New Credit Agreement;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "IBJ Schroder Bank &amp; Trust Company" shall be<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deemed to refer to "The Bank of New York";</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "Duff &amp; Phelps Utilities Income Inc." shall be<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deemed to refer to "DNP Select Income Fund Inc.";</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4(c) of the Depositary Agreement is amended by deleting<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the reference to "<u>Section 2.8</u>" therein and substituting "<u>Section 2.5</u>" therefor;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9(d) of the Depositary Agreement is deleted;</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "Stop Date" in the Depositary Agreement<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (including in the definition thereof set forth in Exhibit A thereto) are deleted and<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; replaced with "Program Termination Date";</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits B through F of the Depositary Agreement are deleted in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; their entirety and replaced with <u>Exhibits B</u> through <u>F</u> hereto; and</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The definitions of "Agent", "Commitment Amount", "Discounted<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value", "S&amp;P" and "Scheduled Commitment Termination Date" set forth in<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit A to the Depositary Agreement are amended to read in their entirety as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; follows, respectively:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Agent</u>"
means the Person from time to time acting as administrative agent<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for the Lenders under the Credit Agreement.&nbsp; The initial Agent shall be The Bank<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of New York.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Commitment
Amount</u>" means the aggregate amount of the Commitments<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; under the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted
Value</u>" has the meaning assigned thereto in the Articles<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplementary.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<u>S&amp;P</u>" means</font> Standard &amp; Poor's Ratings Services, a division of The<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McGraw Hill Companies, Inc.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>Scheduled
Commitment Termination Date</u>" means the "Maturity Date" as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; defined in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution and delivery of this agreement shall not be deemed to expressly or impliedly amend, modify or supplement provisions of the Depositary Agreement
other than as set forth herein.&nbsp; The Depositary Agreement, as amended hereby, shall continue in full force and effect.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall become effective upon the Fund's receipt of written confirmation from Moody's and S&amp;P that the amendments to the Depositary Agreement
described herein will not result in a reduction or withdrawal of their respective ratings of the CP Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be executed by the parties on separate counterparts, each of which shall be deemed to be an original, and all of which shall together
constitute but one and the same original.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall in all respects be governed by and construed in accordance with the internal laws of the State of New York without regard to any otherwise
applicable principles of conflicts of law.</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<div>
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please indicate your agreement regarding the proposed amendment by executing a copy hereof where indicated below and returning such executed copy hereof to the
Fund.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: <u>/s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; Nathan I. Partain<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp;&nbsp; President and CEO</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Agreed as of the date<br />
first above written:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">THE BANK OF NEW YORK,<br />
&nbsp; as Depositary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">By: <u>/s/ Mary
LaGumina&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Agreed as of the date<br />
first above written:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">THE BANK OF NEW YORK,<br />
&nbsp; as Administrative Agent</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">By: <u>&nbsp; /s/ William M.
Stanton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: William M. Stanton<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp; Vice President</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">EXHIBIT B</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit B to<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary Agreement</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">COMMERCIAL PAPER MASTER NOTE</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND IS SUBJECT TO CERTAIN
TRANSFER RESTRICTIONS DESCRIBED BELOW.&nbsp; BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER REPRESENTS THAT IT IS AN ACCREDITED INVESTOR (OTHER THAN A NATURAL PERSON), AS DEFINED IN REGULATION D UNDER THE ACT, AND THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, ANY DISTRIBUTION HEREOF AND THAT ANY RESALE OF THIS NOTE WILL BE MADE ONLY (1) THROUGH THE PLACEMENT AGENT SPECIFIED FROM TIME TO TIME BY DNP SELECT INCOME FUND
INC. TO AN INSTITUTIONAL INVESTOR APPROVED BY SUCH PLACEMENT AGENT AS AN ACCREDITED INVESTOR OR QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A UNDER THE ACT, OR (2) DIRECTLY TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION APPROVED BY SUCH PLACEMENT
AGENT OR DIRECTLY TO A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MADE PURSUANT TO RULE 144A UNDER THE ACT.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
New York, New York<br />
(Date of Issuance)</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">$________________________</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNP Select Income Fund Inc. (the "Issuer"), a corporation organized and existing under the laws of the State of Maryland, for value received, hereby promises
to pay to Cede &amp; Co. or registered assigns on the maturity date of each obligation identified on the records of the Company (which records are maintained by The Bank of New York (the "Depositary")), the principal amount [and interest thereon at the rate of
interest, from and including the dated date,]* for each such obligation.&nbsp; Payment shall be made by wire transfer to the registered owner from the Depositary without the necessity of presentation and surrender of this Master Note.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Master Note shall be governed by, and construed in accordance with, the laws of the State of New York.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">________________<br />
<br />
</font><sup><font size="2">*</font></sup><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Include this language in a separate note on this form in the case of interest-added-at-maturity&nbsp; CP Notes.</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<p align="center"><b><font size="3" face="Times New Roman">REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS<br />
OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF.</font></b></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Master Note is a valid and binding obligation of the Issuer.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By__________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signature</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">(Reverse Side of Note)</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the request of the registered owner, the Issuer promptly shall promptly issue and deliver one or more separate note certificates evidencing each obligation
evidenced by this Master Note.&nbsp; As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note.</font></p>

<p><font size="3" face="Times New Roman">______________________________________________________________________________</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
__________________________________________________________________________</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name, Address And Taxpayer Identification Number of Assignee)</font></p>

<p><font size="3" face="Times New Roman">the Master Note and all rights thereunder, hereby irrevocably constituting and appointing ________________________ Attorney in Fact to transfer said Master Note on the books of the Company with full power of substitution in
the premises.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Signature</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature(s) Guaranteed:</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTICE:&nbsp; The signature on this assignment must<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
correspond with the name as written upon the face<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of this Master Note, in every particular, without<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
alteration or enlargement or any change whatsoever.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (The following shall appear as a legend)</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &amp;
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHER WISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">EXHIBIT C</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit C to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary Agreement</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">[FORM OF CERTIFICATED CP NOTE]</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND IS SUBJECT TO CERTAIN
TRANSFER RESTRICTIONS DESCRIBED BELOW.&nbsp; BY ITS ACCEPTANCE OF THIS NOTE, THE PURCHASER REPRESENTS THAT IT IS AN ACCREDITED INVESTOR (OTHER THAN A NATURAL PERSON), AS DEFINED IN REGULATION D UNDER THE ACT, AND THAT THIS NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR SALE IN CONNECTION WITH, ANY DISTRIBUTION HEREOF AND THAT ANY RESALE OF THIS NOTE WILL BE MADE ONLY (1) THROUGH THE PLACEMENT AGENT SPECIFIED FROM TIME TO TIME BY DNP SELECT INCOME FUND
INC. TO AN INSTITUTIONAL INVESTOR APPROVED BY SUCH PLACEMENT AGENT AS AN ACCREDITED INVESTOR OR QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A UNDER THE ACT, OR (2) DIRECTLY TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION APPROVED BY SUCH PLACEMENT
AGENT OR DIRECTLY TO A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MADE PURSUANT TO RULE 144A UNDER THE ACT.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">CP Note</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">$
_____________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No._______________<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
New York, New York<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
__________, 20__</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For value received, DNP Select Income Fund Inc. (the "Company") promises to pay to the order of BEARER the sum
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 20__ at the office of The Bank of New York (the "Depositary") at <font color="black">101 Barclay Street, 8W, New York, New York 10286</font>.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note has been issued pursuant to the Depositary Agreement dated as of April 29, 1993, as from time to time amended, supplemented or otherwise modified
(the "Depositary Agreement"), between the Company and the Depositary.&nbsp; This Note is entitled to the benefits of a certain Credit Agreement dated as of February 14, 2002, as amended from time to time, among the Company, The Bank of New York, as Administrative
Agent, and the financial institutions from time to time party thereto (the "Lenders").&nbsp; Such benefits are subject to the limitations on the amount of the Lenders' obligations contained in the Credit Agreement, and are also subject to the requirement that this
Note be presented for payment, and that the Depositary requests the Lenders to make loans under the Credit Agreement not later than 5:00 p.m., New York City time, on the fifteenth day following the above stated maturity date or, if such fifteenth day is not a
Business Day, on the next succeeding Business Day.&nbsp; As used herein, the term "Business Day" means any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to close in Chicago, Illinois or New York, New York.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference is made to the Credit Agreement and related documents which, as from time to time amended, are on file with the Depositary at its aforesaid office,
for a statement of the terms upon which funds may be obtained under the Credit Agreement for payment of this Note.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note shall be governed by, and construed in accordance with, the laws of the State of New York.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DNP SELECT INCOME FUND INC.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By ________________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signature</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p><font size="3" face="Times New Roman">Countersigned for authentication<br />
only by The Bank of New York<br />
as Issuing Agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">By ____________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signature</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note is not valid for any purpose unless countersigned by The Bank of New York as Issuing Agent.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">EXHIBIT D</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit D to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary Agreement</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">LOAN REQUEST<br />
(by Depositary)</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">[Date]</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Bank of New York, as Administrative Agent<br />
One Wall Street<br />
New York, New York 10286<br />
Attention: Susan E. Baratta<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Function Administration</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Bank of New York, as Administrative Agent<br />
One Wall Street<br />
New York, New York 10286<br />
Attention: Timothy J. Somers</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference is made to the Credit Agreement, dated as of ________, 2003, by and among DNP Select Income Fund Inc. (the "<u>Borrower</u>"), the Lenders party
thereto, and The Bank of New York, as administrative agent (in such capacity, the "<u>Administrative Agent</u>") (as the same may be amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"). Capitalized terms used herein which are
not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reference is also made to the CP
Notes set forth on Schedule A hereto (the "<u>Maturing CP Notes</u>"), each in the Face Amount, and having the maturity date, set forth thereon. Each Maturing CP Note was authenticated and delivered by the Depositary pursuant to the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 2.3(a) of the
Credit Agreement, the Depositary, in trust for each holder of such Maturing CP Notes, and on behalf of the Borrower, hereby gives notice of its intention to make an ABR Borrowing of Loans in an aggregate principal amount of $_______ on ______ __, 200_ (the
"<u>Borrowing Date</u>").</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attached hereto is (a) a Federal
Reserve Form for each Lender and (b) a Compliance Certificate as contemplated by Section 5.2(c) of the Credit Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Depositary hereby certifies that
it shall apply the proceeds of the Borrowing(s) requested hereby to the payment of the unpaid Face Amount of the Maturing CP Notes at maturity.&nbsp; When the Maturing CP Notes have been presented for payment and paid by the Depositary, the Depositary shall
thereafter cancel such Maturing CP Notes and return same to the Borrower.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The account number of the CP Payment
Account is _________________.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concurrently herewith, the
Depositary shall transmit a copy hereof to the Borrower by facsimile or hand delivery.</font></p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">IN WITNESS WHEREOF, the Depositary has caused this Borrowing Request to be executed by its authorized officer as of the day and year first written
above.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE BANK OF NEW YORK, as<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<div>
<p align="center"><b><font size="3" face="Times New Roman">Schedule A to Borrowing Request</font></b></p>

<p align="center"><u><font size="3" face="Times New Roman">LIST OF MATURING CP NOTES</font></u></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">Serial Number</font></u><sup>1/</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Face
Amount</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Date of Issuance</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Maturity Date</u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman"></font></u></p>

<p><u><font size="3" face="Times New Roman">_______________________<br />
<br />
</font></u><u><sup><font size="2">1/</font></sup></u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of certificated CP Notes.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<font size="3"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">EXHIBIT E</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit E to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary Agreement</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">[LETTERHEAD OF AGENT]<br />
______________, 20__</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Bank of New York<br />
 101 Barclay Street, 8W<br />
 New York, New York 10286<br />
 Attention: Corporate Trust Division</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of Change in Commitment Amount</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Ladies/Gentlemen:</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please refer to the Depositary Agreement dated as of April 29, 1993, as amended (the "Depositary Agreement") among DNP Select Income Fund Inc. (the "Company")
and you, as Depositary.&nbsp; Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the Depositary Agreement.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate Commitments under the Credit Agreement have been reduced to $____________ in accordance with the Credit Agreement, effective as of the date
hereof.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE BANK OF NEW YORK, as Administrative Agent</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:_________________________<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:________________________</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNP Select Income Fund Inc.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 East Monroe Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois&nbsp; 60603<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Nathan I. Partain</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="3" width="100%" align="center" />
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><font size="3" face="Times New Roman">EXHIBIT F</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exhibit F to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depositary Agreement</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">ADDRESSES FOR NOTICES</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">The Company</font></u>: </p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">DNP Select Income Fund Inc.<br />
55 East Monroe Street<br />
Chicago, Illinois&nbsp;&nbsp; 60603<br />
Telephone No.: (312) 630-4692<br />
Facsimile No.:  (312) 630-2226<br />
Attention:&nbsp; T. Brooks Beittel</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">The Agent</font></u>:</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Bank of New York, as Administrative Agent<br />
One Wall Street<br />
New York, New York 10286<br />
Telephone No.: (212) 635-4695<br />
Facsimile No.: (212) 635-6365/6366/6367<br />
Attention:&nbsp; Susan Baratta</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">The Depositary</font></u>:</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">The Bank of New York<br />
 Corporate Trust Division<br />
 101 Barclay Street, 8W<br />
 New York, New York 10286<br />
 Attention: Mary LaGumina<br />
 Telephone: (212) 815-4812<br />
 Facsimile:&nbsp; (212) 815-5707</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><u><font size="3" face="Times New Roman">The Placement Agent</font></u>:</p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Banc of America Securities LLC<br />
600 Montgomery Street<br />
San Francisco, California 94111<br />
Telephone: (415) 913-6216<br />
Facsimile: (415) 913-6288<br />
Attention: Paul J. Kline</font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>19
<FILENAME>exhib_k8.htm
<TEXT>
<html>
<head>
<title>EXHIBIT K-8</title>
</head>
<body>
<div>
<p align="center"><font size="3" face="Times New Roman">PLACEMENT AGENCY AGREEMENT</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLACEMENT AGENCY AGREEMENT dated as of April 29, 1993, between DUFF &amp; PHELPS UTILITIES INCOME INC., a Maryland corporation (the "Company"), and CONTINENTAL
BANK N.A., a national banking association ("Continental Bank").</font></p>

<p align="center"><u><font size="3" face="Times New Roman">W I T N E S S E T H</font></u>:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Company has requested Continental Bank to act as the agent of the Company for the private placement to accredited investors of the Company's
unsecured notes with maturities (exclusive of days of grace) of up to 270 days from date of issue (the "Notes").&nbsp; Definitive Notes shall be issued substantially in the form of Exhibit C to the Depositary Agreement (as hereinafter defined) (the "Certificated
Notes"), while master Notes (the "Master Notes") shall be issued substantially in the form of Exhibit B to the Depositary Agreement.&nbsp; Notes represented by a Master Note shall be referred to herein as "Book-Entry Notes".</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, it is contemplated that the maximum aggregate face amount of the Notes to be outstanding at any one time will be $100,000,000.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Notes will be issued pursuant to that certain depositary agreement dated as of April 29, 1993 (as in effect on the date hereof or as hereafter
amended or modified and in effect with the consent of Continental Bank, which consent shall not be unreasonably withheld, the "Depositary Agreement") the Company has entered into with IBJ Schroder Bank &amp; Trust Company (the "Depositary").</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Continental Bank has indicated its willingness to act as agent of the Company in the private placement of the Notes.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW THEREFORE, in consideration of the premises, the parties agree as follows:</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font>&nbsp; <u>Appointment as Placement Agent</u>.&nbsp; (a) The Company appoints Continental Bank its placement agent for the Notes and acknowledges that
Continental Bank shall have the right to assist the Company in the placement of the Notes during the term of this Agreement.&nbsp; The Company agrees that during the period Continental Bank is acting as the Company's placement agent hereunder, the Company shall not
directly contact or solicit potential investors to purchase the Notes.&nbsp; While Continental Bank shall not have any obligation to purchase, as principal, Notes from the Company under any circumstances, Continental Bank may, from time to time, in its sole
discretion purchase Notes, as principal, from the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; Continental Bank may from time to time appoint one or more subagents
for the placement of the Notes (each a "Subagent" and collectively the "Subagents") with the consent of the Company thereto (such consent not to be unreasonably withheld or delayed).&nbsp; Continental Bank will promptly notify the Company of each appointment of a
Subagent and shall specify the identity of such Subagent, the term of such appointment and any other material condition of such appointment.&nbsp; Each Subagent shall comply with the procedures for the offer and sale or resale of the Notes set forth in Section&nbsp;2
hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; The Company and Continental Bank agree that any Notes the placement of
which Continental Bank or any Subagent arranges or which are purchased by Continental Bank or any Subagent shall be placed or purchased by Continental Bank or any Subagent in reliance on the representations, warranties, covenants and agreements of the Company
contained herein and on the terms and conditions and in the manner provided herein.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Upon receipt of instructions from the Company, Continental Bank will
use its best efforts to solicit purchases of such principal amount of the Notes as the Company and Continental Bank shall agree upon from time to time during the term of this Agreement.&nbsp; Unless otherwise instructed by the Company, Continental Bank will
communicate to the Company, orally or in writing, each offer to purchase Notes, other than those rejected by Continental Bank.&nbsp; Continental Bank shall have the right, in its discretion reasonably exercised, to reject any proposed purchase of Notes, in whole or
in part.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; The Company may instruct Continental Bank to suspend solicitation of
purchases of Notes at any time.&nbsp; Upon receipt of such instruction, Continental Bank will forthwith suspend solicitation until such time as the Company has advised it that solicitation of purchases may be resumed.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</font>&nbsp; <u>Offering and Sales of the Notes</u>.&nbsp; The offering and sale of the Notes by the Company is to be effected pursuant to the exemption
from the registration requirements of the Securities Act of 1933, as amended (the "Act"), provided by Section 4(2) thereof, Regulation D thereunder and otherwise, which exempt transactions by an issuer not involving any public offering.&nbsp; Continental Bank and the
Company hereby establish the following procedures in connection with the offer and sale or resale of the Notes:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; Offers and sales of the Notes will be made by the Company only to
purchasers which qualify as accredited investors (as defined in Rule 501(a) under the Act) (each such institutional purchaser being hereinafter called an "accredited investor").&nbsp; Resales of the Notes will be made only to accredited investors or to institutional
purchasers which are qualified institutional buyers (as defined in Rule 144A under the Act) (each such institutional purchaser being hereinafter called a "qualified institutional buyer").&nbsp; No Notes will be offered to natural persons.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The Notes will be offered only by approaching prospective purchasers
on a individual basis.&nbsp; The Notes will not be offered or sold by any means of general solicitation or general advertising.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; In the case of a purchaser which is acting as a fiduciary for one or
more third parties and which is not a bank as defined in Section 3(a)(2) of the Act or a savings and loan association or other institution as described in Section 3(a)(5) of the Act (each such purchaser, a "non-bank fiduciary"), each such third party will, in the
judgment of Continental Bank, after due inquiry be an accredited investor or qualified institutional buyer.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Each Certificated Note shall contain the legend set forth on the form
of such Note attached as Exhibit&nbsp;C to the Depositary Agreement stating in effect that such Note has not been registered under the Act and that a resale or other transfer of such Note or any interest therein shall be made only (i) through Continental Bank to an
institutional investor approved as an accredited investor or as a qualified institutional buyer by Continental Bank or (ii) to a qualified institutional buyer in a transaction made pursuant to Rule 144A under the Act.&nbsp; The purpose of this requirement is to
ensure that Notes are resold or otherwise transferred only to accredited investors or qualified institutional buyers and not in a manner that might call into question the non-public offering character of the offering and sale of the Notes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; A Private Placement Memorandum will be made available to each
purchaser or prospective purchaser together with any supplements to such Private Placement Memorandum which may have been prepared which describes (i) the Notes, (ii) the proposed use of proceeds of sale of the Notes, (iii) the business of the Company and any
material change therein or in the financial condition of the Company, (iv) such summary financial information concerning the Company as the Company and Continental Bank consider appropriate and (v) the restrictions on resale.&nbsp; The Private Placement Memorandum
will contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Company and Continental Bank concerning the offering of the Notes and to obtain additional relevant information which the
Company or Continental Bank possesses or can acquire without unreasonable effort or expense.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp; In addition to the other requirements of this Section 2, during any
period the Company is not subject to the periodic filing requirements of the Securities Exchange Act of 1934, the Company agrees that, upon written request by any holder of the Notes, the Company will provide the holder or to a prospective purchaser designated by the
holder a copy of the Private Placement Memorandum containing a statement of the Company's business as of a date no more than 12 months old and, to the extent not otherwise set forth in the Private Placement Memorandum, (i) the Company's most recent audited balance
sheet that is as of a date less than 16 months old and audited statements of profit and loss and retained earnings for the 12 months preceding the date of the balance sheet, (ii) similar audited financial statements for the preceding two fiscal years or for such
shorter period as the Company has been in operation and (iii) if the Company's most recent balance sheet is not as of a date less than six months old, additional statements of profit and loss and retained earnings (which may be unaudited) for the period from the date
of such balance sheet to a date as of less than six months old.&nbsp; The purpose of this provision is to satisfy the conditions of paragraph (d)(4) of Rule 144A under the Act, so that resales of the Notes may be made to qualified institutional buyers pursuant to the
exemption from registration provided by Rule 144A.&nbsp; The Private Placement Memorandum and each Note shall disclose that a holder of the Note may request, in writing, the information specified by paragraph (d)(4) of Rule 144A in connection with an intended sale or
transfer of the Notes pursuant to Rule 144A.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; The Company agrees to cooperate with Continental Bank in the
preparation of the Private Placement Memorandum and in amending it as from time to time may be necessary.&nbsp; Accordingly, the Company agrees to furnish Continental Bank with such information as requested to satisfy the conditions of paragraph (d)(4) of Rule 144A
under the Act, copies of all reports delivered by the Company to the rating agencies, as well as of all public releases or other material information in such quantities as Continental Bank may reasonably request.&nbsp; Continental Bank will furnish each Subagent with
copies of the information furnished to Continental Bank by the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)</font>&nbsp; The Company will immediately inform Continental Bank and each Subagent
of whose appointment it shall have been notified by Continental Bank in writing of any material adverse changes in or affecting the Company which (i) make or might make any statement in the Private Placement Memorandum false or misleading in any material respect or
(ii) are not disclosed in such documents.&nbsp; In such event, Continental Bank and each such Subagent shall not thereafter attempt to offer or place any of the Notes until the Company shall have prepared and furnished to Continental Bank, in such numbers as
Continental Bank may require, supplements to, or amendments of, the Private Placement Memorandum reflecting any such material changes.&nbsp; Prior to any offer or sale of Notes, Continental Bank shall, with the cooperation of the Company, have the right to make such
reasonable due diligence investigation of the business of the Company as is usual in the course of continuous offerings of debt instruments.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.</font>&nbsp; <u>Representations and Warranties</u>.&nbsp; The Company represents and warrants to Continental Bank and each Subagent as of the date hereof
and as of each date contemplated by Section 4 hereof that:</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)</font>&nbsp; The Private Placement Memorandum does not and will not include any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The financial statements included in the Private Placement Memorandum,
if any, are and will be complete and correct and fairly present in accordance with generally accepted accounting principles the financial position of the Company as at the dates set forth therein and the results of its operations for the periods set forth
therein.&nbsp; Except as set forth in the Private Placement Memorandum, said financial statements have been prepared in conformity with generally accepted accounting principles applied on a basis which is consistent in all material respects during the periods
involved.&nbsp; The supporting schedules, if any, included in the financial statements present fairly the information required to be stated therein as of the dates or for the periods indicated.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Since the respective dates as of which information is given in the
Private Placement Memorandum, except as may otherwise be stated or contemplated therein or in any amendment or supplement thereto, there has not been any material adverse change in the condition, financial or otherwise, of the Company, whether or not arising in the
ordinary course of business.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; The Company (i) has been duly incorporated and is validly existing as
a corporation in good standing under the laws of its jurisdiction of incorporation, and (ii) has the requisite corporate power and authority to execute and deliver the Notes and to perform its obligations thereunder and to own its properties and conduct its business
as described in the Private Placement Memorandum.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; The Company is not in violation of its charter or by-laws or in
default in the performance or observance of any material obligation, agreement, covenant or condition contained in any material contract, indenture, mortgage, loan agreement or lease (including the Company's investment restrictions and terms of its preferred stock)
to which the Company is a party or by which it may be bound.&nbsp; The execution and delivery of this Agreement, the Depositary Agreement and the Notes and the incurrence of the obligations and consummation of the transactions herein contemplated will not conflict
with, or constitute a breach of or default under, its charter or by-laws or any material contract, indenture, mortgage, loan agreement or lease (including the Company's investment restrictions and terms of its preferred stock), to which it is a party or by which it
may be bound, or any law, administrative regulation or court decree.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</font>&nbsp; Each of this Agreement and the Depositary Agreement has been duly
authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency or other similar laws relating to
or affecting generally the enforcement of creditors' rights or by general equitable principles.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)</font>&nbsp; The Notes have been duly authorized for issuance, offer and sale as
contemplated by the Agreement and the Depositary Agreement and, when issued and delivered against payment of the purchase price therefor, will constitute legal, valid and binding obligations of the Company enforceable in accordance with their terms, except as
enforcement thereof may be limited by bankruptcy, insolvency or other similar laws relating to or affecting generally the enforcement of creditors' rights or by general equitable principles.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)</font>&nbsp; Assuming compliance with Section 5(b) hereof, no consent, approval,
authorization, order, registration or qualification of or with any court or any regulatory authority or other governmental agency or body (including the SEC) is required for the issuance, offer or sale of the Notes by the Company and in accordance with the terms of
this Agreement or for the consummation of the transactions contemplated by this Agreement, the Depositary Agreement or the Notes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)</font>&nbsp; There are no legal or governmental proceedings pending to which the
Company is a party or of which any property of the Company is the subject, other than as set forth in the Private Placement Memorandum and other than legal or governmental proceedings, which in each case will not have a material adverse effect on the business,
financial condition, shareholders' equity or results of operations of the Company; and to the best of its knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)</font>&nbsp; The Company is a closed-end investment company registered with the SEC
under the Investment Company Act of 1940, as amended (the "1940 Act"), and is in compliance with the applicable provisions of the 1940 Act.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k)</font>&nbsp; Assuming compliance with the provisions for the offer and sale or
resale of the Notes in Section 2 hereof, the offer, issuance, sale and delivery of the Notes in accordance with the terms of this Agreement will constitute exempt transactions under the Act pursuant to Section 4(2) thereof, and registration of the Notes under the Act
will not be required.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l)</font>&nbsp; The Notes rank at least <u>pari</u> <u>passu</u> with all other
unsubordinated indebtedness of the Company.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m)</font>&nbsp; That certain Credit Agreement dated as of April 29, 1993, as amended,
among the Company, certain commercial lending institutions and Continental Bank N.A., as Agent, remains in full force and effect.&nbsp; The Company hereby agrees to provide Continental Bank with a report on the status and usage of such facility on a quarterly
basis.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n)</font>&nbsp; The Company's assets are invested in accordance with its investment
policies and objectives and the Company intends to use its best efforts to comply with the requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o)</font>&nbsp; The Company is in compliance with the provisions of Section 9(a) of
the Depositary Agreement.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.</font>&nbsp; <u>Additional Representation and Warranty</u>.&nbsp; Each acceptance by the Company of an offer for the purchase of Notes shall be deemed an
affirmation by the Company that its representations and warranties set forth in Section 3 hereof are true and correct at the time of such acceptance, and an undertaking that such representations and warranties will be true and correct at the time of delivery to the
purchaser or its agent of the Note or Notes relating to such acceptance, as though made at and as of such time (it being understood that insofar as such representations and warranties relate to the Private Placement Memorandum, such representations and warranties
shall relate to the Private Placement Memorandum delivered to prospective purchasers of Notes at the time of such acceptance and at the time of such delivery of the Note or Notes relating to such acceptance, respectively.)</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.</font>&nbsp; <u>Covenants</u>.&nbsp; (a)&nbsp; The Company agrees that no future offer and sale of debt securities of the Company of any class will be made
if, as a result of the doctrine of "integration" referred to in Rule 502 of Regulation D under the Act, Securities Act Release No. 6389 (March 8, 1982), Securities Act Releases Nos. 4434 (December 6, 1961), 4552 (November 6, 1962) and 4708 (July 9, 1964), and various
"no-action" letters made available by the SEC, such offer and sale would call into question the entitlement of the Notes to the exemption from the registration requirements of the Act provided by Section 4(2) thereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The Company will endeavor, in cooperation with Continental Bank, to
qualify the Notes for offer and sale under the applicable securities laws of such states and other jurisdictions of the United States as the Company and Continental Bank shall determine, and will maintain such qualifications in effect for as long as may be required
for the distribution of the Notes.&nbsp; The Company will file such statements and reports as may be required by the laws of each jurisdiction in which the Notes have been qualified as above provided.&nbsp; Continental Bank will deliver to the Company prior to the
first offer of Notes a copy of a Blue Sky Law Survey prepared by Mayer, Brown &amp; Platt, counsel to Continental Bank in this transaction, with respect to the offer and sale of the Notes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Pursuant to the Depositary Agreement, the Company will maintain a bank
account at the Depositary into which all of the proceeds of the sale of the Notes will be deposited by the Depositary.&nbsp; Only (i) the proceeds of sale of the Notes and (ii) such funds as, together with the proceeds of the Notes, shall be necessary to make all
payments in respect of the Notes, shall be deposited in such account, which shall be maintained at the Depositary separate and apart from any other account into which the Depositary may be authorized by the Company to deposit proceeds of sale of other commercial
paper notes or other notes which the Company may offer, either publicly or privately, in the United States or to United States residents.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; The Company will use the net proceeds of sale of the Notes in
accordance with its investment policies, objectives and restrictions.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</font>&nbsp; The Company agrees to comply with the applicable provisions of Section
18(a)(1) of the 1940 Act.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.</font>&nbsp; <u>Conditions Precedent to Placement of the Notes</u>.&nbsp; (a)&nbsp; Prior to the initial placement of Notes hereunder the Company shall
cause to be delivered to Continental Bank (i) written opinions of counsel to the Company substantially in the forms of Exhibits A and B hereto, (ii) a certificate of the Secretary or other appropriate officer of the Company certifying true copies of the resolutions
of the Company approving this Agreement, the Depositary Agreement, the Notes and the transactions contemplated hereby and certifying the incumbency, authority and true signatures of the officers of the Company authorized to sign this Agreement and the Notes, and
(iii) an original executed copy, photocopy or conformed copy of the Depositary Agreement, which shall be in form and substance acceptable to Continental Bank, and (iv) if applicable, the DTC Representation Letter (as that term is defined below).&nbsp; Continental
Bank may deliver a copy of the opinion referred to in clause (i) above to any purchaser of a Note who requests such a copy.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; Prior to the initial placement of any Notes hereunder, such Notes
shall have been rated at least "A-1+" by Standard &amp; Poor's Corporation ("S&amp;P") and at least "P-1" by Moody's Investors Service, Inc. ("Moody's") and upon each subsequent placement of Notes hereunder such ratings shall be in full force and effect.&nbsp; Such
ratings were obtained by the Company with the understanding that S&amp;P and Moody's would continue to monitor the credit of the Company and make future adjustments in such ratings to the extent warranted.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.</font>&nbsp; <u>Delivery of and Payment for the Notes</u>.&nbsp; (a)&nbsp; On the date of a proposed issuance of Notes, Continental Bank shall confer with
the Company as to the face or principal amount, maturities and denominations thereof, the applicable interest rates or the discounts from the face amounts, at which the Notes are to be issued.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; When agreement is reached on the foregoing, (i) if the Notes are
evidenced by Certificated Notes, the Company will instruct the Depositary or another issuing agent designated by the Company in written notice to Continental Bank to deliver executed and countersigned Certificated Notes to Bank of New York, 3rd Floor, Window B:&nbsp;
For Account CINB - Chicago, Attention:&nbsp; Mariam, prior to 2:15 p.m., New York City time, on the date of issuance, and (ii) if the Notes are Book-Entry Notes, the issuance of and payment for such Notes will be governed by the DTC Documents (as defined in the
Depositary Agreement).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; Following Continental Bank's receipt of duly and properly completed
Certificated Notes, Continental Bank or its agent will transfer by the close of business on such day immediately available funds to the Depositary or to such other bank as may be designated in writing by the Company to Continental Bank in an amount equal to the net
proceeds of the Certificated Notes.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</font>&nbsp; Continental Bank will mail written confirmations of each purchase or
placement to the Company, which confirmations of each purchase or placement to the Company, which confirmations shall set forth face or principal amounts, maturities and denominations of the Notes purchased or placed and the applicable interest rates or
discounts.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.</font>&nbsp; <u>Indemnification</u>.&nbsp; The Company agrees to assume liability for and to indemnify, protect, save and hold harmless Continental Bank and
each Subagent, each individual, corporation, partnership, trust, association or other entity ("Persons") controlling Continental Bank or such Subagent, each affiliate of any such Person or Continental Bank or such Subagent, and their respective directors, officers,
incorporators, shareholders, partners, servants, trustees, employees and agents (all of such indemnified entities hereinafter the "Indemnitees") from and against any and all losses, liabilities, claims, damages, penalties, causes of action, suits, costs and expenses
(including, without limitation, reasonable attorneys' fees and expenses) or judgments of whatever kind and nature, imposed upon, incurred by or asserted against the Indemnitees, which are (x) based upon or arising under the securities laws of the United States of
America or of any state or any regulation, rule or interpretation thereunder or thereof to the extent arising from the transactions contemplated hereby, (y) based upon the inaccuracy of any representation made or reaffirmed by the Company or the breach of any
agreement or covenant of the Company contained herein, or (z) based upon any untrue statement or alleged untrue statement of a material fact in the Private Placement Memorandum, or the omission or alleged omission from the Private Placement Memorandum of a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.&nbsp; If any action, suit or proceeding arising from any of the foregoing is brought against any of the Indemnitees, the Company will, if
requested in writing within a reasonable time to do so, and at its own expense, resist and defend such action, suit or proceeding arising from any of the foregoing is brought against any of the Indemnitees, the Company will, at its own expense, resist and defend such
action, suit or proceeding or cause the same to be resisted and defended by counsel designated by the Company (which counsel shall be satisfactory to such Indemnitees) and regardless of whether the Company is a party to the same, pay all reasonable costs and expenses
of such defense as incurred (including, without limitation, reasonable attorneys' fees and expenses).</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is agreed, however, that the obligations of the Company under this Section 8 shall not extend (i) to any liability of any Indemnitee arising out of any
untrue statement by any Indemnitee of a material fact in connection with the issue and sale of the Notes, or any omission by any Indemnitee to state a material fact necessary to make any statement by an Indemnitee, in light of the circumstances under which it was
made, not misleading, in connection with the issue and sale of the Notes or (ii) to any Indemnitee's gross negligence or wilful misconduct in the performance of its obligations under this Agreement.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 8 is for any reason held
unavailable (otherwise than in accordance with the terms of this Section 8), the Company on the one hand, and any Indemnitee, on the other hand, sought to be charged with any liability shall contribute to the aggregate costs of satisfying such liability in the
proportion of their respective economic interests.&nbsp; For purposes of this Section 8, the "economic interests" of the Company shall be equal to the aggregate proceeds of the Notes issued in connection with this Agreement received by the Company and the "economic
interest" of any Indemnitee shall be equal to the aggregate commissions and fees earned by Continental Bank hereunder.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligations of the Company under this Section 8 shall survive any termination of this Agreement, in whole or in part.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.</font>&nbsp; <u>Fees and Expenses</u>.&nbsp; (a)&nbsp; As compensation for the services of Continental Bank hereunder, the Company shall pay it, on a
discount basis, a commission for the sale of each Note at such rate as shall be agreed upon from time to time by the Company and Continental Bank.&nbsp; The Company shall have no liability for the compensation of any Subagent for its services hereunder.&nbsp;
Compensation for the services of a Subagent shall be agreed upon from time to time by Continental Bank and such Subagent.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; The Company will (i) pay all costs and expenses incident to the
placement and issuance of the Notes, (ii) reimburse Continental Bank for all of its out-of-pocket expenses, and (iii) upon receipt of an invoice, pay directly or reimburse Continental Bank for the reasonable fees and expenses of any outside counsel utilized by
Continental Bank in connection with this Agreement and the transactions contemplated hereby.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.</font>&nbsp; <u>Notices</u>.&nbsp; Unless otherwise indicated, all notices required under the terms and provisions hereof shall be in writing, either
delivered by hand, by mail (postage prepaid), or by telex, telecopier or telegram, and any such notice shall be effective when received at the address specified below</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Company:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Utilities Income Inc.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 East Monroe Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois&nbsp; 60603<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Mr. Richard Spletzer<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone No:&nbsp; (312) 368-5510<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No:&nbsp; (312) 366-5512</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Continental Bank:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Bank N.A.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets Group Operations<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File Room/Investigations - 17th Floor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 South LaSalle Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois&nbsp; 60697<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Mr. Gary Hosking<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone No:&nbsp; (312) 828-<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No:&nbsp; (312) 987-7293</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With a copy to:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Bank N.A.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Board Department - 17th Floor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 South LaSalle Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois&nbsp; 60697</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">or at such other address as such party may designate from time to time by notice duly given in accordance with the terms of this Section 10 to the other party hereto.</font></p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>.&nbsp; This Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment and Termination; Successors; Counterparts</u>.&nbsp; (a)&nbsp; The terms of this Agreement shall
not be waived, altered, modified, amended or supplemented in any manner whatsoever except by written instrument signed by both parties hereto.&nbsp; Either party to this Agreement may terminate this Agreement upon at least 30 days' written notice to each other party
hereto, provided that such termination shall not affect the obligations of the parties hereunder with respect to Notes outstanding at the time of such termination and actions or events occurring prior to such termination or with respect to Section 8 or Section 9
hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</font>&nbsp; This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</font>&nbsp; This Agreement may be executed in several counterparts, each of which
shall be deemed an original hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Captions</u>.&nbsp; The captions in this Agreement are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effective Date</u>.&nbsp; This Agreement shall be effective as of the date and year first above written.</p>

<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability of Provisions</u>.&nbsp; Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.</p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DUFF &amp; PHELPS UTILITIES INCOME INC.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<u>/s/ Richard J. Spletzer__________________<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signatory</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CONTINENTAL BANK N.A.</font></p>

<p><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By:<u>/s/ James A. Honan____________________<br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Authorized Signatory</font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>20
<FILENAME>exhib_k9.htm
<TEXT>
<html>
<head>
<title>EXHIBIT K-9</title>
</head>
<body>
<div>
<p align="center">[Letterhead of DNP Select Income Fund Inc.]</p>

<p align="center">February 14, 2003</p>

<p>Banc of America Securities LLC<br />
600 Montgomery Street<br />
San Francisco, California 94111</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re:&nbsp; <u>Amendment to Placement Agency Agreement</u></p>

<p>Ladies/Gentlemen:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please refer to the Placement Agency Agreement dated as of April 29, 1993 (the "Placement Agency Agreement") between DNP Select Income Fund Inc. (f/k/a Duff &amp; Phelps Utilities Income Inc.) (the
"Fund") and you, as successor to Continental Bank N.A.&nbsp; Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Placement Agency Agreement.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concurrently herewith, the Fund will (a) terminate the Amended and Restated Credit Agreement dated as of June 9, 1994 among the Fund, various financial institutions and Bank of America, N.A. (f/k/a
Continental Bank N.A.), as agent, and (b) enter into a credit agreement with various financial institutions and The Bank of New York, as administrative agent.&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordingly, the Fund proposes to amend the Placement Agency Agreement and that this letter evidence our agreement regarding such amendment.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Placement Agency Agreement is hereby amended as follows:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "Continental Bank N.A." or "Continental Bank" shall be deemed<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to refer to Banc of America Securities LLC;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "Duff &amp; Phelps Utilities Income Inc." shall be deemed to refer to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "DNP Select Income Fund Inc.";</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All references to "Standard &amp; Poor's Corporation" shall be deemed to refer to<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Standard &amp; Poor's Ratings Services, a division of The McGraw Hill Companies,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inc.";</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The first sentence of Section 3(m) of the Placement Agency Agreement is<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amended to read in its entirety as follows:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "That certain Credit Agreement, dated as of February
14, 2003,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; among the Company, certain commercial lending institutions and The<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York, as administrative agent, as the same may be amended,<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; supplemented, amended and restated or otherwise modified or replaced<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from time to time, remains in full force and effect."</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The indented paragraphs in Section 10 (Notices) of the Placement Agency<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement are amended to read in their entirety as follows:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to the Company:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNP Select Income Fund Inc.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 East Monroe Street, Suite 3600<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, Illinois 60603<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention:&nbsp; Nathan I. Partain<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone No.:&nbsp; (312) 368-5510<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No.:&nbsp;&nbsp; (312) 630-2226</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If to Banc of America Securities LLC:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of America Securities LLC<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 Montgomery Street<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco, California 94111<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attention: Paul J. Kline<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telephone No: (415) 913-6216<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facsimile No.: (415) 913-6288</p>

<p></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The execution and delivery of this agreement shall not be deemed to expressly or impliedly amend, modify or supplement provisions of the Placement Agency Agreement other than as set forth
herein.&nbsp; The Placement Agency Agreement, as amended hereby, shall continue in full force and effect.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall become effective upon the Fund's receipt of written confirmation from Moody's and S&amp;P that the amendments to the Placement Agency Agreement described herein will not result
in a reduction or withdrawal of their respective ratings of the CP Notes.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement may be executed by the parties on separate counterparts, each of which shall be deemed to be an original, and all of which shall together constitute but one and the same
original.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This agreement shall in all respects be governed by and construed in accordance with the internal laws of the State of Illinois without regard to any otherwise app<a name=
"ReturnHereAfterFooterUpdate"></a>licable principles of conflicts of law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please indicate your agreement regarding the proposed amendment by executing a copy hereof where indicated below and returning such executed copy hereof to the Fund.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DNP SELECT INCOME FUND INC.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By: <u>/s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name:&nbsp; Nathan I. Partain<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp;&nbsp; President and CEO</p>

<p>Agreed as of the date<br />
first above written:</p>

<p>BANC OF AMERICA SECURITIES LLC</p>

<p>By: <u>/s/ Paul
Kline&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Paul Kline<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp; Principal</p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>21
<FILENAME>new_r1.htm
<TEXT>
<html>
<head>
<title>DUFF &amp; PHELPS UTILITIES INCOME INC</title>
</head>
<body>
<div>
<p align="center"><a name="ReturnHereAfterFooterUpdate"></a><b><u><font size="3" face="Arial">DNP SELECT INCOME FUND INC.</font></u></b></p>

<p align="center"><b><u><font size="3" face="Arial">AMENDED AND RESTATED CODE OF ETHICS</font></u></b></p>

<p><font size="3" face="Arial">I.</font>&nbsp;&nbsp;<u>Applicability</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Amended and Restated Code of Ethics (the "<u>Code</u>"), adopted by the Board of Directors of DNP Select Income Fund Inc. (the "<u>Fund</u>") pursuant to Rule 17j-1
under the Investment Company Act of 1940, as amended (the "<u>Act</u>"), establishes rules of conduct for "Covered Persons" or "Access Persons" (each as defined in this Code) of the Fund.&nbsp; For purposes of this Code, "Covered Person" or "Access Person" shall mean
any director, officer or "Advisory Person" of the Fund and "Advisory Person" shall include the following persons:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; any employee of the Fund or its investment adviser (or any company in a control relationship to the Fund or its investment adviser) who, in connection with his
or her regular functions or duties, makes or participates in investment decisions, or obtains investment information, regarding the purchase or sale of securities by the Fund, or whose functions relate to the making of any investment recommendations with respect to
the purchases or sales; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; any natural person in a control relationship to the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or
sale of securities by the Fund.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this <u>Article&nbsp;I</u>, a person does not become a Covered Person solely by reason of (i) normally assisting in the preparation of public reports or
receiving public reports, but not receiving information about <u>current</u> recommendations or trading; or (ii) a single instance of obtaining knowledge of <u>current</u> recommendations or trading activity, or infrequently and inadvertently obtaining such
knowledge.</font></p>

<p><font size="3" face="Arial">II.</font>&nbsp;&nbsp;<u>Statement of General Principles</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The general fiduciary principles that govern the personal trading activities of a Covered Person are as follows:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; the duty at all times to place the interests of the shareholders of the Fund first;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; the requirement that all personal securities transactions be conducted in a manner which does not interfere with the Fund's portfolio transactions so as to
avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; the fundamental standard that Covered Persons should not take inappropriate or unfair advantage of their relationship with the Fund.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Persons must adhere to these general principles as well as comply with the Code's specific provisions.</font></p>

<p><font size="3" face="Arial">III.</font>&nbsp; <u>Prohibitions</u></p>

<p><font size="3" face="Arial"></font></p>

<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; No Covered Person shall purchase or sell, directly or indirectly, any security in which he has, or by reason of such transaction acquires, any direct or
indirect beneficial ownership (as defined in <u>Attachment&nbsp;A</u> hereto) and which he knows at the time of such purchase or sale:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; is being considered for purchase or sale by the Fund; or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp; is being purchased or sold by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Advisory Person shall purchase or sell a security when the Fund has a pending purchase or sale of the same security until the Fund's order has been completed or
withdrawn.&nbsp; If the proposed personal trade is on the same side as the completed Fund transaction, the personal trade cannot occur within two days of the Fund transaction (i.e., neither at T or T + 1 calendar day).&nbsp; If the proposed trade is on the opposite
side of the completed Fund transaction in that security, the personal trade cannot occur within three days after the Fund transaction (i.e., T + 2 calendar days or later).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Advisory Person shall profit in the purchase and sale or sale and purchase, of the same (or equivalent) securities of an issuer within 60 calendar days if the Fund
purchases or sells the same (or equivalent) securities of such issuer during such 60-day period.&nbsp; Any profit realized on such short-term trades shall be disgorged.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of <u>Article III(A)(1)</u>, a security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and
communicated and, with respect to the person making the recommendation, when such person receives information that would lead such person in his or her normal course of business to consider making such a recommendation.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; No Covered Person shall recommend any securities transaction by the Fund without having disclosed his interest, if any, in such securities or the issuer of the
securities, including without limitation:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp; such person's direct or indirect beneficial ownership of any securities of such issuer;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp; any contemplated transaction by such person in such securities;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp; any position with such issuer or its affiliates; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp; any present or proposed business relationship between such issuer or its affiliates and such person or any party in which such person has a significant
interest.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; No Covered Person shall, directly or indirectly in connection with the purchase or sale of any securities held or to be acquired by the Fund:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp; employ any device, scheme or artifice to defraud the Fund; or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp; make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light
of the circumstances under which they are made, not misleading;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp; engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the Fund; or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp; engage in any manipulative practice with respect to the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp;&nbsp;No Advisory Person shall purchase, directly or indirectly, or by reason of such transaction acquire, any direct or indirect beneficial ownership (as
defined in <u>Attachment A</u> hereto) of any securities in an initial public offering or a private placement transaction, without prior approval in accordance with this Code.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)&nbsp;&nbsp;No Covered Person shall accept any gift or other thing of more than <u>de minimis</u> value from any person or entity that does business with or on behalf
of the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)&nbsp;&nbsp;No Advisory Person shall engage in excessive trading or market timing activities with respect to any mutual fund whether or not such mutual fund is
managed by the employer of such Advisory Person or by any affiliated adviser/sub-adviser.&nbsp; For the purposes of the foregoing, "market timing" shall be defined as a purchase and redemption, regardless of size, in and out of the same mutual fund within any sixty
(60) day period.&nbsp; The foregoing restrictions shall not apply to Advisory Persons investing in mutual funds through asset allocation programs, automatic reinvestment programs, 401(k) and similar retirement accounts and any other non-volitional investment
vehicles.&nbsp; Advisory Persons shall provide quarterly certifications as to their compliance with this restriction.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)&nbsp;&nbsp;No Covered Person shall&nbsp;(i) purchase or sell the security of any issuer on the basis of material nonpublic information about that security or issuer,
or (ii) divulge such&nbsp;information in breach of a duty of trust or confidence that is owed directly, indirectly or derivatively, to the issuer of that security,&nbsp;the shareholders of that issuer or&nbsp;any other person who is the source of
such&nbsp;information.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial Unicode MS"></font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Code, the term "security" shall have the meaning set forth in Section 2(a)(36) of the Act, provided that the term "security" shall not include
securities issued by the Government of the United States, short term securities which are "government securities" as defined in Section 2(a)(16) of the Act, bankers' acceptances, bank certificates of deposit, commercial paper, shares of registered open-end investment
companies and such other money market instruments as designated by the Board of Directors of the Fund.</font></p>

<p><font size="3" face="Arial">IV.</font>&nbsp;&nbsp;<u>Exempt Transactions</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The prohibitions described in <u>paragraph (A)</u> of <u>Article III</u> shall not apply to:</font></p>

<p><font size="3" face="Arial"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; purchases or sales effected in any account over which the Covered Person has (i) no direct or indirect influence or control or (ii) given discretionary
investment authority to an independent third party;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; purchases or sales of securities of an issuer of the type in which the Fund does not typically invest;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; purchases or sales that are non-volitional on the part of the Covered Person;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp; purchases of shares necessary to establish an automatic dividend reinvestment plan or pursuant to an automatic dividend reinvestment plan, and subsequent sales
of such securities;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)&nbsp; purchases effected upon the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class of its securities, to the extent such rights were
acquired from the issuer, and sales of such rights so acquired;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)&nbsp; purchases or sales of up to 500 shares of stock of issuers that are included in the calculation of the Standard &amp; Poor's 500 Composite Stock Index at the
time of purchase or sale; or</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)&nbsp; purchases or sales for which the Covered Person has received prior approval from the Compliance Officer of Duff &amp; Phelps Investment Management Co. (the
"<u>DPIM Compliance Officer</u>") in accordance with this Code.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">V.</font>&nbsp;&nbsp;<u>Prior Approval for Non-Exempt Transactions</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Covered Person shall not be required to obtain prior approval for any personal securities transaction that is exempt by <u>Article IV</u> hereof.&nbsp; In all other
instances, upon written request from a Covered Person as provided in <u>Article V(C)</u> below, the DPIM Compliance Officer shall have the sole discretion to pre-approve a personal securities transaction, and thereby exempt such transaction from the restrictions of
this Code.&nbsp; The DPIM Compliance Officer shall make such determination in accordance with the following:</font></p>

<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; Prior approval shall be granted only if a purchase or sale of securities is consistent with the purposes of this Code and Section 17(j) of the Act.&nbsp; To
illustrate, a purchase or sale shall be considered consistent with those purposes if such purchase or sale is only remotely potentially harmful to the Fund because such purchase or sale would be unlikely to affect a highly institutional market, or because such
purchase or sale is clearly not related economically to the securities held, purchased or sold by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; Prior approval shall take into account, among other factors:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) whether the investment opportunity should be reserved for the Fund and its shareholders and whether the opportunity is being offered to the Covered Person by virtue
of the Covered Person's position with the Fund;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) whether the amount or nature of the transaction or person making it is likely to affect the price or market for the security;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) whether the Covered Person making the proposed purchase or sale is likely to benefit from purchases or sales being made or being considered by the Fund;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) whether the security proposed to be purchased or sold is one that would qualify for purchase or sale by the Fund; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) whether the transaction is non-volitional on the part of the individual, such as receipt of a stock dividend or a sinking fund call.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; To obtain prior approval, Covered Persons must submit in writing a completed and executed Personal Trading Request for Pre-Clearance (a form of which is
appended hereto as <u>Attachment B</u>), which shall set forth the details of the proposed transaction.&nbsp; Approval of the transaction as described on such form shall be evidenced by the signature of the DPIM Compliance Officer thereon.&nbsp; A copy of all prior
approval forms, with all required signatures, shall be retained by the DPIM Compliance Officer.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In any case where the DPIM Compliance Officer determines to grant prior approval for the acquisition by a Covered Person of securities in an initial public offering or a
private placement transaction, he or she shall maintain a record of the reasons supporting such determination and retain such record with the prior approval form in accordance with the provisions of <u>Article VII(I)(6)</u> below.&nbsp; In all other cases where prior
approval is granted in accordance with this Code, the DPIM Compliance Officer is not required to specify any reason for such determination.</font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If approval is given to the Covered Person in accordance with this Code to engage in a securities transaction, the Covered Person is under an affirmative obligation to
disclose that position if such Covered Person plays a material role in the Fund's subsequent investment decision regarding the same issuer.&nbsp; In such circumstances, a review of the Fund's investment decision to purchase securities of the issuer by investment
personnel with no personal interest in the issuer shall be conducted.</font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval granted to the Covered Person in accordance with this Code is only effective for 24 hours from the date of such approval.&nbsp; If the trade is not made within
24 hours, a new clearance must be obtained.</font></p>

<p><font size="3" face="Arial">VI.</font>&nbsp;&nbsp;<u>Reporting</u></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; <u>Initial Holdings Reports</u>.&nbsp; Every Covered Person must submit a report (a form of which is appended as <u>Attachment C</u>) to the DPIM Compliance
Officer not later than 10 days after the person becomes a Covered Person containing the following information:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the title, number of shares and principal amount of each security in which the Covered Person had any direct or indirect beneficial ownership when the person became
a Covered Person;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the name of any broker, dealer or bank with whom the Covered Person maintained an account in which any securities were held for the direct or indirect benefit of the
Covered Person as of the date the person became a Covered Person; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the date that the report is submitted by the Covered Person.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; <u>Quarterly Transaction Reports</u>.&nbsp; Every Covered Person must submit a report (a form of which is appended as <u>Attachment D</u>) to the DPIM
Compliance Officer not later than 10 days after each calendar quarter containing:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the following information about <u>any</u> transaction during the quarter in which the Covered Person had <u>any</u> direct or indirect beneficial
ownership:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each security
involved;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp; the nature of the transaction (<u>i.e.</u>, purchase, sale or any other type of acquisition or disposition);</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp; the price at which the transaction was effected;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)&nbsp; the name of the broker, dealer or bank with or through whom the transaction was effected;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp; the date that the report is submitted by the Covered Person;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the following information about <u>any</u> account established by the Covered Person in which <u>any</u> securities were held during the quarter for the direct or
indirect benefit of the Covered Person:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the name of the broker, dealer or bank with whom the Covered Person established the account;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the date the account was established; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the date that the report is submitted by the Covered Person.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; <u>Annual Holdings Reports</u>.&nbsp; Every Covered Person must submit a report (a form of which is appended as <u>Attachment E</u>) to the DPIM Compliance
Officer not later than January 30 of each year containing the following information:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) the title, number of shares and principal amount of each security in which the Covered Person had any direct or indirect beneficial ownership as of December 31 of
the preceding year;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the name of any broker, dealer or bank with whom the Covered Person maintains an account in which any securities are held for the direct or indirect benefit of the
Covered Person as of December 31 of the preceding year; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the date that the report is submitted by the Covered Person.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp; <u>Exceptions from Reporting Requirements</u>.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) A Covered Person shall not be required to include in any report made under this <u>Article VI</u> any transactions effected for, and securities held in, any account
over which such person (i) does not have any direct or indirect influence or control or (ii) has given discretionary authority to an independent third party.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Any person who is a Covered Person with respect to the Fund by virtue of being a director, but who is not an "interested person" (as defined in the Act) with respect
to the Fund:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) need not make an initial holdings report under <u>Article VI(A)</u> above or an annual report under <u>Article VI(C)</u> above; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) need not make a quarterly transaction report under <u>Article VI(B)</u> above unless such person, at the time of any transaction during the quarter, knew, or in the
ordinary course of fulfilling his or her official duties as a director of the Fund should have known, that the security such person purchased or sold is or was purchased or sold by the Fund or was being considered for purchase or sale by the Fund.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)&nbsp; Any report submitted to comply with the requirements of this <u>Article VI</u> may contain a statement that the report shall not be construed as an admission
that the person making such report has any direct or indirect beneficial ownership in the security to which the report relates.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)&nbsp; A Covered Person will be deemed to have complied with the requirements of <u>Article&nbsp;VI(B)</u> above by (i) causing to be sent to the DPIM Compliance
Officer duplicate monthly brokerage statements on all transactions required to be reported thereunder, or (ii) providing to the DPIM Compliance Officer the requisite information on all transactions required to be reported hereunder through a transaction monitoring
system, which may or may not be automated, each within the requisite time period and in a manner acceptable to the DPIM Compliance Officer.&nbsp; All Advisory Persons shall have duplicate monthly brokerage statements sent directly to the DPIM compliance
officer.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">VII.</font>&nbsp;&nbsp;<u>Administration and Procedural Matters</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The DPIM Compliance Officer shall:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)&nbsp; furnish a copy of this Code to each Covered Person;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)&nbsp; notify each Covered Person of his or her obligation to file reports as provided by this Code;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C)&nbsp; report to the Board of Directors the facts contained in any reports filed with the DPIM Compliance Officer pursuant to this Code when any such report indicates
that a Covered Person purchased or sold a security held or to be acquired by the Fund;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D)&nbsp; supervise the implementation of this Code by the Adviser and the enforcement of the terms hereof by the Adviser;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (E)&nbsp; determine whether any particular securities transaction should be exempted pursuant to the provisions of this Code;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (F)&nbsp; issue either personally or with the assistance of counsel as may be appropriate, any interpretation of this Code which may appear consistent with the
objectives of Rule 17j-1 and this Code;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (G)&nbsp; conduct such inspections or investigations as shall reasonably be required to detect and report any apparent violations of this Code to the Board of Directors
of the Fund or any Committee appointed by them to deal with such information;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (H) furnish to the Board of Directors, no later than April 30 of each year, a written report that:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) describes any issues arising under this Code or related procedures since the last report to the Board of Directors, including, but not limited to:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) information about material violations of this Code or related procedures,</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) sanctions imposed in response to such material violations,</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the number of reports filed with the DPIM Compliance Officer pursuant to this Code during the preceding calendar year,</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the failure during the preceding calendar year by any Covered Person to file a report pursuant to this Code when such a report should have been filed,</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) the number of such reports filed during the preceding calendar year that indicated that a Covered Person purchased or sold a security held or to be acquired by the
Fund and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) such other matters as the Board of Directors may request; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) certifies that the Fund has adopted procedures reasonably necessary to prevent Covered Persons from violating this Code; and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (I)&nbsp; maintain and cause to be maintained in an easily accessible place, the following records:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) a copy of any Code adopted pursuant to Rule 17j-1 which has been in effect during the past five (5) years;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) a record of any violation of any such Code that occurred during the current year and the past five (5) calendar years and of any action taken as a result of such
violation;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) a copy of each report made by a Covered Person during the current year and the past five (5) calendar years as required by Rule 17j-1 and <u>Article VI</u> of this
Code, including any information provided in lieu of the reports under <u>Article VI(F)</u> above;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) a list of all persons, currently or within the past five (5) years, who are or were required to make reports pursuant to Rule 17j-1 under <u>Article VI</u> above, or
who are or were responsible for reviewing those reports, together with an appropriate description of their title or employment;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) a copy of each report made by the DPIM Compliance Officer pursuant to <u>Article VII(H)</u> above during the current year and the past five (5) calendar years;
and</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) a record of any decision made during the current year and the past five (5) calendar years by the DPIM Compliance Officer, and the reasons supporting each such
decision, to grant prior approval pursuant to <u>Article V</u> of this Code for the acquisition by a Covered Person of securities in an initial public offering or a private placement transaction.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial">VIII.&nbsp;&nbsp;</font> <u>Sanctions</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon discovering that a Covered Person has not complied with the requirements of this Code, the Board of Directors of the Fund may impose on such Covered Person whatever
sanctions the Board deems appropriate, including, among other things, a letter of censure, suspension or termination of such Covered Person's position with the Fund and/or restitution of an amount equal to the difference between the price paid or received by the Fund
and the more advantageous price paid or received by such Covered Person.</font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors, in its discretion, may impose any of the sanctions set forth in this <u>Article VIII</u> for any violations of the requirements of this Code,
including but not limited to, the filing by any Covered Person of any false, incomplete or untimely reports contemplated by <u>Article VI</u> of the Code.</font></p>

<p><font size="3" face="Arial">IX.</font>&nbsp;&nbsp;<u>Confidentiality</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All information obtained from any Covered Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made
available to the Securities and Exchange Commission or any other regulatory or self-regulatory organization only to the extent required by law or regulation.</font></p>

<p><font size="3" face="Arial">X.</font>&nbsp;&nbsp;<u>Other Laws, Rules and Statements of Policy</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or
regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Fund.</font></p>

<p><font size="3" face="Arial">XI.</font>&nbsp;&nbsp;<u>Further Information</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any securities transaction or transactions, he
or she should consult the DPIM Compliance Officer.</font></p>

<p><font size="3" face="Arial">XII.</font>&nbsp;&nbsp;<u>Certification By Covered Persons</u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Covered Persons of the Fund must submit a certificate (the form of which is included as Section III of <u>Attachment C</u>) that they have read and understand this
Code and recognize that as a Covered Person they are subject to the terms of this Code.&nbsp; All Covered Persons of the Fund shall agree to certify on an annual basis that they have complied with the requirements of this Code and that they have disclosed or reported
all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code.</font></p>

<p><font size="3" face="Arial">Dated: February 20, 2004.</font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>
</div>

<font size="3" face="Arial"><br clear="all" />
</font>

<div>
<p align="center"><u><font size="3" face="Arial">Attachment A</font></u></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "beneficial ownership" as used in the attached Code of Ethics (the "<u>Code</u>") is to be interpreted by reference to Rule 16a-1 under the Securities Exchange
Act of 1934, as amended (the "<u>Rule</u>"), except that the determination of direct or indirect beneficial ownership for purposes of the Code must be made with respect to all securities that a Covered Person has or acquires.&nbsp; Under the Rule, a person is
generally deemed to have beneficial ownership of securities if:&nbsp; (1) the person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct
the voting of, the securities and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, the securities; <u>and</u> (2) the person, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares a direct or indirect pecuniary interest in the securities.&nbsp; A person is deemed to have voting and/or investment power with respect to securities within the meaning of the Rule if the person has the right to acquire beneficial ownership
of the security within 60 days, including any right to acquire the security; through the exercise of any option, warrant or right; through the conversion of a security; pursuant to the power to revoke a trust, discretionary account or similar arrangement; or pursuant
to the automatic termination of a trust, discretionary account or similar arrangement.</font></p>

<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "pecuniary interest" in particular securities is generally defined in the Rule to mean the opportunity, directly or indirectly, to profit or share in any profit
derived from a transaction in the securities.&nbsp; A person is deemed to have an "indirect pecuniary interest" within the meaning of the Rule in any securities held by members of the person's immediate family sharing the same household, the term "immediate family"
including any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, as well as adoptive relationships.&nbsp; Under the Rule, an indirect pecuniary
interest also includes, among other things:&nbsp; a general partner's proportionate interest in the portfolio securities held by a general or limited partnership; a person's right to dividends that is separated or separable from the underlying securities; a person's
interest in certain trusts; and a person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable, the term "derivative security" being generally defined as any option, warrant,
convertible security, stock appreciation right or similar right with an exercise or conversion privilege at a price related to an equity security, or similar securities with, or value derived from, the value of an equity security.&nbsp; For purposes of the Rule, a
person who is a shareholder of a corporation or similar entity is <u>not</u> deemed to have a pecuniary interest in portfolio securities held by the corporation or entity, so long as the shareholder is not a controlling shareholder of the corporation or the entity
and does not have or share investment control over the corporation's or the entity's portfolio.</font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>
</div>

<font size="3" face="Arial"><br clear="all" />
</font>

<div>
<p align="center"><font size="3" face="Arial">Attachment B</font></p>

<p><font size="3" face="Arial"></font></p>

<p align="center"><b><u><font size="3" face="Arial">PERSONAL&nbsp; TRADING - REQUEST&nbsp; FOR&nbsp; PRE-CLEARANCE</font></u></b></p>

<p><b><u><font size="2" face="Arial">PERSONAL &amp; CONFIDENTIAL</font></u></b><b><font size=
"2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Fax:</u>&nbsp;&nbsp;Attn:&nbsp;&nbsp;Joyce&nbsp;Riegel&nbsp;312-630-2460&nbsp;<br />
 <u>Questions:</u>&nbsp; (312) 630-4641</font></b></p>

<p><b><font size="2" face=
"Arial">From:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tel</font></b><font size="2">:
&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(print
name)</font></p>

<p><font size="2" face="Arial"></font></p>

<p><b><font size="2" face="Arial">Office Code: (circle one)&nbsp; CHI /
IND&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Return Fax:</font></b><b><font size=
"2">&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>

<p><font size="2" face="Arial">In accordance with the Code of Ethics for the Fund, I hereby:</font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No. of<br />
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; request trade clearance
for&nbsp;&nbsp;_______________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;___________________<u><br />
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stocks (common or preferred); bonds (coupon/maturity); options
(strike/expiration)</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
____&nbsp;&nbsp;&nbsp;Purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
____&nbsp;&nbsp;&nbsp;Sale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____&nbsp;&nbsp;&nbsp;Short&nbsp; Sale</font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____&nbsp;&nbsp;&nbsp;check here if proposed Purchase is in an Initial Public Offering.</font></p>

<p><font size="2" face="Arial">This trade to be placed
to&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; account
#:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Name of Broker &ndash;
Dealer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><u><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="2">&nbsp;&nbsp;request trade clearance for private placement of
&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><u><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="2">&nbsp;&nbsp;request authorization to serve on Board of public
company:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><u><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u> <font size="2">&nbsp;&nbsp;notify of brokerage
account<b>*</b>&nbsp;&nbsp;<u>#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</u> Name of
broker/dealer:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><b><font size="2" face="Arial">*</font></b><font size="2">If this is checked, please sign if you have requested the broker to provide duplicate confirmations and statements to Duff &amp; Phelps Investment Management's Compliance Officer.&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="2" face="Arial">I am a:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;Portfolio Manager&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Advisory Person&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Access Person</font></p>

<p><font size="2" face="Arial">I certify that:</font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" face="Arial">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">I have received and read the Code within the past year and believe that the consummation of this transaction is consistent with the Code's policy of requiring disclosure, detection and avoidance of conflicts of interest in personal
trading activities.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">If approved, I will execute the trade within 1 business day of approval and have my broker-deliver confirmation of execution within 3 business days.</font></p>
</td>
</tr>
</table>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">Signature:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="2" face=
"Arial">APPROVED:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><font size="2" face="Arial">NOT&nbsp; APPROVED/REASON:</font></p>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>
</div>

<font size="2" face="Arial"><br clear="all" />
</font>

<div>
<p align="center"><font size="3" face="Arial">Attachment C</font></p>

<p align="center"><b><font size="2" face="Arial"></font></b></p>

<p align="center"><b><font size="2" face="Arial">INITIAL REPORT OF&nbsp; PERSONAL&nbsp; SECURITIES&nbsp; HOLDINGS<br />
</font></b><b>and CODE OF ETHICS CERTIFICATION</b></p>

<p><font size="3" face="Arial">FROM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u></font> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print Your Name</font></p>

<p><font size="2" face="Arial"></font></p>

<div>
<p><b><font size="3" face="Arial">Please provide the information requested under each section:</font></b></p>
</div>

<div>
<div><font size="3" face="Arial"></font>
<hr size="2" width="90%" align="left" />
</div>
</div>

<p><b><u><font size="2" face="Arial">Section I.</font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="651">
<tr>
<td valign="top">
<p><font size="2" face="Arial">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">The following securities are owned by me or members of my immediate family.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">Please include securities such as private placements.&nbsp; You do not need to include open-end mutual funds.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">In lieu of completing the table, you may check the box at the bottom of the table.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">If you hold <b><u>NO</u></b> securities, please write <b>"NONE"</b> in the table.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<table border="1" cellspacing="0" cellpadding="0" width="632">
<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<h3 align="left"><b><font size="3" face="Arial">NO. OF SHARES</font></b></h3>
</td>
<td valign="top">
<h4 align="left"><b><font size="3" face="Arial"></font></b></h4>

<h4 align="left"><b><font size="3" face="Arial">NAME OF SECURITY</font></b></h4>
</td>
<td valign="top">
<p align="center"><b><font size="3" face="Arial"></font></b></p>

<p align="center"><b><font size="3" face="Arial">BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>
</table>

<p><font size="2" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="7" face="Arial">&#9633;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td>
<p><font size="3" face="Arial">I certify that I have instructed my broker to provide duplicate confirmations and periodic brokerage statements directly to you and that, except as listed above, there are no other holdings to report.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<u><font size="2" face="Arial"><br clear="all" />
</font></u>

<p align="center"><font size="3" face="Arial">Attachment C</font></p>

<div>
<p><u><font size="2" face="Arial"></font></u></p>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><u><font size="2" face="Arial"></font></u></p>
</div>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<p><b><u><font size="2" face="Arial">Section II.</font></u></b></p>

<p align="center"><b><u><font size="2" face="Arial">BROKERAGE ACCOUNT LISTING</font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">The following is a list of all my securities brokerage accounts.&nbsp; Be advised that the securities firms identified below have been instructed to provide duplicate confirmations and statements to the Compliance Officer, Duff &amp;
Phelps Investment Management.&nbsp; If you need more space, please make and attach an additional copy of this form.&nbsp; Please print or type.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">If you do not have a securities brokerage account, please write <b><u>"NONE"</u></b> in the table.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<div align="center">
<table border="1" cellspacing="0" cellpadding="0" width="728">
<tr>
<td valign="top">
<p><font size="2" face="Arial">NAME , ADDRESS, AND TELEPHONE<br />
 NUMBER OF FIRM WHERE ACCOUNT IS<br />
 HELD (e.g. PaineWebber)</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">ACCOUNT<br />
 NUMBER</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">MANAGED<br />
 ACCOUNT?<br />
 Y/N</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">ACCOUNT NAMES<br />
 (e.g. John Smith, IRA)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><b><u><font size="2" face="Arial">Section III.</font></u></b></p>

<p><font size="2" face="Arial">I certify that I have read and understood the <b>Code of Ethics</b> and have complied, and shall continue to<br />
comply, with its terms.</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">Signature:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Date:&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><b><font size="2" face="Arial">After you sign and date this form, please return this form to:</font></b></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joyce Riegel<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance Officer<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff &amp; Phelps Investment Management Co.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 E. Monroe Street, 36<sup>th</sup> Floor<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago, IL 60603</font></p>

<div>
<p><u><font size="2" face="Arial"></font></u></p>

<p><u><font size="2" face="Arial"></font></u></p>

<p><u><font size="2" face="Arial"></font></u></p>

<p><u><font size="2" face="Arial"></font></u></p>
</div>

<p><font size="2" face="Arial"></font></p>
</div>

<font size="3" face="Arial"><br clear="all" />
</font>

<div>
<p align="center"><font size="3" face="Arial">Attachment D</font></p>

<p align="center"><b><font size="3" color="red" face="Arial"></font></b></p>

<p align="center"><b><font size="3" color="red" face="Arial">PLEASE BE ADVISED,<br />
ONLY EMAIL RESPONSES FOR QUARTERLY REPORTING WILL BE ACCEPTED.</font></b></p>

<p align="center"><b><font size="3" color="black" face="Arial">QUARTERLY SECURITIES TRANSACTIONS REPORT<br />
For Period Ending:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 2003</font></b></p>

<p><font size="3" color="black" face="Arial">Please complete and return via email by<b>&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;</b> to</font> <b><font color="red">Reports, Code in
the PXP mailbox</font></b><font color="black">.&nbsp;<br />
</font> <u><font color="green">E-Sign and date at the bottom</font></u><font color="green">.</font></p>

<p><b><font size="3" color="black" face="Arial">Please check all items below that apply:</font></b></p>

<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">____&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">From</font> <b>______ to ______&nbsp;</b> <font color="black">neither I nor my immediate family members made reportable securities transactions.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">____&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">From</font> <b>______ to _____&nbsp;</b> <font color="black">I and/or my immediate family members made reportable securities transactions <b>through a broker</b> and:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">____&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">A.&nbsp; I <b>have advised</b> Compliance of my brokerage account(s) and any brokerage account(s) of my immediate family members and<b>&nbsp;I have instructed</b> the broker(s) to send duplicate confirms and statements to
the Compliance Dept.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">____&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">B.&nbsp; I <b>have not yet advised</b> Compliance of my brokerage account(s) or any brokerage account(s) of my immediate family members and&nbsp;<b>I have not yet instructed</b> the broker(s) to send duplicate confirms and
statements to the Compliance Dept. (see below for additional instructions)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p><b><font size="3" color="black" face="Arial">If you selected "B" above please reply to this email and request A Quarterly Securities Transactions Reporting Form.</font></b> <b><font color="red">Upon receipt of the form fill in as necessary and EMAIL your reply to
Joyce Riegel or Reports Code in the PXP mailbox.</font></b><b><font size="2" color="red"></font></b><font color="black">You may also request a form by calling Joyce Riegel at 312-630-4641.</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">____&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">From</font> <b>_______ to ________,&nbsp;</b> <font color="black">I and/or my immediate family members made reportable securities transactions that <b><i>would not be included on a brokerage statement</i></b> (for example
a direct purchase from an issuer or a private placement or limited partnership transaction).&nbsp; (see below for additional instructions)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top">
<p><font size="3" color="black" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p><b><font size="3" color="black" face="Arial">If you selected this last item, please reply to this email and request a Quarterly Securities Transactions Reporting Form</font></b><font color="black">.</font> <b><font color="red">Upon receipt of the form fill in as
necessary and EMAIL your reply to Joyce Riegel or Reports, Code in the PXP mailbox.</font></b><font color="red">&nbsp;</font> <font color="black">You may also request a form by calling Joyce Riegel at 312-630-4641</font></p>
</td>
</tr>
</table>

<p><b><font size="3" color="black" face="Arial"></font></b></p>

<p><b><font size="3" color="black" face="Arial">Signature:</font></b><font color="black">&nbsp; <b><u>Please type your name here</u></b><u>&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Date: <u>Please type date executed
here</u></b></font></p>
</div>

<b><u><font size="3" color="black" face="Arial"><br clear="all" />
</font></u></b>

<div>
<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<p align="center"><font size="3" face="Arial">Attachment E</font></p>

<p align="center"><font size="3" face="Arial"></font></p>

<div align="center">
<table border="1" cellspacing="0" cellpadding="0">
<tr height="37">
<td height="37" valign="top">
<p align="center"><b><font size="4" color="red" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS FORM MUST BE RETURNED WITH A MANUAL EXECUTION, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
 &nbsp;&nbsp;FAXES AND EMAILS WILL NOT BE ACCEPTED&nbsp;&nbsp;</font></b></p>
</td>
</tr>
</table>
</div>

<p align="center"><b><font size="3" face="Arial">ANNUAL&nbsp; REPORT OF&nbsp; PERSONAL&nbsp; SECURITIES&nbsp; HOLDINGS<br />
and CODE OF ETHICS CERTIFICATION</font></b><br />
January __, 200_</p>

<p align="center"><font size="3" face="Arial"></font></p>

<p><b><font size="2" face="Arial">FROM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />

</u></font></b> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Print Your Name</font></p>

<p><b><u><font size="3" face="Arial">Please provide the information requested under each section.</font></u></b></p>

<p><b><u><font size="2" face="Arial">Section I -</font></u></b> <b><u><font size="2">Brokerage Account Listing:</font></u></b></p>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" face="Arial">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">The following is a list of all my securities brokerage accounts.&nbsp; Be advised that the securities firms identified below have been instructed to provide duplicate confirmations and statements to DPIM Compliance.&nbsp; (If you need
more space, please make and attach an additional copy of this form)&nbsp; Please print or type.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">If you do not have a securities brokerage account, please write "NONE" in the table.</font></p>
</td>
</tr>
</table>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<p><font size="3" face="Arial"></font></p>

<div align="center">
<table border="1" cellspacing="0" cellpadding="0" width="728">
<tr>
<td valign="top">
<p><font size="2" face="Arial">NAME , ADDRESS, AND TELEPHONE<br />
 NUMBER OF FIRM WHERE ACCOUNT IS<br />
 HELD (e.g. PaineWebber)</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">ACCOUNT<br />
 NUMBER</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">MANAGED<br />
 ACCOUNT?<br />
 Y/N</font></p>
</td>
<td valign="top">
<p align="center"><font size="2" face="Arial">ACCOUNT NAMES<br />
 (e.g. John Smith, IRA)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><b><u><font size="2" face="Arial">Section II &ndash; H</font></u></b><b><u><font size="2">oldings:</font></u></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2" face="Arial">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">The following securities are owned by me or members of my immediate family as of 12/31/2002.&nbsp; Please include securities such as private placements.&nbsp; You do not need to include open-end mutual funds.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Arial">2.</font></b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><b><font size="2" face="Arial">In lieu of completing the table, you may check the box at the bottom of the table.</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial">If you hold NO securities, please write "NONE" in the table.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<h3 align="left"><b><font size="3" face="Arial">NO. OF SHARES</font></b></h3>
</td>
<td valign="top">
<h4 align="left"><b><font size="3" face="Arial"></font></b></h4>

<h4 align="left"><b><font size="3" face="Arial">NAME OF SECURITY</font></b></h4>
</td>
<td valign="top">
<p align="center"><b><font size="3" face="Arial">PRINCIPAL</font></b></p>

<p align="center"><b><font size="3" face="Arial">AMOUNT</font></b></p>
</td>
<td valign="top">
<p align="center"><b><font size="3" face="Arial"></font></b></p>

<p align="center"><b><font size="3" face="Arial">BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>
</table>

<p><font size="2" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="7" face="Arial">&#9633;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p><font size="3" face="Arial">I certify that I have instructed my broker to provide duplicate confirmations and periodic brokerage statements directly to you and that, except as listed above, there are no other holdings to report.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Arial"></font></p>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<p><b><u><font size="2" face="Arial"></font></u></b></p>

<p><b><u><font size="2" face="Arial">Section III</font></u></b><b><u><font size="2">&ndash; Execution:<br />
</font></u></b><font size="2">I certify that I have read and understood the <b>Code of Ethics</b> and have complied, and shall continue to comply, with its terms.</font></p>

<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">Signature:
&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:
&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><b><font size="3" color="blue" face="Arial">After you sign and date this form, please return this form by January 30, 200_ to:</font></b></p>

<p align="center"><u><font size="1" face="Arial">Compliance Department &ndash; Joyce Riegel<br />
Duff &amp; Phelps Investment Management Co.<br />
</font></u><font size="1">55 East Monroe Street, 36th Floor<br />
Chicago, IL 60603</font></p>

<div>
<p><u><font size="2" face="Arial"></font></u></p>
</div>

<p><font size="3" face="Arial"></font></p>

<b><font size="3" face="Arial"><br clear="all" />
</font></b>

<p align="center"><font size="3" face="Arial">Attachment E</font></p>

<p align="center"><b><font size="3" face="Arial"></font></b></p>

<p align="center"><b><font size="3" face="Arial">ANNUAL&nbsp; REPORT OF&nbsp; PERSONAL&nbsp; SECURITIES&nbsp; HOLDINGS<br />
and CODE OF ETHICS CERTIFICATION<br />
</font></b>January ___, 200_</p>

<p align="center"><b><u><font size="2" face="Arial">Section I -</font></u></b> <b><u><font size="2">Brokerage Account Listing:</font></u></b> <b><u>&nbsp;</u></b> <b><u><font size="2">Additional Form</font></u></b></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<div align="center">
<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><b><font size="2" face="Arial">NAME , ADDRESS, AND TELEPHONE<br />
 NUMBER OF FIRM WHERE ACCOUNT IS<br />
 HELD (e.g. PaineWebber)</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Arial">ACCOUNT<br />
 NUMBER</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Arial">MANAGED<br />
 ACCOUNT?<br />
 Yes / No</font></b></p>
</td>
<td valign="top">
<p><b><font size="2" face="Arial">ACCOUNT NAMES<br />
 (e.g. John Smith,<br />
 IRA)</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="2" face="Arial"></font></p>

<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Arial"></font></p>

<div align="center"><font size="3" face="Arial"></font>
<hr size="2" width="100%" align="center" />
</div>

<font size="3" face="Arial"><b><br clear="all" />
</b></font>

<p align="center"><font size="3" face="Arial">Attachment E</font></p>

<p align="center"><b><font size="3" face="Arial"></font></b></p>

<p align="center"><b><font size="3" face="Arial">ANNUAL&nbsp; REPORT OF&nbsp; PERSONAL&nbsp; SECURITIES&nbsp; HOLDINGS<br />
and CODE OF ETHICS CERTIFICATION<br />
</font></b>January ___, 200_</p>

<p align="center"><b><u><font size="2" face="Arial">Section II &ndash; H</font></u></b><b><u><font size="2">oldings:</font></u></b> <b><u>&nbsp;</u></b> <b><u><font size="2">Additional Form</font></u></b></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<div align="center">
<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<h3 align="left"><b><font size="3" face="Arial">NUMBER<br />
 OF SHARES</font></b></h3>
</td>
<td valign="top">
<h4 align="left"><b><font size="3" face="Arial">NAME OF SECURITY</font></b></h4>
</td>
<td valign="top">
<p><b><font size="3" face="Arial">PRINCIPAL<br />
 AMOUNT</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial">BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Arial"></font></b></p>

<p><b><font size="3" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>

<p><font size="3" face="Arial"></font></p>
</div>

<div></div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>22
<FILENAME>exhib_r2.htm
<TEXT>
<html>
<head>
<title>Exhibit r.2 - DNP N-2</title>
</head>
<body>
<div>
<p align="center"><b><u>DUFF &amp; PHELPS INVESTMENT MANAGEMENT CO.<br />
<br />
AMENDED AND RESTATED<br />
CODE OF ETHICS (November 24, 2003)</u></b></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top">
<p>1.&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p><u>Statement of Ethical Principles</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p>When Adviser Access Persons covered by the terms of this Code of Ethics engage in personal securities transactions, they must adhere to the following general principles as well as to the Code's specific provisions:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At all times, the interests of Adviser Clients must be paramount;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal transactions must be conducted consistent with this Code of Ethics in a manner that avoids any actual or potential conflict of interest; and</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No inappropriate advantage should be taken of any position of trust and responsibility.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>2.&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p><u>Definitions</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Access Person" means any director, officer, general partner, or Advisory Person of the Adviser. The Compliance Department shall maintain a list of the Adviser's Access Persons.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;Adviser&rdquo; means Duff &amp; Phelps Investment Management Co.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Advisory Person" means&nbsp; (i) any employee of the Adviser or of any company in a control relationship to the Adviser, who, in connection with his regular functions or duties, makes, participates in or obtains
information regarding the purchase or sale of a security by the Adviser for the Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Adviser who
obtains information concerning recommendations made to the Client with regard to the purchase or sale of a security. This grouping customarily includes the Portfolio Manager and other investment personnel comprising an investment team, such as an analyst or trader,
who provide information and advice that enter into the investment decision to buy or sell a security for a Client.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the Advisory Person making the recommendation, when such
person seriously considers making such a recommendation.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Beneficial ownership" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security
for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>F. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Client means each and every investment company, or series thereof, or other account managed by the Adviser, individually and collectively.</p>

<p></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act, as amended.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Initial Public Offering" means a public sale of an issue not previously offered to the public.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;Managed Fund&rdquo; shall mean those Clients, individually and collectively, for whom the Portfolio Manager makes buy and sell decisions.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Portfolio Manager" means the person (or one of the persons) entrusted with&nbsp; the day-to-day management of the&nbsp; Client&rsquo;s portfolio.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Private Placement" shall have the same meaning as that set forth in Section 4(2) of the Securities Exchange Act.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Purchase or sale of a security" includes <u>inter alia</u>, the writing of an option or the purchase or sale of a security that is exchangeable for or convertible into, a security that is held or to be acquired
for a Client.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Security" shall have the meaning set forth in Section 2(a)(36) of the Investment Company Act, as amended, except that it shall not include securities issued by the Government of the United States, bankers' acceptances,
bank certificates of deposit, commercial paper and shares of registered open-end investment companies.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>3.</p>
</td>
<td colspan="9" valign="top">
<p><u>Exempted Transactions</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p>The prohibitions of Section 4 of this Code shall not apply to:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control in the reasonable estimation of the Compliance Officer.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales of securities (1) not eligible for purchase or sale by the Client; or (2) specified from time to time by the Directors, subject to such rules, if any, as the Directors shall specify.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales which are non-volitional on the part of either the Access Person or the Client.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of shares necessary to establish an automatic dividend reinvestment plan or pursuant to an automatic dividend reinvestment plan, and subsequent sales of such securities.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so
acquired.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase or sale of securities issued under an employee stock purchase or incentive program unless otherwise restricted.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>4.&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p><u>Prohibited Activities</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPO Rule: No Access Person may purchase securities in an Initial Public Offering, except with the prior approval of the Compliance Department. This rule also applies to IPO&rsquo;s offered through the Internet.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Rule: No Access Person may purchase securities in a Private Placement unless such purchase has been approved by the Compliance Department.&nbsp; Any such approved purchase should be disclosed to
the Client if that issuer's securities are being considered for purchase or sale by the Client.&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclearance Rule: No Access Person may purchase or sell a security unless such purchase or sale has been precleared by the Compliance Department. Preclearance is required prior to executing a trade through a personal
Internet brokerage account. Preclearance is required for transactions in puts, calls and well-known stock indices (e.g. the S&amp;P 500).&nbsp;&nbsp; Preclearance is valid through the business day next following the day preclearance is given.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>Exceptions: The following securities transactions do not require preclearance:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>1.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>Purchases or sales of up to 500 shares of securities of issuers ranked in the Standard &amp; Poor's 500 Composite Stock Index (S&amp;P 500) at the time of purchase or sale.&nbsp; The Compliance Department maintains this list on the Intranet web site and updates it
after the end of each quarter.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>2.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>Purchase orders sent directly to the issuer via mail (other than in connection with a Private Placement) or sales of such securities which are redeemed directly by the issuer via mail.</p>

<p></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p><b>Note:&nbsp; The Compliance Department may deny approval of any transaction requiring preclearance under this Preclearance Rule, even if nominally permitted under this Code of Ethics, if it is believed that denying preclearance is necessary for the protection of
the Adviser. Any such denial may be appealed to the Adviser&rsquo;s Counsel.&nbsp; The decision of Counsel shall be final.</b></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Order Rule: No Access Person may purchase or sell, directly or indirectly, any security in which he has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, when the Client has a
pending "buy" or "sell" order for that security of <u></u>the same type (i.e. buy or sell) as the proposed personal trade, until the Client's order is executed or withdrawn.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>Exceptions: The following securities transactions are exempt from the Open Order Rule:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>1.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>Purchases or sales of securities of issuers in the S&amp;P 500 at the time of the transaction.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>2.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>Purchases or sales approved by the Compliance Department in his/her discretion.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p><b>Any profits realized on a personal trade in violation of this Section 4D must be disgorged.</b></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackout Rule: If a Portfolio Manager&rsquo;s Managed Fund holds a security that is the subject of a proposed personal trade by that Portfolio Manager, such personal trade may be permitted only as follows:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the proposed personal trade is on the same side as the last Managed Fund transaction in that security, the personal trade cannot occur within two days of such Managed Fund transaction (i.e. neither at T nor T +
1 calendar day).</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the proposed personal trade is on the opposite side of the last Managed Fund transaction in that security, the personal trade cannot occur unless (a) it is more than two days after the Managed Fund transaction
(i.e. T + 2 calendar days or later) <b><i>and</i></b> (b) the Preclearance Request, if required for such personal transaction (i.e. it is not eligible for the exception of securities listed in the S&amp;P 500 to the Preclearance Rule) sets forth, to the reasonable
satisfaction of the Compliance Department, an explanation of the reasons the Managed Fund is not effecting a similar transaction.&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p><b>Any profits realized by a Portfolio Manager on a personal trade in violation of this Section 4E must be disgorged.</b></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Holding Period Rule</u>: Access Persons must hold each Security, for a period of not less than sixty (60) days, whether or not the purchase of such Security was an exempt transaction under any other provision
of Section 4.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p><b>Any profits realized on trading in contravention of this policy must be disgorged.</b></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>G.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>No Access Person shall accept any gift or other item of more than $100 in value from any person or entity that does business with or on behalf of the Client or the Adviser.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>H.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>No Advisory Person shall serve on the board of directors of a publicly traded company without prior authorization from Counsel or the Compliance Department.&nbsp; If board service is authorized, such Advisory Person shall have no role in making investment
decisions with respect to the publicly traded company.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>I.</p>
</td>
<td colspan="5" valign="top">
<p>No Portfolio Manager shall engage in excessive trading or market timing activities with respect to any mutual fund whether or not such mutual fund is managed by such Adviser/Sub-advisor or any affiliated adviser/sub-advisor. For the purposes of the foregoing,
"market timing" shall be defined as a purchase and redemption, regardless of size, in and out of the same mutual fund within any sixty (60) day period.&nbsp; The foregoing restrictions shall not apply to Portfolio Managers investing in mutual funds through asset
allocation programs, automatic reinvestment programs, 401(k) and similar retirement accounts and any other non-volitional investment vehicles.&nbsp; Portfolio Managers shall provide quarterly certifications as to their compliance with this restriction.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>J.&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>No Advisory Person shall divulge or act upon any material, non-public information, as such term is defined under relevant securities laws.</p>

<p></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>5.&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p><u>Compliance Procedures</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Access Persons shall direct their brokers to supply, at the same time that they are sent to the Access Person, a copy of the confirmation for each personal securities trade and a copy of each periodic account
statement to the&nbsp; Compliance Department.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every Access Person shall report to the Adviser the information described in Section 5C of this Code with respect to transactions in any security in which such Access Person has, or by reason of such transaction
acquires, any direct or indirect beneficial ownership in the security; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect
influence.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Every report required pursuant to Section 5B above shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the
following information:</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date of the transaction, the title and the number of shares, and the principal amount of each security involved;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition);</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The price at which the transaction was effected;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The name of the broker, dealer or bank with or through whom the transaction was effected; and</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="5" valign="top">
<p>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The date of approval of the transaction and the person who approved it as required by Section 4B or C above.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Access Person shall submit a report listing all personal securities holdings to the Compliance Department upon the commencement of service and annually thereafter.&nbsp; The annual report shall be as of
December 31 and include a certification by the Access Person that he or she has read and understood the Code of Ethics and has complied with the Code's requirements. The annual report and certification will be submitted to the Compliance Department by January 30.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any report made under this Section 5 may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership
in the security to which the report relates.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Compliance Officer shall submit an annual report to the Adviser's Board of Directors that summarizes the current Code of Ethics procedures, identifies any violations requiring significant remedial action, and
recommends appropriate changes to the Code, if any.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="8" valign="top">
<p>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Access Person shall immediately report any potential violation of this Code of which he or she becomes aware to the&nbsp; Compliance Department.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>6.&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="9" valign="top">
<p><u>Sanctions</u></p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="7" valign="top">
<p>Upon discovering a violation of this Code, the Board of Directors of the Adviser, in addition to any remedial action already taken by the respective adviser or related entity, may impose such sanctions as it deems appropriate, including <u>inter alia</u>, a letter
of censure or suspension or termination of employment, or suspension of personal trading privileges for such period as it may deem appropriate.</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<p>&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="10" valign="top">
<div align="center">

<hr size="2" width="100%" noshade color="black" align="center" />
</div>
</td>
</tr>
</table>

<p></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>dnpselect.gif
<TEXT>
begin 644 dnpselect.gif
M1TE&.#EAUP%0`/<```"E$`"M*0"M.0"<*0"E(0"M0@"M,83&C-[6SB&E.=;.
MO<;.O3&U8PBU2M;>SDJU:X3&G`BE2IS.K7.]<\;>SF.]:[7&K92]G-[GSG.U
MC#FM4L;6M<[6M5J]<[76K6.M:[7.QK7&G,;.SM[6O7/&A`"M4@"U2GO.A#&U
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M_P``````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!`$``',`+`````#7`5``0`C^`.<('$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/`BE8>6(EQ@D/-0ZH7`'AQ(D)
M!TX<J$""A,H#$%1.B0&FX`R<,0^L6`'EI<T),E5VT,#`"`,&&FX\*("#`0X:
M#Y!,J,"UPY$W7)%0(%BDPP,-&K)H<!%`0``#!`(0`$"WKEVZ<^L&D!L`P%P"
M<_<"!DFXL.'#B!,K7KPQ0=RV!`0(*+"WK>3*;A\0!"!@@%O,>P=4KEP``,$0
MG$6''BV8[UX&FP.(CDM[P%_6!3[SK7'8KD'?<TP+O#M0^.:ZQXT?O$MW.?+A
M"8$KE*Z\^/.(TAEKW\Z]X@0`JV7^RQ;MV2T3@H]5BT_@^;&`@C!_RQ405[3;
MR.)M#!P!/OQ>RFWM1=$.?ET600.Y`>#`0]D%UUQQTU7GX(,.73<<A1-*Z&!R
M&BK7X(4<.H?0A]V5:")CWYG0UP((10#```4D,-]>`&`Q$`+@>3:`9WU=D%`;
M]MFF4`;@269`6P/0,-`"!!A@P([TM?50"/AU1@`$)V:IY99<=FF8"@3D5IH$
M!LTPQP_.L5?9D09TA@-"#_05PT`;O!C`>0Q-L*-G#8Q6H5LN#*3`BY,!,%9"
M&,SA``!.EK9@0@H,4)<.%&5GVH?5D;BA=1ARFFF&OX%:$(D:>KI<B*%"B.EO
M%HH:7:O^E[8:W*BR@N@E1Q:LUIEH_56FWEL`>#"B;`(`4`!@<ZG&JP4#6=!I
M0@OD2!E@,E[ID!$$1#&0$(P2P%`(_Q$`FT$3%%!`!03M*.9>!V!G88>6UNK<
MLZ9"Z*F'LE)7X76EDKK9O,]B*N^%G<+[[L"W)JSPP@PW[/##$$<L\<045VSQ
MQ1AGK/'&''?L\<<@ARSRR!J[`:.8G8GWUI$"M.E6RGN1L)EDN5T6H&Q.TOBR
M7YRI7%EZ!-@F&&#CSH'CD;.!QX)@_07]\V/_)5&?7S*0J5&\&#*7*JH$ESHA
MK5Q;1RN]8TM8<+X4XILUR6Q;Q`6QE+6Y5V=T&]#$9DZ2IQK^U'%15JH3^*D7
MM'NZ%1T<C[K)!?5EI<W)F,`/FDU<V19IW;6]`#.D+ZMD+Z1IVZ!#%*1Z=#L=
M0+O%T7T9CVUI>(!<!1R$8Y&V!>V6;47S=Z1L[MD6`408J.96!//Y&/KQR$_,
M`0!F.B1&S^T%$(%DQ7Z`D`:$MHZE0(L.D,"1`&RPD&A/4K8C0U+TW)E^W$-=
MF4-$!$!9:<P6E&L#??(@0`G)]^__K0>(R^T`4`))R:9(!Q3!B%X$H[[TQ6\"
M^,`-9/"BN5AM#DSRVF]R)I<=]:4%#DD``&`PD.Y)27.2,8&W!A*$`:C(7`:X
MP;;68(`"A&`BEN*0<-2FP;!1SE[^DYN5J^K5N1^2S5^8R]`..2>Y(C:(ATNL
ME__@H*,&I(P^];&/Z3IXP!<<!`T!<,QCZA-&`&RA6<8:0(7*@YF@.:0+<=G>
M')P%@`LB!$>3"0`/'O>N"&7N.'\<8A)M)<5"$C*0$5K;J/SX0T$NL&",;.0A
M/_>_2EKRDIC,I"8WR<E.>O*3H`RE*$=)RE*:\I2H3*4J3U0#/HDI`O-K&?5D
MZ;*6%<!E`9`C!2(S&<FPT4F[&T";&KBGU6'&9FO*F0#N5IR</8F,@&%-DW3E
MI&BV*3=KTLL`AD`""*"I(<P)HA(#!IQP4E*'T!FG.>\E+W-:CHEI8^<Z5RDQ
M_K@%0$C^4N;<YO89S13GED_Z3)12!A@>O4@@3NC/GGXV&J'=SG","I!M[$2;
M,<*E-:,AX*$\\D1^*7&1DM24.(5XN722M*2)-(Y*??@O1-(38]@J0'L((*.;
MO2PS>$.<>-33'K<`0($$24&3=M>77ZE,-$7#$4/'XYI[6L9\S4,,Y*)XKY-V
M;:2O>J<ZO7;.K;IT7T5\:<5H%Z3;!4AFQ7F+LO@")9D.H`<*H9)3,;K/O:#@
M1G:R3VC,.C\"`'4B&)A":9`$$<@-TI".G$X@-V?2Q)*4L8]%V"-[*%:(,:HS
ME+D/L2)#GB5L)DBA05H941>;1Q$$")SY'K%:4ZRB1<NL397^'P!`"!'`B:8`
M+"B`B@1(`MJ"TYV9^AP4)8LY<0*7.L>-7'+[I=6R=;6R71K#1@M2+.(!"#^R
ME2..V%@>S_ST("-`D@!2@)`#B(8]`I5+T0;E02Y*"B($NLQ]C`?=^I82!P0@
MGOYX94>"B+`!+*-1!DIXV<D$34D)H5("?)G+A?@@>X`25%[E)QN'+.]E#2"`
M`@PB![H<P;X@)MDNBR4L!NVS;S`R``#\:9"8%DN.T?*,`1+`D&C)2'@`&#!#
MU#,$0?%2IK%CB#US,P#^'>0%D:E9;G!XL%H9C(=,1.Q'`=;$X&JPHU#>VI1!
MRK7G8IE>3V:IQVK`RP!D&`#H"D[^!U>X'+@4JST>),!=#2(I&PDD6@$P,D,<
M`UO>.:1.`U""A"5#`-)""P`\<))RS``>%1L:(SG<\DDIJ=*!1?J)CH1L2@^+
MTI:FT[A1EF2H@1CI3FL99$(5J-!J=Q\8\8I%:8(+CVP'F"C):2#+8_-"V(ND
M[.78(1\88;/"1(#^'B0(+>O+&0=2A,@<J#0K$$@/VBJ7$C.HC^C,LN8LC6U1
M59J<R@7K#ID+9D]?U:J91ABFLRWFT*T@,"6@C6O`@ZRU2@H$([)-GW531SK1
MA5(UCDM-?46`Z2H$,&F>@P?:,F>%9(%Z`8C(L=Q"!.NY2Y'S$G56PVSN(4YU
M1!O?=KG^.4VP49O:Y.CFE,87Z+$+T*4OS)&4.PG0@^RPURZ`H8ND)+51#NP(
M`!UHB`<RD($</.`,%5B"CAL"A"IT8+H^8+%")D""'#P]Q%C/NM:WSO6N>_WK
M8`^[V,=.]K*;_>QH3[O:U\[VMKO][7"/N]SG3O>ZV_WN'DL4!H20*+S[_2*M
M%"!F;>TKM>YT90+T2[33FE';\*H^R%(Q9P+3*\55%%EQ\0L!$NZ@P#APLZXY
M((WZXCZBCD8`?6)-Q/_.>HM\1TQM`J8LC>2R6E)O`-K]5>+R)I[.-,"H._7E
M,`533&$VG#]D)`^]+;^W-<VZKK3A3`>,??%O6WGD758WO[+^!JNSA560:.-^
MVJPOMM9+Y`"<L>+<`GK/1O629@&@`D&(93,H.8F6-7Q1O[.WUK?<CJB[@R?#
M`1JJ%Q@$P`+8%7H792SXUA%?IBKY8G(BU7UB=GTBUR'M=D3$97X.(4!6)'S"
M=%NR(5,LT!D0Q2-ZI7O"TQ>DQ4!)P#M'Q1>$%A<D5!P>E'I/TQI"PT]14@(-
M"!(?)T2@%E+M-(0HQ57$I6DGUW%2QH$4H0%E1C?CH2Z744-!ESIFE3(\U3=N
M(4.?91D#D`3X-#1S,P"Y\R(757@!0`2!`R"?00!LD!A!"$6-=822%4ZAUCE=
M54X<5WU.R!$5,$8XDUZK4X/#H1O^0>(WN3$7K=5F*+@71V(ZNM%P<T!&-Z,>
M3R*"?6%QBC&'SH5NSS59XC=N(><YSP%F&XAR?X@1\557MX--`W"%PW%_B-@7
M1``S!"!U!2%3J@=\Q4*)_)=>3[53*G`1&)`"6E%8X4=5Z+1RT0%/4H2$1Q2-
M7_5;W[>*$/$!K"-3-S4:.?!9,O:&YC,W/;!TBF(04*B&Y"%ON?B%$N4?WB4^
M$U$$DA(F$H4`U^9]*_5(JAA)T=A.%4A^I[*$IGB-V,@04$AHD*&%^P1T,_,9
MOW(L2(*/!*$!0480T8)``N0S`;!>DT<?_1<9WQ415T`7EY%;$GE"XF9(5U9E
MRCA^%@C^-C[49)*#<GJ8B@>I$,CW5.XC@P3PC0*!(\334)`!.P;A<P`@1P*1
M*#3`66OF'@%0!5\8)0M%0?3E$&D@-S(0($%#!M^4DV`I$9*RE5F(.`"@+4')
M&0RV.J6!$'N#$,N#)&5('CTF$(-"'P1%E1"!&I-1`%9$`#S@6V$YF`B!&@/0
M=P81!-(3&H)7+/2U`!+E2Y(!`%"`$"\`AH93$%V`0#5%&4EE+$VR@H+F$$C6
M%GT"``A&F*IY$#@``"8`)0`0!@CA`^3C/354+*2%`3TS-RX``$`P'?)E*`J!
M6KR8,H'"/14437)!7@U1DGTB4P3P@ZO)>@:W8U7"2YT!`%?^21`/-GQRL731
M$@'D(5,+`04%92X`\#N>(X4!P#YSX',T4RC2J1"W=1^FQ4)!XS?R.)UOYP&,
M$E4,,2CXP8LCB)L(T02]0@".,P>`1A^_YCE)5AX$4(P+H8T!TG`*@%W%4C\+
M$5\ET!<`5Q!<0``FT$LR8`#5!US0"$_[R*)/QFU\F%RBZ$Y7M7TT^HE;M8'+
M!6ZHJ(0>(P3X,5L/H53[-``(2!ON61#!)BDP9BQT,9\'D0*IH1K'DIF%V2;B
M@FL?.0#;B1!:$"YJA!"ZN1<FT`#:R62C&#"JV'T&LZ)NBEA.A#85J$-F(X%)
MR*81J'$X63$>('A]P1L#<01TP0'^!R&@]+=0@)&:!3$7C]DDE"40#X");]D0
M7TH`=6DTMN,9#?$%;S$724H!$U`$]SD'+4!]^>@ADF95PI4<6;5(JQ*$C[5I
M)J5MYA8KL&*3=WBK(Q63`RDRK[-/QU(;%/9>A9HC@D%H]Z&+V7E!&6FJ\D%\
M/P.E(T(`HSD'@S(M#:$&3R(7GB40\35`U@9IW19$M"JKB#1NB@2KC^HJY(:!
MQ:6$L.I2UM>BC@4Z`10:LR&7IC-1A&H0"/!X*F.`F6=``!"B%C`7#H%':[6L
M#O$`PB80=4(?9<`0+V`LJ'>1<Y!9-^.>?N%!NFB-J,IN3=B/G2:00KB,H3A/
M_1BR5>7^DLYH:M=W*>T&.E)Z3ZO&F+4S.'-!H:R2K\>"6UC$C04[$"H`'@X1
M8^(A0)*R>`P1;(;H`"+Y5W>49')A$`.57_^T+NWXDBS+3C/[LJ4&*B9+C2!+
M<DA4A^.TIMH'2<Y5KL@30%D$D?.QKW$&`-(Z!S(W6"IC)W+Q!/ZVKGBF.%8"
M%\Y:$*(!E'-0M`.@GE,W-]9"FG*#)*-Z@4P(LZD(HUPF:>I:N4<X6;V:<ND&
M;@7Y*?*ZIQYSKS"C&NS!*SGK/OUF$.G#5'TF*5$%)@1PG`LA`AV+&<*TKADZ
M`*2U</''$&%"/1)Q`5%P`%_)M9Q[2$OH?1F7N5_#4J0BC8^PFJ<DY[S@]WWK
MQG(K!Y/K^C`3`!<6ZZ"!P3H,A6(J)IAS@'Y:%$TO,Q<<Z@7@D90-(7.UPS.<
M-QU'$@=T,A=WBU>JX852):,@-Z,]A(=O"KXQ>EP(?+V[NJKRY&5XB%79J\`R
MR3%^JP`.(`(+H``+(`((X``<O&$(<,($,<(HS)\LW,(N_,(P',,R/,,T7,,V
B?,,XG,,ZO,,\W,,^_,-`',1"/,1$7,1&?,1(G,2=%!``.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>hansen.gif
<TEXT>
begin 644 hansen.gif
M1TE&.#EA$`$R`/<```````@("!`0$!@8&"$A(2DI*3$Q,3DY.4)"0DI*2E)2
M4EI:6F-C8VMK:W-S<WM[>X2$A(R,C)24E)R<G*6EI:VMK;6UM;V]O<;&QL[.
MSM;6UM[>WN?GY^_O[_?W]_______________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M_____________________R'Y!`$``!\`+``````0`3(```C^`#\('$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW,FSI\^?""$\\`"TJ-&C!C,``)`!J=.:'#1@F$"AZ=,/
M%)9BN,J5(%&3'B@L&!!@*8``"[XBS0I@ZT8,'+K*33C!@-F[2R,\=:!U(P<!
M!]3.G>MA@=D`"B)(>'!@Z8&G"/I&U##A8(<!`"H/AIH!@P;!#B$L11#!JD`/
M?`N`KCFAP6J!"21#Y*OAH.$$FV5VD'!`0-D`!29T>(A!```'"#T0`+`AIP>[
M%0YZ*`!`0-R(#0!`.#BA^O7<+3/^V,6[U("%AAJ,(QB.\,``]C@E`$!PD$-9
M!1.S+SBXH2P%\"UM@%D`"#S@``,'E+44`Z\1Q-=Z"?U%0(,+87`!A1M=UI9!
M]@$@P401S(>070\`R!(#``Q@FD`8-+:@0AT8]U]"&`"@FD3=S8>A1MGA5U`&
M9>DET075P4=0;/N9F%*''QKD`8I+(8=0C0#,&!0`#4SDHH<D$0E`=`1Y>9Y$
M_3%U4(@W*GE2!0#@AE`'U.6%4(Y6.KD<F!&)]B))A@5&D&C6313CEP=E)8"1
M:HKD@7O?'82!@@,T.A!;=19D`0"/"<I``@]("A*051+T0(H[)D<B?V6MF&A(
M;):X4';^2VUGD)>5$F28D#WU"9]H[U'4F(\%31?JJB-%=@%#`CHF'76ULF@C
MHCI=JMU`?/6:'P`&O!:;JSEM`,&QW09@[4(YIEG0J+(6!.=Q0"T*P(0?*)<B
MM`YUE^U!*$J)D[L"U(83FP8\%,$!W%K:YD'9]5L4J!^6.6Y$63U,+0#`WL37
M4EDNI(&_*0%<*GKO@I9CDT6-6L`'T@8Z$9L2"Q3BO0U=<(`#'V>DE%F9)E2!
M``*`B]*E&6?4&*X?3'`?4G^UJ<!2+3M4([P&A7@H0Z@I..9('6R)+88NTK?0
M!@TTX"E%;%9\$08#1"K0J-@V-U(%"32@*D:PFF5N1#'"7)#^H?02M$%D9A6L
M,0(D9_``!&,75'=Y%#['=-_Q0H"9C1%8X'9%\@6\T6T60&G`Y2)!*0`#%B0N
MD08*/DZ1?7J'>9;I'W0PGEE>4VU7`!9T`(%QF$+^`94,A`A`D@F-Y^=!,I-7
M7;H3U2@`Z!>Q918!T)]]];EX#;``QQ:QK?I$'+R+4-+7&P0E7CXKY+VX>`E>
M$%_X>6"<^WXKR#Q!$J2NO%N"&H=G1G&RT=SJLQ@'0&"``OG+`%ZS@=G1KF8P
M2AW43N>?$4WK2LIC`$/8I#RSJ(T_:8L+E4CFI*6]RU,:,&$'8V61I04-(QG@
MG0)@-Y`,!+`ZS8K=<G)(I;M,;5;^#VC``Q!8$!7>#2*H.\L#/B,8NQR/(!WP
M'GF.6)`+\`XO@#'+_012`>ID#$4?-`@&`,<EK^QN*0%@@`KQHJ^$-*!\`Q%-
M[2["@?$\KR$<N.%2)JBXK5GP+D=LT5T"T$:$;"!."R0(!BK@NQH.L@`&2$P$
M'J"@!$A@,092P'(.\P`+7`P`<!R(!B9WQ7<UQ0+&(=YI#/,B"QS-(!M@@/XT
M$[L);"D!Q^IA`B8`N#F>J8P&N50`^$<1#TS@AF9#R/GP0D('+06!""A`!3;Y
MP@\DBSRT3`A;5/:D\C3R`QR8W`K':3>?F7"+`FE@BBQ'1CRA*&<"\1(:>[-'
MN&P,`Q#^4$`IER*`!"Q`DW:S4KF&HZ%A)B0"XDJ<NZH9D0VX2`$.F%P.!])#
M\A"`7L)KYD`.H,'8`"!]*.O@$PE2`;=(3S,>$"?W$O))<HZ3:!<K)(NH$P!P
M"<]<PN28!SS:P0#X1G\N#4"GCK04;K'-3079`"N)9A#YA#$B&6B,`#2S@:41
M@(@?6"8`&!!`]^UT*<F,UP`8$,X422J)!BAI_KP3-4PY:RE-DM>S&B(M?OJF
MIP$(`,$@L$D$7,<#@+MJF!3P&SP)3Y7R2@`'/("!-;J4GPR80`5X0QY<_N@W
ME]L`[]+E@0PT8')AK=_P\%8!PMJ(F!V(S.@P`)JPZ,\Z=47^2P4N<($*0&!+
M%S5(=QS`03X*!$4%:$[26J>[I2!5`@3P*T7#MM*$W(P!%^``!SJSS`5<0`,;
MV,!7'+J4`C``03Y4P'>UELV+"8YM!-CD8_FI@`F`S@,7>``"$A`!8@Y$>(64
MSVC42(#4N88A.9+I^"`00+'!,H"1#-L"#J!'`S2E0X]MIF8]Q,$?^LTX_8S3
MO3K;@#@)8$4>@&!]\BHIP.ZQ;QM0[V,#4*F+E:^.Y/&I;P2```5`H`(5F&0$
M*D!#]6&JM8MCYD,\"@$,92"BTPME`EE)S@"X37B/-0!\.+`T)PN+4.93'@(:
MD*"[H/,BC8$C6Q(Y)0>.TP`@_4#^=@*`PMD5``(:D"YV/W*!!`RP,!;-)D,Z
MP$J"40`#V=V`!FS;9:8-=2&,`2I>`C"!"RQ`T>,L@`,,U%>!L*4`K(6B8WM*
M/[IAR2!)#$!SO2(!!4!RRPU(@`'(,@`#%/D@\M&@92P``0I\LR2V3.\!$#<1
M![PVKT!%2_42TMG)-L`!$J!M`R#MW2"ZAP"1_+,%R(@7`G",C`B`0`0@X``]
M=C`!]MV(#37J+BPO),1>Z4`&.M`X1K8+W17)``/V>1@#."#<%;F`BK4CF`ZP
M>V]`'4#Z,K#OQ])8HQUI$-LF2BR0:,`!JC:`Q!-P0!$[A`,-(,``%*#D@U@@
M0<EUP-Q*-$#M:ML8QV&KP+!/PA8]-QPL(;:XH&X=K`TT,L<.4,`!#J"`!?"Z
E)LE*\\N'3JP,=)SH2$^ZTI?.]*8[_>E0C[K4IT[UJB\D(```.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>image001.gif
<TEXT>
begin 644 image001.gif
M1TE&.#EA:@!=`'<`,2'_"TU33T9&24-%.2XP#0````%S4D="`*[.'.D`(?\+
M35-/1D9)0T4Y+C`7````"VUS3U!-4T]&1DE#13DN,$(\I/4`(?\+35-/1D9)
M0T4Y+C`5````"7!(67,```[#```.PP'';ZAD`"'_"TU33T9&24-%.2XP&```
M``QC;5!02D-M<#`W,3(````#2`!SO``L`````&H`70"'F0``G@P,J"4E____
MO%A8Z<C(W:FIR'1TM45%X[FYPFAH[=/3\^+B^O3TH145K3,SI!L;S8*"U).3
M]NGI\-O;L3T]_?GYT8R,FP4%UYJ:F@,#F0$!^.[NV9^?G`<'GQ`0J"``'*AD
M2$L``````````*CV7P```+0``````!"F!`!0!```+@V*@_(B)P0)````+@U.
M^```NH,`````C/8#`)3V;P``(``<J&1(2UCS;P#^````O\3WOP``7RTIQ/>_
M``!?+5CS;P!8\V\`_@```!;\3P`,\V\`MNKWOPD$````$%\MV"-?+5CS;P#^
M````%OQ/`!``$`"@F0$`4%(0`$SS;P`!(%``/C]```,````N#5`````^/P$`
M``0&````V"-?+6=I9@"P(````````/`.!@```%\M``!?+;_$][\``%\M*<3W
MOP``7RT``%\M``!?+1;\3P`T\V\`9>;WOP``7RT!`%\M`@```!#S;P``````
M_@```!;\3P"@F0$```!?+=#R;P`$\V\``````(3S;P"HB/N_<(3WO_____],
M\V\`YNSWOP``7RVP,%\M=/-O``````"4\V\`CNSWOP``7RVP,%\M=/-O````
M````````_@```!;\3P"HB/N_N&M@+7%;2```````]FGWOP````#^````%OQ/
M`-3S;P"U[?>_:%M(`.YN8"T)````=EM(`,K01P`6_$\`J/M/```````)````
MI/-O`.(3][^@^&\`J(C[OR"%][______J/M/`#NJ0@```%\M_____VA;2`#_
M````4:M"`"QY``!H6T@`_P```!;\3P!=]&\`.=U!`"QY``"H^T\``````(3X
M;P`L_T\`[8GWOP`%````````0`````P`30```$T`+/]/`$````````````4`
M```%``!P]&\`@8OWOP``30"8B_>_``!-`$$`````````````````````````
MY,)$`%S_3P!0HDX`8/]/`)3W;P#_____,/]/`$[#1`!<_T\`"/\`'3@(0+"@
MP8,($RI<R+"APX</!4*<2+&BQ8L'/7@`P+&CQX\@0XH<2;*DR9,G":)<R;*E
MRY<?5<*<2;-F2YDV<^K<B7.GSY\W`P`=2K1DSZ)(BQY-RM3GTJ90:SZ-2M7E
MU*I84PK-RI7E59,'#C`80+:LV;-E'P!P</8"VK,"J7XM*4$"604(#!@8L`!!
MA[($$@PH4`"!`P`!*E0@.Z%"6`L#+A"8K"#"@+!RM[YLT$!!1P4*!G3P^*`"
M@<L'0)+-T#&!!00?,2Q8D!KJ7))U/8(6_7$R:M4#6'-T#;LC!``/'DB(>GMD
M[L^A1WOTC?GCZM:O/1Y/OMRV9I<:=4?_CWFZNL?KP[-WE(Z8^?>:N]EW/%VW
MM.+DZ`&X)B!`@`(*#635'$KQ@73:!!,L0,&"L^4G&`4-#A`@5@.>5&!O`T00
M`00<=NB@!01P2``#%@CX'DT73O>;=<%A5]QP'6%P6%,5FI3B?"N>UV)Z+^H7
MXXQ,U5C2C1R55YN.PNFG7I'S?>#=3D0"8"1P21+GD09K.3"!>SN%-8`!!N;8
M$5GL%6!!!1YA(-@`#'!I$P(1($B6!!MQ)-8`"!X@```?[#:`!0=DD`%9"6@8
M@00%E)6`FUTU:M2)CD;:T50'O$46`2!]4,!D'O5G5G@=)3<!69:A96<#"22`
M*4@/'&#H`6AV_Q3!`AR@Q9D!=8(T%08((/`E!@'TY]H%&ZB8JD<;;.!!6>8!
MH($&OCZ``8<4#$``!AAP%$`"`F'I40`.4&!`6`ID4(!:'C6PH``8?.!?:'N&
M=!5^\@E`5H^)<A92JF7UB-P`V?*HVW$A"9"`GLD"`,%_G'+$P&P$=T3!D3%!
MRA%^8.I(L5MDQ>O1<KX22MH`N5J)W`2K?M3!7P6$5.JB`#R\0,0=Q:JKQ<@]
M\"6+&Y?E<4<@*SIRR>H]@')(*P_FLL@Q0PR2S16/1._(`T`MP5Z7@=2=64.[
MR-$"$8ADP=B>L;I@B4W/S!&<88\TK\[2<6B`!1%XRY$"#XQ=P'O=)?]M;:@D
M8U>!1A:@"]P$/W?T@:`#'";S5@8(2M+;`R10@0)ZT4WSJKYE#'2G8\T,@<XE
M<T`!OW]_9&_E(TT&8LR<%8#U!1=,CO/4'?G*`+H;2(>MA#]WA^.7!MA;<N6$
MLPG2ZC"'Y+IG,D.P`0(3/"<2Y9YS1-8"%R\PF6^1?0P<6:2W5C5''(,$`5DM
MB^0;IM%S%(%>MDNM<_8`;-_]]Z>%_SF+Y`O<<,X'@/1]9'U*<]]IX.<T`,P/
M?U$3"<8^T@"R<.A<V,(6UL1WP`68)6!*>E%H"O`!)XUI`!R`6D<<H!>`I8UF
MC[(?;SP"F0&`Q@`@!$!H7(B^D#R`,V0!H<G_!M@L#M1*>!ZI`&<XX+`&:D6&
M\LD?7Q:4,HY\P(,OBB)T@BBXD7'&<+O9$DC^,H#NR`Q()IG*!6:#H`5((%43
MJX`!$"0NCQ0`00E:P!T+0#&/",8#!"`,'24W'#QV(&*`I``!$H:`0@%M`7A<
M0))B**F98"`"!4A5`@H@@1S"1$B53!,F-<E)3[X$E*%,"BI1PJ$.X+$GR3'B
M`@RP(`XP0).I8H#I*&!$TVGD`A,PXH)F9``&,*`QG\393BH'F(_H;#M&V]M'
M#F!$!'H.@1I:X8+\Y15EZF0`$/`@G@SWK\.(2II7TDNE\*2CV>1NF#-9)4L&
M`("0)?!BC<O9!-`)_P!>*0P"!*@@/3M2PX$"(`,KHXD\5T)/>[8/G^:,IF;\
M*2*!TK`L'4&H%KO)%!>VT(:`B^@^<V6`ASJ0?.@29SYCMM"%HL2%)<Q7K'0F
MT@781S#-`X``:E4=#@AT51L-2D=!^(!:+4`@--6GNA;$M([LA3#9NAI9P.1/
MJ7@S)SP\8<?R><Y<'<"D?*I6AA`0+#D1H&U6'>I'UG09<.J3GQ#P7+Q*-4L`
M](YE8$VF6OW(++>>4S-Q[<A<MP>FNPXFKZ>\JDVRRA$!C*4L3OIK1S20,ICI
MC"Q,E%+_N&<3EYZ$L1WQT@`B*]'>C*U-VB,+Q?[$S<0F!0,<@*&.G-2K!O^0
M\%G`@D`-/6?,!OR,+VB,IV)ATI\,6*``90,)`RC@``+,Q@(<Z`#MWLB!L0&J
M-9O\2!USXMF1%/>XR?W(<IO[W.A.-P'5'=N14@76[79VN"/1``:2E:SYDF0#
M`?B`W5A"W_W.]UE.@:\$2TH83IHP+(2I77)<%0%8V>RKB4(+;%K)K`-@J:2S
M29Q"!1P2#ZR.+/KEB$`R0`!P+6A<Y2(,N@(`&@M,``']^<\`XL46%,KD-+0S
MI7!SHD35RFI^`DB42&P)F_X8\V>#`@T`(,-9CA0@5SSA\$@&Q:8]"0!B+!.)
M919E9`;\K%*28_)\-,Q=*8N$RE[6*9;O^9$MZ]3_L6D.;7!8(^8BD?F].H&`
MG%@SKM2038(4*%&7?^:6,/.%(Q5`+5"ZJZT`;*\X'^#+?M-4*024T)@/**'!
M@A,>R!2@08K^":,)2A;!LJYU("((B1*0N5-S!#(R(TNQ%FUFDNP%;3IUM?,L
MH`!5HTPQ^B-UXQR0J"I&^2>EFM0`*&`Q#%3J`0(Y<I$@XS'(P$P#=IFD3D8M
MOU)K:]G-?G:TXTP`:I/ZVMFF-;*]K;T4BH2%`..0M!&3*&(5R]JF;H!B`KQN
M@P+@B")1(A,'+6??[LG3.B(,OWUB0(YXH%(E3!,&OG08>2/.(Y89FP#JC.@:
MME:O.E',J&S8'X<3@(K%4FIDH9PD1ZRI:E4(7':_$#!KNY#IXT)MRB5'N<FZ
MZ%A2W";)SC/9\TZF\ENU/OI0@J[T'3<]4DQ_NE62+O5M4[WJ>,8Z5Z*N]2=V
*'2N@^CI5`@(`.S\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
