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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000908737-10-000006.txt : 20100113
<SEC-HEADER>0000908737-10-000006.hdr.sgml : 20100113
<ACCEPTANCE-DATETIME>20100113164447
ACCESSION NUMBER:		0000908737-10-000006
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20100113
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100113
DATE AS OF CHANGE:		20100113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HOUSING PROPERTIES TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15319
		FILM NUMBER:		10525484

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
</SEC-HEADER>
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<TYPE>8-K
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OR 15(d) OF THE </font></div>
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</font></div>
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<tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Item
      1.01.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Entry
      into a Material Definitive
Agreement.</font></div>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Verdana">Business
Management Agreement</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On January 7, 2010, Senior Housing Properties
Trust, or the Trust, entered into a business management agreement with Reit
Management &amp; Research LLC, or Reit Management, and certain individuals who
are the current or former owners of Reit Management (Barry M. Portnoy, Gerard M.
Martin and Adam D. Portnoy), which agreement amended and restated the prior
amended and restated agreement between the Trust, Reit Management and those
individuals.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the business management agreement, the
Trust continues to engage Reit Management to provide the Trust with business
management services substantially consistent with the business management
services provided to the Trust by Reit Management historically.&#160;&#160;The
fees payable by the Trust to Reit Management under the business management
agreement continue to be determined in a manner consistent with past
determinations under the prior agreement.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The business management agreement provides that
none of Reit Management, Barry M. Portnoy, Gerard M. Martin or Adam D. Portnoy
shall provide management services to, make competitive direct investment in or,
in the case of Barry M. Portnoy, Gerard M. Martin and Adam D. Portnoy, serve as
a director or officer of, any other real estate investment trust which is
principally engaged in the business of ownership of specified types of senior
living and health care related properties without the consent of a majority of
the Independent Trustees of the Trust.&#160;&#160;Under the business management
agreement, Reit Management is not required to present the Trust with
opportunities to invest in properties that are primarily of a type that are the
investment focus of another person or entity now or in the future managed by
Reit Management.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The term of the business management
agreement&#160;expires on December 31, 2010, and automatically renews for
successive one year terms annually thereafter unless notice of non-renewal is
given by the Trust or Reit Management before the end of an applicable
term.&#160;&#160;Either party may terminate the business management agreement
upon 60 days prior written notice.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The business management agreement includes
arbitration provisions for the resolution of certain disputes, claims and
controversies and provides that neither party may assign the business management
agreement without the written consent of the other party, except that Reit
Management may assign the business management agreement to certain successors
which remain under the control of one or more persons who controlled the
operations of Reit Management immediately prior to the assignment.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The terms of the business management agreement
described above were reviewed, approved and adopted by the compensation
committee of the board of trustees of the Trust, which is comprised solely of
Independent Trustees.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing description of the business
management agreement is not complete and is subject to and qualified in its
entirety by reference to the business management agreement, a copy of which is
attached as Exhibit 10.1 and is incorporated herein by reference.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Verdana">Property
Management Agreement</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Also on January 7, 2010, the Trust entered into
an amended and restated property management agreement with Reit Management,
which agreement amended and restated the prior property management agreement
between the Trust and Reit Management.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the property management agreement, the
Trust continues to engage Reit Management to provide the Trust and its
applicable subsidiaries which own certain properties that are subject to the
agreement with property management services substantially consistent with the
property management services provided to the Trust by Reit Management
historically.&#160;&#160;The fees payable by the Trust to Reit Management under
the property management agreement continue to be determined in a manner
consistent with past determinations under the prior agreement.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The term of the property management
agreement&#160;expires on December 31, 2010, and automatically renews for
successive one year terms annually thereafter unless notice of non-renewal is
given by the Trust or Reit Management before the end of an applicable
term.&#160;&#160;Either party may terminate the property management agreement
upon 60 days prior written notice, and Reit Management may terminate the
property management agreement upon five business days notice if the Trust
undergoes a change of control, as determined under the property management
agreement.&#160;&#160;The property management agreement may also be terminated
with respect to less than all of the properties comprising the managed premises
to accommodate any sales of properties.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The property management agreement includes
arbitration provisions for the resolution of certain disputes, claims and
controversies and generally restricts a party&#8217;s ability to assign the property
management agreement without the written consent of the</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">other party,
except that Reit Management may assign the property management agreement to
certain successors which remain under the control of one or more persons who
controlled the operations of Reit Management immediately prior to the assignment
and the Trust and its applicable subsidiaries may assign its rights and
obligations under the agreement to a mortgagee with respect to, or certain
successor owners of, the managed premises.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Under the property management agreement, unless
the Trust, its applicable subsidiaries and Reit Management otherwise agree in
writing, all properties of the type covered by the property management agreement
from time to time acquired by the Trust or its applicable subsidiaries or their
respective affiliates automatically become subject to the property management
agreement.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The terms of the property management agreement
described above were reviewed, approved and adopted by the compensation
committee of the board of trustees of the Trust, which is comprised solely of
Independent Trustees.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing description of the property
management agreement is not complete and is subject to and qualified in its
entirety by reference to the property management agreement, a copy of which is
attached as Exhibit 10.2 and is incorporated herein by reference.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Verdana">Information
Regarding Certain Relationships and Related Transactions</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>One of the Trust&#8217;s Managing Trustees, Barry M.
Portnoy, is the Chairman and majority owner of Reit Management.&#160;&#160;The
Trust&#8217;s other Managing Trustee, Adam D. Portnoy, owns the remainder of Reit
Management and is a director, President and Chief Executive Officer of Reit
Management.&#160;&#160;Gerard M. Martin is a former owner and current director
of Reit Management.&#160;&#160;The Trust&#8217;s executive officers are also officers
of Reit Management.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Trust currently owns approximately 14.29%
of the outstanding equity of Affiliates Insurance Company, or Affiliates
Insurance.&#160;&#160;The other shareholders of Affiliates Insurance are Reit
Management and five other companies to which Reit Management provides management
services, and all of the Trust&#8217;s trustees are also directors of Affiliates
Insurance.&#160;&#160;Reit Management provides certain management and
administrative services to Affiliates Insurance, and an affiliate of Reit
Management, RMR Advisors, Inc., acts as Affiliates Insurance&#8217;s investment
adviser.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Trust understands that the other companies
to which Reit Management provides management services also have certain other
relationships with each other, including business and property management
agreements and lease arrangements.&#160;&#160;In addition, officers of Reit
Management serve as officers of those companies.&#160;&#160;The Trust
understands that further information regarding those relationships is provided
in the applicable periodic reports and proxy statements filed by those other
companies with the Securities and Exchange Commission.&#160;&#160;Barry M.
Portnoy is a managing trustee or managing director of each of the other publicly
traded companies to which Reit Management provides management services,
including Five Star Quality Care, Inc., or Five Star, a tenant of the
Trust.&#160;&#160;Gerard M. Martin is also a managing director of Five
Star.&#160;&#160;Adam D. Portnoy is also a managing trustee or managing director
of some of those other companies, but he is not a director of Five
Star.&#160;&#160;In addition, the Trust&#8217;s Independent Trustees also serve as
directors or trustees of certain of those other companies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Five Star was formerly a 100% owned subsidiary
of the Trust until its spin off from the Trust in 2001.&#160;&#160;The Trust has
numerous continuing relationships with Five Star, including lease arrangements
and other commercial arrangements.&#160;&#160;Five Star currently is the Trust&#8217;s
principal tenant and the Trust is a significant shareholder of Five
Star.&#160;&#160;Reit Management provides management services to Five
Star.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Trust was formerly a 100% owned subsidiary
of HRPT Properties Trust until the Trust&#8217;s spin off from HRPT Properties Trust
in 1999.&#160;&#160;Barry M. Portnoy and Adam D. Portnoy are also managing
trustees of HRPT Properties Trust.&#160;&#160;One of the Trust's Independent
Trustees, Frederick N. Zeytoonjian, is also an independent trustee of HRPT
Properties Trust.&#160;&#160;The Trust has in the past engaged in transactions
with HRPT Properties Trust since its spin off, including purchases of
properties, which have been previously reported by the Trust.&#160;&#160;Reit
Management provides management services to HRPT Properties Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>For further information regarding certain
relationships and related transactions with respect to the Trust, its trustees
and officers, and Reit Management, please refer to the Trust&#8217;s filings with the
Securities and Exchange Commission, including the Trust&#8217;s Annual Report on Form
10-K for the fiscal year ended December 31, 2008 (including the sections
captioned &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations &#8211; Related Person Transactions&#8221;), Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2009 (including
the section captioned &#8220;Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations &#8211; Related Persons Transactions&#8221;), and Proxy
Statement for the 2009 annual meeting of shareholders of the Trust (including
the section captioned &#8220;Related Person Transactions and Company Review of Such
Transactions&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Item
      5.03.</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amendments
      to Articles of Incorporation or Bylaws; Change in Fiscal
    Year.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On January 13, 2010, the board of trustees of
the Trust adopted amended and restated bylaws of the Trust which change Section
2.14.1(b) of the bylaws to provide that, in the event an annual meeting of the
Trust is called for a date that is more than 30 days earlier or later than the
first anniversary of the preceding year's annual meeting, notice of shareholder
nominations and proposals must be given to the Trust no later than 5:00 p.m. on
the 10th day following the earlier of the day on which: (i) notice of the date
of the annual meeting is mailed or otherwise made available, or (ii) a public
announcement of the date of the annual meeting is first
made.</font></div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing description of the Trust's
amended and restated bylaws is not complete and is subject to and qualified in
its entirety by reference to the amended and restated bylaws, a copy of which is
attached as Exhibit 3.1, and which amended and restated bylaws are incorporated
herein by reference.&#160;&#160;In addition, a marked copy of the Trust's
amended and restated bylaws indicating changes made to the Trust's bylaws as
they existed immediately prior to the adoption of those amended and restated
bylaws is attached as Exhibit 3.2.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Item
      9.01.</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Financial
      Statements and Exhibits.</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(d)&#160;Exhibits</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3.1</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Bylaws of Senior Housing Properties Trust adopted January 13,
      2010</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3.2</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Bylaws of Senior Housing Properties Trust adopted January 13,
      2010 (marked copy)</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">10.1</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Business
      Management Agreement, dated as of January 7, 2010, by and between Senior
      Housing Properties Trust, Reit Management &amp; Research LLC, Barry M.
      Portnoy, Gerard M. Martin and Adam D. Portnoy</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">10.2</font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Property Management Agreement, dated as of January 7, 2010, by
      and among Reit Management &amp; Research LLC and Senior Housing Properties
      Trust</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana; TEXT-DECORATION: underline">SIGNATURES</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" colspan="2" valign="top" width="45%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">SENIOR
      HOUSING PROPERTIES TRUST</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">By:</font></div>
              </td>
              <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">/s/ <font style="DISPLAY: inline; FONT-VARIANT: small-caps">Richard A.
      Doyle</font></font></div>
              </td>
            </tr><tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Richard A.
      Doyle</font></div>
              </td>
            </tr><tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Treasurer
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              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Dated: January
13, 2010</font></div><br><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">5</font></div>
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            <hr style="COLOR: black" noshade size="2">
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</font></div>
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INDEX</font></div>
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<tr>
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              </td>
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      </font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Description</font></div>
              </td>
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              <td align="left" colspan="2" valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3.1</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Bylaws of Senior Housing Properties Trust adopted January 13,
      2010</font></div>
              </td>
            </tr><tr>
              <td colspan="2" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" colspan="2" valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3.2</font></div>
              </td>
              <td align="left" valign="top" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Bylaws of Senior Housing Properties Trust adopted January 13,
      2010 (marked copy)</font></div>
              </td>
            </tr><tr>
              <td colspan="2" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" colspan="2" valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">10.1</font></div>
              </td>
              <td align="left" valign="top" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Business
      Management Agreement, dated as of January 7, 2010, by and between Senior
      Housing Properties Trust, Reit Management &amp; Research LLC, Barry M.
      Portnoy, Gerard M. Martin and Adam D. Portnoy</font></div>
              </td>
            </tr><tr>
              <td colspan="2" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            </tr><tr>
              <td align="left" colspan="2" valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">10.2</font></div>
              </td>
              <td align="left" valign="top" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amended and
      Restated Property Management Agreement, dated as of January 7, 2010, by
      and among Reit Management &amp; Research LLC and Senior Housing Properties
      Trust</font></div>
              </td>
            </tr></table>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>EXHIBIT 3-1
<TEXT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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PROPERTIES TRUST</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;<a name="FIS_BY_LAWS_2"><!--EFPlaceholder-->
 </a></font></div>
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RESTATED BYLAWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
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Restated January 13, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div><br>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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</font></div>
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</font></div>
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Contents</font></font></div>
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE I
      OFFICES</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      1.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Principal
      Office</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      1.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Additional
      Offices</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE II
      MEETINGS OF SHAREHOLDERS</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Place</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual
      Meeting</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice of
      Regular or Special Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">1</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice of
      Adjourned Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Scope of
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.7.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Organization
      of Shareholder Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.8.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Quorum</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.9.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.10.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Proxies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">3</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.11.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Record
      Date</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">4</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.12.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting of
      Shares by Certain Holders</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">4</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.13.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Inspectors</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">4</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Nominations
      and Other Proposals to be Considered at Meetings of
      Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">4</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual
      Meetings of Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">5</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Shareholder
      Nominations or Other Proposals Causing Covenant Breaches or
      Defaults</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">11</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Shareholder
      Nominations or Other Proposals Requiring Governmental
    Action</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">12</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings of Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">13</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.14.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">13</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.15.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">No
      Shareholder Actions by Written Consent</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">15</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.16.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting by
      Ballot</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">15</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      2.17.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Proposals
      of Business Which Are Not Proper Matters For Action By
      Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">15</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE III
      TRUSTEES</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">15</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General
      Powers; Qualifications; Trustees Holding Over</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">15</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Independent
      Trustees and Managing Trustees</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">16</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Number and
      Tenure</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">16</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual and
      Regular Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">17</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">17</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">17</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.7.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Quorum</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">17</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.8.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">17</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.9.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Telephone
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.10.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Action by
      Written Consent of Trustees</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.11.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Waiver of
      Notice</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.12.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr></table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">i</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.13.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Compensation</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.14.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Removal of
      Trustees</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">18</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.15.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Surety
      Bonds</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.16.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Reliance</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.17.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Interested
      Trustee Transactions</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.18.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Qualifying
      Shares Not Required</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.19.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Certain
      Rights of Trustees, Officers, Employees and Agents</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      3.20.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Emergency
      Provisions</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE IV
      COMMITTEES</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -4.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Number;
      Tenure and Qualifications</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">19</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Powers</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">20</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">20</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Telephone
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">20</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Action by
      Written Consent of Committees</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">20</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      4.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">20</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE V
      OFFICERS</font></div>
            </td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General
      Provisions</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Removal and
      Resignation</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Executive Officer</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Operating Officer</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Financial Officer</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">21</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.7.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chairman
      and Vice Chairman of the Board</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.8.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">President</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.9.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vice
      Presidents</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.10.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Secretary</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.11.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Treasurer</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      5.12.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Assistant
      Secretaries and Assistant Treasurers</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE VI
      CONTRACTS, LOANS, CHECKS AND DEPOSITS</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      6.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Contracts</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">22</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      6.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Checks and
      Drafts</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      6.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Deposits</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE VII
      SHARES</font></div>
            </td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Certificates</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Transfers</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Lost
      Certificates</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">23</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Closing of
      Transfer Books or Fixing of Record Date</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">24</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Share
      Ledger</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">24</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      7.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Fractional
      Shares; Issuance of Units</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">24</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE
      VIII REGULATORY COMPLIANCE AND DISCLOSURE</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">25</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      8.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Actions
      Requiring Regulatory Compliance Implicating the Trust</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">25</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      8.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Compliance
      With Law</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">26</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      8.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Limitation
      on Voting Shares or Proxies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">26</font></div>
            </td>
          </tr></table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">ii</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      8.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Representations,
      Warranties and Covenants Made to Governmental or Regulatory
      Bodies</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">26</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      8.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Board of
      Trustees' Determinations</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">26</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE IX
      FISCAL YEAR</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      9.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Fiscal
      Year</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE X
      DIVIDENDS AND OTHER DISTRIBUTIONS</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      10.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Dividends
      and Other Distributions</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="5%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XI
      SEAL</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></div>
            </td>
            <td valign="top" width="5%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></font></td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      11.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Seal</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      11.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Affixing
      Seal</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XII
      WAIVER OF NOTICE</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      12.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Waiver of
      Notice</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">27</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE
      XIII AMENDMENT OF BYLAWS</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 13.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amendment
      of Bylaws</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XIV
      MISCELLANEOUS</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">References
      to Declaration of Trust</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Costs and
      Expenses</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Ratification</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">28</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Ambiguity</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Inspection
      of Bylaws</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Election to
      be Subject to Part of Title 3, Subtitle 8</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      14.7.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Voting Provisions relating to Control Shares</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="right" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XV
      ARBITRATION</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.1.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Procedures
      for Arbitration of Disputes</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">29</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.2.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Arbitrators</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">30</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.3.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Place of
      Arbitration</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">30</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.4.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Discovery</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">30</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.5.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Awards</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">30</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.6.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Costs and
      Expenses</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">30</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.7.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Final and
      Binding</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">31</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;Section
      15.8.</font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Beneficiaries</font></div>
            </td>
            <td align="right" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">31</font></div>
            </td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">iii</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SENIOR
HOUSING PROPERTIES TRUST</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">AMENDED
AND RESTATED BYLAWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">OFFICES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
1.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal
Office</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
principal office of the Trust shall be located at such place or places as the
Board of Trustees may designate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
1.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional
Offices</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trust may have additional offices at such places as the Board of Trustees may
from time to time determine or the business of the Trust may
require.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">MEETINGS
OF SHAREHOLDERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
meetings of shareholders shall be held at the principal office of the Trust or
at such other place as is designated by the Trustees or the chairman of the
board or president.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
Meeting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
annual meeting of the shareholders for the election of Trustees and the
transaction of any business within the powers of the Trust shall be held at such
times as the Trustees may designate.&#160;&#160;Failure to hold an annual
meeting does not invalidate the Trust's existence or affect any otherwise valid
acts of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Special
meetings of shareholders may be called only by a majority of the Trustees then
in office.&#160;&#160;If there shall be no Trustees, the officers of the Trust
shall promptly call a special meeting of the shareholders entitled to vote for
the election of successor Trustees for the purpose of electing
Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Regular or Special Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Written
notice specifying the place, day and hour of any regular or special meeting, the
purposes of the meeting, to the extent required by law to be provided, and all
other matters required by law shall be given to each shareholder of record
entitled to vote, either personally or by sending a copy thereof by mail,
postage prepaid, to his or her address appearing on the books of the Trust or
theretofore given by him or her to the Trust for the purpose of notice or, if no
address appears or has been given, addressed to the place where the principal
office of the Trust is situated, or by electronic transmission, including
facsimile transmission, to any address or number of such shareholder at which
the shareholder receives electronic transmissions.&#160;&#160;If mailed, such
notice shall be deemed to be given once deposited in the U.S. mail addressed to
the shareholder at his or her post office</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">address as it
appears on the records of the Trust, with postage thereon prepaid.&#160;&#160;It
shall be the duty of the secretary to give notice of each meeting of the
shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Adjourned Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;It
shall not be necessary to give notice of the time and place of any adjourned
meeting or of the business to be transacted thereat other than by announcement
at the meeting at which such adjournment is taken.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Scope
of </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Except
as otherwise expressly set forth elsewhere in these Bylaws, no business shall be
transacted at an annual or special meeting of shareholders except as
specifically designated in the notice or otherwise properly brought before the
shareholders by or at the direction of the Board of Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Organization of Shareholder
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Every
meeting of shareholders shall be conducted by an individual appointed by the
Board of Trustees to be chairperson of the meeting or, in the absence of such
appointment or the absence of the appointed individual, by the chairman of the
board or, in the case of a vacancy in the office or absence of the chairman of
the board, by one of the following officers present at the meeting in the
following order: the vice chairman of the board, if there be one, the president,
the vice presidents in their order of seniority or, in the absence of such
officers, a chairperson chosen by the shareholders by the vote of holders of
shares of beneficial interest representing a majority of the votes cast on such
appointment by shareholders present in person or represented by
proxy.&#160;&#160;The secretary, an assistant secretary or a person appointed by
the Trustees or, in the absence of such appointment, a person appointed by the
chairperson of the meeting shall act as secretary of the meeting and record the
minutes of the meeting.&#160;&#160;If the secretary presides as chairperson at a
meeting of the shareholders, then the secretary shall not also act as secretary
of the meeting and record the minutes of the meeting.&#160;&#160;The order of
business and all other matters of procedure at any meeting of shareholders shall
be determined by the chairperson of the meeting.&#160;&#160;The chairperson of
the meeting may prescribe such rules, regulations and procedures and take such
action as, in the discretion of such chairperson, are appropriate for the proper
conduct of the meeting, including, without limitation: (a) restricting admission
to the time set for the commencement of the meeting; (b) limiting attendance at
the meeting to shareholders of record of the Trust, their duly authorized
proxies or other such persons as the chairperson of the meeting may determine;
(c) limiting participation at the meeting on any matter to shareholders of
record of the Trust entitled to vote on such matter, their duly authorized
proxies or other such persons as the chairperson of the meeting may determine;
(d) limiting the time allotted to questions or comments by participants; (e)
maintaining order and security at the meeting; (f) removing any shareholder or
other person who refuses to comply with meeting procedures, rules or guidelines
as set forth by the chairperson of the meeting; (g) concluding a meeting or
recessing or adjourning the meeting to a later date and time and at a place
announced at the meeting; and (h) complying with any state and local laws and
regulations concerning safety and security.&#160;&#160;Without limiting the
generality of the powers of the chairperson of the meeting pursuant to the
foregoing provisions, the chairperson may adjourn any meeting of shareholders
for any reason deemed necessary by the chairperson, including, without
limitation, if (i) no quorum is present for the transaction of the business,
(ii) the Board of Trustees or the chairperson of the meeting determines that
adjournment is necessary or appropriate to enable the shareholders to consider
fully information that the Board of Trustees or the chairperson of the meeting
determines has not been made sufficiently or timely available to shareholders or
(iii) the Board of Trustees or the chairperson of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">the meeting
determines that adjournment is otherwise in the best interests of the
Trust.&#160;&#160;Unless otherwise determined by the chairperson of the meeting,
meetings of shareholders shall not be required to be held in accordance with the
general rules of parliamentary procedure or any otherwise established rules of
order.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;At
any meeting of shareholders, the presence in person or by proxy of shareholders
entitled to cast a majority of all the votes entitled to be cast at such meeting
shall constitute a quorum; but this section shall not affect any requirement
under any statute or the Declaration of Trust for the vote necessary for the
adoption of any measure.&#160;&#160;If, however, such quorum shall not be
present at any meeting of the shareholders, the chairperson of the meeting shall
have the power to adjourn the meeting from time to time without the Trust having
to set a new record date or provide any additional notice of such meeting,
subject to any obligation of the Trust to give notice pursuant to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.5.&#160;&#160;At such adjourned meeting at which a quorum shall be present,
any business may be transacted which might have been transacted at the meeting
as originally notified.&#160;&#160;The shareholders present, either in person or
by proxy, at a meeting of shareholders which has been duly called and convened
and at which a quorum was established may continue to transact business until
adjournment, notwithstanding the withdrawal of enough votes to leave less than a
quorum then being present at the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;With
regard to election of a Trustee, and except as may be mandated by applicable law
or the listing requirements of the principal exchange on which the Trust&#8217;s
common shares are listed: (i) a majority of all the votes cast at a meeting of
shareholders duly called and at which a quorum is present shall be sufficient to
elect a Trustee in an uncontested election; and (ii) a majority of all the
shares entitled to vote at a meeting of shareholders duly called and at which a
quorum is present shall be sufficient to elect a Trustee in a contested election
(which, for purposes of these Bylaws, is an election at which the number of
nominees exceeds the number of Trustees to be elected at the
meeting).&#160;&#160;Each share may be voted for as many individuals as there
are Trustees to be elected and for whose election the share is entitled to be
voted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;With
regard to any other matter which may properly come before a meeting of
shareholders duly called and at which a quorum is present, and except as may be
mandated by applicable law, by the listing requirements of the principal
exchange on which the Trust's common shares are listed or by a specific
provision of the Declaration of Trust, (i) if such matter is approved by at
least 75% of the Trustees then in office, including 75% of the Independent
Trustees then in office, a majority of all the votes cast at the meeting shall
be required to approve such matter; and (ii) if such matter is not approved by
at least 75% of the Trustees then in office, including 75% of the Independent
Trustees then in office, 75% of all the shares entitled to vote at the meeting
shall be required to approve such matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
shareholder may cast the votes entitled to be cast by him or her either in
person or by proxy executed by the shareholder or by his or her duly authorized
agent in any manner permitted by law.&#160;&#160;Such proxy shall be filed with
such officer of the Trust or third party agent as the Board of Trustees shall
have designated for such purpose for verification at or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">prior to such
meeting.&#160;&#160;Any proxy relating to the Trust's shares of beneficial
interest shall be valid until the expiration date therein or, if no expiration
is so indicated, for such period as is permitted pursuant to Maryland
law.&#160;&#160;At a meeting of shareholders, all questions concerning the
qualification of voters, the validity of proxies, and the acceptance or
rejection of votes, shall be decided by or on behalf of the chairperson of the
meeting, subject to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.13.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Record
Date</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees may fix the date for determination of shareholders entitled to
notice of and to vote at a meeting of shareholders.&#160;&#160;If no date is
fixed for the determination of the shareholders entitled to vote at any meeting
of shareholders, only persons in whose names shares entitled to vote are
recorded on the share records of the Trust at the opening of business on the day
of any meeting of shareholders shall be entitled to vote at such
meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting of Shares by Certain
Holders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shares
of the Trust registered in the name of a corporation, partnership, trust or
other entity, if entitled to be voted, may be voted by the president or a vice
president, a general partner or trustee thereof, as the case may be, or a proxy
appointed by any of the foregoing individuals, unless some other person who has
been appointed to vote such shares pursuant to a bylaw or a resolution of the
governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw,
resolution or agreement, in which case such person may vote such
shares.&#160;&#160;Any trustee or other fiduciary may vote shares registered in
his or her name as such fiduciary, either in person or by proxy.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Before
or at any meeting of shareholders, the chairperson of the meeting may appoint
one or more persons as inspectors for such meeting.&#160;&#160;Such inspectors
shall (i) ascertain and report the number of shares of beneficial interest
represented at the meeting, in person or by proxy and the validity and effect of
proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report
such tabulation to the chairperson of the meeting and (iv) perform such other
acts as are proper to conduct the election or voting at the
meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Each
report of an inspector shall be in writing and signed by him or her or by a
majority of them if there is more than one inspector acting at such
meeting.&#160;&#160;If there is more than one inspector, the report of a
majority shall be the report of the inspectors.&#160;&#160;The report of the
inspector or inspectors on the number of shares represented at the meeting and
the results of the voting shall be <font style="DISPLAY: inline; TEXT-DECORATION: underline">prima</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">facie</font> evidence
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Nominations and Other
Proposals to be Considered at Meetings of Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Nominations
of individuals for election to the Board of Trustees and the proposal of other
business to be considered by the shareholders at meetings of shareholders may be
properly brought before the meeting only as set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;All judgments and determinations made by the Board of Trustees
or the chairperson of the meeting, as applicable, under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 (including, without limitation, judgments and determinations as to the
propriety of a proposed nomination or a proposal of other business for
consideration by</font></div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">shareholders)
shall be final and binding unless determined by a court of competent
jurisdiction to have been made in bad faith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual Meetings of
Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Nominations
of individuals for election to the Board of Trustees and the proposal of other
business to be considered by the shareholders at an annual meeting of
shareholders may be properly brought before the meeting (i) pursuant to the
Trust's notice of meeting or otherwise properly brought before the meeting by or
at the direction of the Board of Trustees or (ii) by any shareholder of the
Trust who (A) has continuously held at least $2,000 in market value, or 1%, of
the Trust's shares entitled to vote at the meeting on such election or the
proposal for other business, as the case may be, for at least one year from the
date such shareholder gives the notice provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 (or, if such notice is given prior to April 1, 2010, continuously held
Trust shares since April 1, 2009 and without regard to the $2,000 market value,
or 1%, requirement), and continuously holds such shares through and including
the time of the annual meeting (including any adjournment or postponement
thereof), (B) is a shareholder of record at the time of giving the notice
provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 through and including the time of the annual meeting (including any
adjournment or postponement thereof), (C) is entitled to make nominations or
propose other business and to vote at the meeting on such election, or the
proposal for other business, as the case may be, (D) complies with the notice
procedures set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 as to such nomination or other business and (E) has submitted the
nomination or proposal of other business to the Board of Trustees in accordance
with the requirements set forth in the Declaration of Trust.&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a)(ii) shall be the exclusive means for a shareholder to make nominations
or propose other business before an annual meeting of shareholders, except to
the extent of matters which are required to be presented to shareholders by
applicable law which have been properly presented in accordance with the
requirements of such law.&#160;&#160;For purposes of determining compliance with
the requirement in subclause (A) of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a)(ii), the market value of the Trust's shares held by the applicable
shareholder shall be determined by multiplying the number of shares such
shareholder continuously held for that one-year period by the highest selling
price of the Trust shares as reported on the principal exchange on which the
Trust&#8217;s common shares are listed during the 60 calendar days before the date
such notice was submitted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;For
nominations for election to the Board of Trustees or other business to be
properly brought before an annual meeting by a shareholder pursuant to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a)(ii), the shareholder shall have given timely notice thereof in writing
to the secretary of the Trust in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and such other business shall otherwise be a proper matter for action by
shareholders.&#160;&#160;To be timely, a shareholder's notice shall set forth
all information required under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and shall be delivered to the secretary at the principal executive offices
of the Trust not later than 5:00 p.m. (Eastern Time) on the 120th day nor
earlier than the 150th day prior to the first anniversary of the date of the
proxy statement for the preceding year's annual meeting ; provided, however,
that in the event that the annual meeting is called for a date that is more than
30 days earlier or later than the first anniversary of the preceding year's
annual</font></div>
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    </div>
    <div>&#160;</div>
    <div>
      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">meeting, notice
by the shareholder to be timely shall be so delivered not later than 5:00 p.m.
(Eastern Time) on the 10th day following the earlier of the day on which (i)
notice of the date of the annual meeting is mailed or otherwise made available
or (ii) public announcement of the date of the annual meeting is first made by
the Trust.&#160;&#160;Neither the postponement or adjournment of an annual
meeting, nor the public announcement of such postponement or adjournment, shall
commence a new time period for the giving of a shareholder's notice as described
above.&#160;&#160;No shareholder may give a notice to the secretary described in
this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(b) unless such shareholder holds a certificate for all shares of
beneficial interest of the Trust owned by such shareholder during all times
described in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a), and a copy of each such certificate held by such shareholder at the
time of giving such notice shall accompany such shareholder's notice to the
secretary in order for such notice to be effective.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>A shareholder's notice shall set
forth:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(A)</font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to each
      individual whom the shareholder proposes to nominate for election or
      reelection as a Trustee (a "Proposed Nominee") and any Proposed Nominee
      Associated Person (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)), (1) the name, age, business address and residence address of
      such Proposed Nominee and the name and address of such Proposed Nominee
      Associated Person, (2) a statement of whether such Proposed Nominee is
      proposed for nomination as an Independent Trustee (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.2) or a Managing Trustee (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.2) and a description of such Proposed Nominee's qualifications to be an
      Independent Trustee or Managing Trustee, as the case may be, and such
      Proposed Nominee's qualifications to be a Trustee pursuant to the criteria
      set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.1, (3) the class, series and number of any shares of beneficial interest
      of the Trust that are, directly or indirectly, beneficially owned or owned
      of record by such Proposed Nominee or by such Proposed Nominee Associated
      Person, (4) the date such shares were acquired and the investment intent
      of such acquisition, (5) a description of all purchases and sales of
      securities of the Trust by such Proposed Nominee or by such Proposed
      Nominee Associated Person during the previous 24 month period, including
      the date of the transactions, the class, series and number of securities
      involved in the transactions and the consideration involved, (6) a
      description of all Derivative Transactions (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)) by such Proposed Nominee or by such Proposed Nominee Associated
      Person during the previous 24 month period, including the date of the
      transactions and the class, series and number of securities involved in,
      and the material economic terms of, the transactions, such description
      to</font></div>
            </td>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">include,
      without limitation, all information that such Proposed Nominee or Proposed
      Nominee Associated Person would be required to report on an Insider Report
      (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)) if such Proposed Nominee or Proposed Nominee Associated Person
      were a Trustee of the Trust or the beneficial owner of more than 10% of
      the shares of the Trust at the time of the transactions, (7) any
      performance related fees (other than an asset based fee) that such
      Proposed Nominee or such Proposed Nominee Associated Person is entitled to
      based on any increase or decrease in the value of shares of the Trust or
      instrument or arrangement of the type contemplated within the definition
      of Derivative Transaction, if any, as of the date of such notice,
      including, without limitation, any such interests held by members of such
      Proposed Nominee's or such Proposed Nominee Associated Person's immediate
      family sharing the same household with such Proposed Nominee or such
      Proposed Nominee Associated Person, (8) any proportionate interest in
      shares of the Trust or instrument or arrangement of the type contemplated
      within the definition of Derivative Transaction held, directly or
      indirectly, by a general or limited partnership in which such Proposed
      Nominee or such Proposed Nominee Associated Person is a general partner
      or, directly or indirectly, beneficially owns an interest in a general
      partner, (9) a description of all direct and indirect compensation and
      other material monetary agreements, arrangements and understandings during
      the past three years, and any other material relationships, between or
      among such shareholder, Proposed Nominee Associated Person, or their
      respective affiliates and associates, or others acting in concert
      therewith, on the one hand, and each Proposed Nominee, or his or her
      respective affiliates and associates, or others acting in concert
      therewith, on the other hand, including, without limitation, all
      information that would be required to be disclosed pursuant to Item 404 of
      Regulation S-K promulgated by the U.S. Securities and Exchange Commission
      (the "S.E.C.") (and any successor regulation), if the shareholder making
      the nomination and any Proposed Nominee Associated Person on whose behalf
      the nomination is made, or any affiliate or associate thereof or person
      acting in concert therewith, were the "registrant" for purposes of such
      rule and the Proposed Nominee were a director or executive officer of such
      registrant, (10) any rights to dividends on the shares of the Trust owned
      beneficially by such Proposed Nominee or such
  Proposed</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Nominee
      Associated Person that are separated or separable from the underlying
      shares of the Trust, (11) to the extent known by such Proposed Nominee or
      such Proposed Nominee Associated Person, the name and address of any other
      person who owns, of record or beneficially, any shares of beneficial
      interest of the Trust and who supports the Proposed Nominee for election
      or reelection as a Trustee, (12) all other information relating to such
      Proposed Nominee or such Proposed Nominee Associated Person that is
      required to be disclosed in solicitations of proxies for election of
      Trustees in an election contest (even if an election contest is not
      involved), or is otherwise required, in each case, pursuant to Section 14
      (or any successor provision) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act"), and the rules and regulations promulgated
      thereunder and (13) such Proposed Nominee's notarized written consent to
      being named in the shareholder's proxy statement as a nominee and to
      serving as a Trustee if elected;</font></div>
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            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(B)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to any
      other business that the shareholder proposes to bring before the meeting,
      (1) a description of such business, (2) the reasons for proposing such
      business at the meeting and any material interest in such business of such
      shareholder or any Shareholder Associated Person (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)), including any anticipated benefit to such shareholder or any
      Shareholder Associated Person therefrom, (3) a description of all
      agreements, arrangements and understandings between such shareholder and
      Shareholder Associated Person amongst themselves or with any other person
      or persons (including their names) in connection with the proposal of such
      business by such shareholder and (4) a representation that such
      shareholder intends to appear in person or by proxy at the meeting to
      bring the business before the meeting;</font></div>
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            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(C)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1)
      the class, series and number of all shares of the Trust that are owned of
      record by such shareholder or by such Shareholder Associated Person, if
      any, (2) the class, series and number of, and the nominee holder for, any
      shares of beneficial interests of the Trust that are owned, directly or
      indirectly, beneficially but not of record by such shareholder or by such
      Shareholder Associated Person, if any, (3) with respect to the
      foregoing</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr valign="top">
            <td style="WIDTH: 108pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;
      </font></div>
            </td>
            <td>&#160;</td>
          </tr></table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">clauses (1)
      and (2), the date such shares were acquired and the investment intent of
      such acquisition and (4) all information relating to such shareholder and
      Shareholder Associated Person that is required to be disclosed in
      connection with the solicitation of proxies for election of Trustees in an
      election contest (even if an election contest is not involved), or is
      otherwise required, in each case, pursuant to Section 14 (or any successor
      provision) of the Exchange Act and the rules and regulations promulgated
      thereunder;</font></div>
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          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(D)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1)
      the name and address of such shareholder, as they appear on the Trust's
      share ledger and the current name and address, if different, of such
      shareholder and Shareholder Associated Person and (2) the investment
      strategy or objective, if any, of such shareholder or Shareholder
      Associated Person and a copy of the prospectus, offering memorandum or
      similar document, if any, provided to investors or potential investors in
      such shareholder or Shareholder Associated Person;</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(E)</font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1) a
      description of all purchases and sales of securities of the Trust by such
      shareholder or Shareholder Associated Person during the previous 24 month
      period, including the date of the transactions, the class, series and
      number of securities involved in the transactions and the consideration
      involved, (2) a description of all Derivative Transactions by such
      shareholder or Shareholder Associated Person during the previous 24 month
      period, including the date of the transactions and the class, series and
      number of securities involved in, and the material economic terms of, the
      transactions, such description to include, without limitation, all
      information that such shareholder or Shareholder Associated Person would
      be required to report on an Insider Report if such shareholder or
      Shareholder Associated Person were a Trustee of the Trust or the
      beneficial owner of more than 10% of the shares of the Trust at the time
      of the transactions, (3) any performance related fees (other than an asset
      based fee) that such shareholder or Shareholder Associated Person is
      entitled to based on any increase or decrease in the value of shares of
      the Trust or instrument or arrangement of the
  type</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">contemplated
      within the definition of Derivative Transaction, if any, as of the date of
      such notice, including, without limitation, any such interests held by
      members of such shareholder's or Shareholder Associated Person 's
      immediate family sharing the same household with such shareholder or
      Shareholder Associated Person, (4) any proportionate interest in shares of
      the Trust or instrument or arrangement of the type contemplated within the
      definition of Derivative Transaction held, directly or indirectly, by a
      general or limited partnership in which such shareholder or Shareholder
      Associated Person is a general partner or, directly or indirectly,
      beneficially owns an interest in a general partner and (5) any rights to
      dividends on the shares of the Trust owned beneficially by such
      shareholder or Shareholder Associated Person that are separated or
      separable from the underlying shares of the Trust;</font></div>
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          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(F)</font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">to the
      extent known by the shareholder giving the notice, the name and address of
      any other person who owns, beneficially or of record, any shares of
      beneficial interest of the Trust and who supports the nominee for election
      or reelection as a Trustee or the proposal of other business;
      and</font></div>
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            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
          </tr><tr>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(G)</font></div>
            </td>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">if more
      than one class or series of beneficial interest in the Trust is
      outstanding, the class and series of beneficial interest of the Trust
      entitled to vote for such Proposed Nominee and/or shareholder's proposal,
      as applicable.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;Notwithstanding
anything in the second sentence of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(b) to the contrary, in the event that the number of Trustees to be
elected to the Board of Trustees is increased and there is no public
announcement of such action at least 130 days prior to the first anniversary of
the date of the proxy statement for the preceding year's annual meeting, a
shareholder's notice required by this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 also shall be considered timely, but only with respect to nominees for
any new positions created by such increase, if the notice is delivered to the
secretary at the principal executive offices of the Trust not later than 5:00
p.m. (Eastern Time) on the 10th day immediately following the day on which such
public announcement is first made by the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;For
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, (i) "Shareholder Associated Person" of any shareholder shall mean (A) any
person acting in concert with, such shareholder, (B) any direct or indirect
beneficial owner of shares of beneficial interest of the Trust owned of record
or beneficially by such shareholder and (C) any person controlling, controlled
by or under common control with such shareholder or a Shareholder Associated
Person;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(ii) "Proposed
Nominee Associated Person" of any Proposed Nominee shall mean (A) any person
acting in concert with such Proposed Nominee, (B) any direct or indirect
beneficial owner of shares of beneficial interest of the Trust owned of record
or beneficially by such Proposed Nominee and (C) any person controlling,
controlled by or under common control with such Proposed Nominee or a Proposed
Nominee Associated Person; (iii) "Derivative Transaction" by a person shall mean
any (A) transaction in, or arrangement, agreement or understanding with respect
to, any option, warrant, convertible security, stock appreciation right or
similar right with an exercise, conversion or exchange privilege, or settlement
payment or mechanism related to, any security of the Trust, or similar
instrument with a value derived in whole or in part from the value of a security
of the Trust, in any such case whether or not it is subject to settlement in a
security of the Trust or otherwise or (B) any transaction, arrangement,
agreement or understanding which included or includes an opportunity for such
person, directly or indirectly, to profit or share in any profit derived from
any increase or decrease in the value of any security of the Trust, to mitigate
any loss or manage any risk associated with any increase or decrease in the
value of any security of the Trust or to increase or decrease the number of
securities of the Trust which such person was, is or will be entitled to vote,
in any such case whether or not it is subject to settlement in a security of the
Trust or otherwise; and (iv) "Insider Report" shall mean a statement required to
be filed pursuant to Section 16 of the Exchange Act (or any successor
provisions) by a person who is a Trustee of the Trust or who is directly or
indirectly the beneficial owner of more than 10% of the shares of the
Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder Nominations or
Other Proposals Causing Covenant Breaches or Defaults</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;At
the same time as the submission of any shareholder nomination or proposal of
other business to be considered at a shareholders meeting that, if approved and
implemented by the Trust, would cause the Trust or any subsidiary (as defined in
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(c)) of the Trust&#160;&#160;to be in breach of any covenant of the Trust
or any subsidiary of the Trust or otherwise cause a default (in any case, with
or without notice or lapse of time) in any existing debt instrument or agreement
of the Trust or any subsidiary of the Trust or other material contract or
agreement of the Trust or any subsidiary of the Trust, the proponent shareholder
or shareholders shall submit to the secretary at the principal executive offices
of the Trust (a) evidence satisfactory to the Board of Trustees of the lender's
or contracting party's willingness to waive the breach of covenant or default or
(b) a detailed plan for repayment of the indebtedness to the lender or curing
the contractual breach or default and satisfying any resulting damage claim,
specifically identifying the actions to be taken or the source of funds, which
plan must be satisfactory to the Board of Trustees in its discretion, and
evidence of the availability to the Trust of substitute credit or contractual
arrangements similar to the credit or contractual arrangements which are
implicated by the shareholder nomination or other proposal that are at least as
favorable to the Trust, as determined by the Board of Trustees in its
discretion.&#160;&#160;As an example and not as a limitation, at the time these
Bylaws are being amended and restated, the Trust is party to a bank credit
facility that contains covenants which prohibit certain changes in the
management and policies of the Trust without the approval of the lenders;
accordingly, a shareholder nomination or proposal which implicates these
covenants shall be accompanied by a waiver of these covenants duly executed by
the banks or by evidence satisfactory to the Board of Trustees of the
availability of funding to the Trust to repay outstanding indebtedness under
this credit facility and of the availability of a new credit facility on terms
as favorable to the Trust as the existing credit facility.</font></div>
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder Nominations or
Other Proposals Requiring Governmental Action</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;If
(a) submission of any shareholder nomination or proposal of other business to be
considered at a shareholders meeting that could not be considered or, if
approved, implemented by the Trust without the Trust, any subsidiary of the
Trust, the proponent shareholder, any Proposed Nominee of such shareholder, any
Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder
Associated Person of such shareholder, the holder of proxies or their respective
affiliates or associates filing with or otherwise notifying or obtaining the
consent, approval or other action of any federal, state, municipal or other
governmental or regulatory body (a "Governmental Action") or (b) such
shareholder's ownership of shares of the Trust or any solicitation of proxies or
votes or holding or exercising proxies by such shareholder, any Proposed Nominee
of such shareholder, any Proposed Nominee Associated Person of such Proposed
Nominee, any Shareholder Associated Person of such shareholder, or their
respective affiliates or associates would require Governmental Action, then, at
the same time as the submission of any shareholder nomination or proposal of
other business to be considered at a shareholders meeting, the proponent
shareholder or shareholders shall submit to the secretary at the principal
executive offices of the Trust (x) evidence satisfactory to the Board of
Trustees that any and all Governmental Action has been given or obtained,
including, without limitation, such evidence as the Board of Trustees may
require so that any nominee may be determined to satisfy any suitability or
other requirements or (y) if such evidence was not obtainable from a
governmental or regulatory body by such time despite the shareholder's diligent
and best efforts, a detailed plan for making or obtaining the Governmental
Action prior to the election of any such Proposed Nominee or the implementation
of such proposal, which plan must be satisfactory to the Board of Trustees in
its discretion.&#160;&#160;As an example and not as a limitation, at the time
these Bylaws are being amended and restated, the Trust holds a controlling
ownership position in a company being formed and licensed as an insurance
company in the State of Indiana.&#160;&#160;The laws of the State of Indiana
have certain regulatory requirements for any person who seeks to control (as
defined under Indiana law) a company which itself controls an insurance company
domiciled in the State of Indiana, including by exercising proxies representing
10% or more of its voting securities.&#160;&#160;Accordingly, a shareholder who
seeks to exercise proxies for a nomination or a proposal affecting the
governance of the Trust shall obtain any applicable approvals from the Indiana
insurance regulatory authorities prior to exercising such
proxies.&#160;&#160;Similarly, as a further example and not as a limitation, at
the time these Bylaws are being amended and restated, the Trust owns healthcare
facilities in various states; such facilities are governed by and subject to the
regulatory and licensing requirements of the state in which such facility is
located.&#160;&#160;The licensing terms or regulatory regime of certain states
with jurisdiction over the Trust may require that certain consents or approvals
be obtained prior to the Trust considering or implementing certain actions,
including potentially requiring that a Proposed Nominee obtain regulatory
approval or consent prior to being nominated for or elected as a
Trustee.&#160;&#160;Accordingly, a shareholder nomination or shareholder
proposal that, if approved, would require the Trust to obtain the consent or
approval of a state authority due to the fact that the Trust owns licensed
healthcare facilities in such state, shall be accompanied by evidence that the
shareholder or Proposed Nominee has either secured the required approvals or
consents from all applicable state regulatory authorities or if such required
approvals have not been obtained, then the shareholder nomination or other
proposal shall be accompanied by a copy of any applications or forms required to
be completed by the Proposed Nominee or shareholder as submitted or to be
submitted to the applicable state authorities so that the Board of Trustees may
determine</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">the likelihood
that the shareholder or the Proposed Nominee, as applicable, will receive any
such required approval.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Meetings of
Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;As
set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.6, only business brought before the meeting pursuant to the Trust's notice of
meeting shall be conducted at a special meeting of
shareholders.&#160;&#160;Nominations of individuals for election to the Board of
Trustees only may be made at a special meeting of shareholders at which Trustees
are to be elected: (a) pursuant to the Trust's notice of meeting; (b) otherwise
properly brought before the meeting by or at the direction of the Board of
Trustees; or (c) provided that the Board of Trustees has determined that
Trustees shall be elected at such special meeting, by any shareholder of the
Trust who is a shareholder of record both at the time of giving of notice
provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.4 through and including the time of the special meeting, who is entitled to
vote at the meeting on such election and who has complied with the notice
procedures and other requirements set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.4.&#160;&#160;In the event the Trust calls a special meeting of
shareholders for the purpose of electing one or more Trustees to the Board of
Trustees, any such shareholder may nominate an individual or individuals (as the
case may be) for election as a Trustee as specified in the Trust&#8217;s notice of
meeting, if the shareholder satisfies the holding period and certificate
requirements set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a) and <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(b), the shareholder&#8217;s notice contains or is accompanied by the
information and documents required by <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and the shareholder has given timely notice thereof in writing to the
secretary of the Trust at the principal executive offices of the
Trust.&#160;&#160;To be timely, a shareholder&#8217;s notice shall be delivered to the
secretary of the Trust at the principal executive offices of the Trust not
earlier than the 150th day prior to such special meeting and not later than 5:00
p.m. (Eastern Time) on the later of (i) the 120th day prior to such special
meeting or (ii) the 10th day following the day on which public announcement is
first made of the date of the special meeting and of the nominees proposed by
the Trustees to be elected at such meeting.&#160;&#160;Neither the postponement
or adjournment of a special meeting, nor the public announcement of such
postponement or adjournment, shall commence a new time period for the giving of
a shareholder&#8217;s notice as described above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;If
information submitted pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by any shareholder proposing a nominee for election as a Trustee or any
proposal for other business at a meeting of shareholders shall be deemed by the
Board of Trustees incomplete or inaccurate, any authorized officer or the Board
of Trustees or any committee thereof may treat such information as not having
been provided in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;Any notice submitted by a shareholder pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 that is deemed by the Board of Trustees inaccurate, incomplete or otherwise
fails to satisfy completely any provision of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be deemed defective and shall thereby render all proposals and
nominations set forth in such notice defective.&#160;&#160;Upon written request
by the secretary of the Trust or the Board of Trustees or any committee thereof
(which may be made from time to time), any shareholder proposing a nominee for
election as a Trustee or any proposal for other business at a meeting of
shareholders shall provide, within three business days after such request (or
such other period as may be specified in such request), (i) written
verification, satisfactory to the secretary or any other authorized</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">officer or the
Board of Trustees or any committee thereof, in his, her or its discretion, to
demonstrate the accuracy of any information submitted by the shareholder
pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, (ii) written responses to information reasonably requested by the
secretary, the Board of Trustees or any committee thereof and (iii) a written
update, to a current date, of any information submitted by the shareholder
pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 as of an earlier date.&#160;&#160;If a shareholder fails to provide such
written verification, information or update within such period, the secretary or
any other authorized officer or the Board of Trustees may treat the information
which was previously provided and to which the verification, request or update
relates as not having been provided in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14; provided, however, that no such written verification, response or update
shall cure any incompleteness, inaccuracy or failure in any notice provided by a
shareholder pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;It is the responsibility of a shareholder who wishes to make a
nomination or other proposal to comply with the requirements of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14; nothing in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees
or any committee thereof nor any officer of the Trust to inform a shareholder
that the information submitted pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by or on behalf of such shareholder is incomplete or inaccurate or not
otherwise in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 nor require the Trust, the Board of Trustees, any committee of the Board of
Trustees or any officer of the Trust to request clarification or updating of
information provided by any shareholder, but the Board of Trustees, a committee
thereof or the secretary acting on behalf of the Board of Trustees or a
committee, may do so in its, his or her discretion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Only
such individuals who are nominated in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be eligible for election by shareholders as Trustees and only such
business shall be conducted at a meeting of shareholders as shall have been
properly brought before the meeting in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;The chairperson of the meeting and the Board of Trustees shall
each have the power to determine whether a nomination or any other business
proposed to be brought before the meeting was made or proposed, as the case may
be, in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and, if any proposed nomination or other business is determined not to be
in compliance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, to declare that such defective nomination or proposal be
disregarded.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;For
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14: (i) "public announcement" shall mean disclosure in (A) a press release
reported by the Dow Jones News Service, Associated Press, Business Wire, PR
Newswire or any other widely circulated news or wire service or (B) a document
publicly filed by the Trust with the S.E.C. pursuant to the Exchange Act; and
(ii) "subsidiary" shall include, with respect to a person, any corporation,
partnership, joint venture or other entity of which such person (A) owns,
directly or indirectly, 10% or more of the outstanding voting securities or
other interests or (B) has a person designated by such person serving on, or a
right, contractual or otherwise, to designate a person, so to serve on, the
board of directors (or analogous governing body).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;Notwithstanding
the foregoing provisions of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, a shareholder shall also comply with all applicable legal requirements,
including, without limitation, applicable requirements of state law and the
Exchange Act and the rules and regulations thereunder, with respect to the
matters set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;Nothing</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be deemed to require that a shareholder nomination of an individual
for election to the Board of Trustees or a shareholder proposal relating to
other business be included in the Trust's proxy statement, except as may be
required by law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;The
Board of Trustees may from time to time require any individual nominated to
serve as a Trustee to agree in writing with regard to matters of business ethics
and confidentiality while such nominee serves as a Trustee, such agreement to be
on the terms and in a form (the "Agreement") determined satisfactory by the
Board of Trustees, as amended and supplemented from time to time in the
discretion of the Board of Trustees.&#160;&#160;The terms of the Agreement may
be substantially similar to the Code of Business Conduct and Ethics of the Trust
or any similar code promulgated by the Trust (the "Code of Business Conduct") or
may differ from or supplement the Code of Business Conduct.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;Determinations
required or permitted to be made under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by the Board of Trustees may be delegated by the Board of Trustees to a
committee of the Board of Trustees, subject to applicable law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No
Shareholder Actions by Written Consent</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shareholders
shall not be authorized or permitted to take any action required or permitted to
be taken at a meeting of shareholders by written consent, and may take such
action only at shareholders meeting of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting by
Ballot</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Voting
on any question or in any election may be voice vote unless the chairperson of
the meeting or any shareholder shall demand that voting be by
ballot.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposals of Business Which
Are Not Proper Matters For Action By Shareholder</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
anything in these Bylaws to the contrary, subject to applicable law, any
shareholder proposal for business the subject matter or effect of which would be
within the exclusive purview of the Board of Trustees or would reasonably
likely, if considered by the shareholders or approved or implemented by the
Trust, result in an impairment of the limited liability status for the Trust's
shareholders, shall be deemed not to be a matter upon which the shareholders are
entitled to vote.&#160;&#160;The Board of Trustees in its discretion shall be
entitled to determine whether a shareholder proposal for business is not a
matter upon which the shareholders are entitled to vote pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.17, and its decision shall be final and binding unless determined by a court
of competent jurisdiction to have been made in bad faith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
III</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">TRUSTEES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Powers;
Qualifications; Trustees Holding Over</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
business and affairs of the Trust shall be managed under the direction of its
Board of Trustees.&#160;&#160;A Trustee shall be an individual at least 21 years
of age who is not under legal disability.&#160;&#160;To qualify for nomination
or election as a Trustee, an individual, at the time of nomination and election,
shall,</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">without
limitation, (a) have substantial expertise or experience relevant to the
business of the Trust and its subsidiaries, (b) not have been convicted of a
felony and (c) meet the qualifications of an Independent Trustee or a Managing
Trustee, each as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.2, as the case may be, depending upon the position for which such individual
may be nominated and elected.&#160;&#160;In case of failure to elect Trustees at
an annual meeting of the shareholders, the incumbent Trustees shall hold over
and continue to direct the management of the business and affairs of the Trust
until they may resign or until their successors are elected and
qualify.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Trustees and
Managing Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
majority of the Trustees holding office shall at all times be Independent
Trustees; provided, however, that upon a failure to comply with this requirement
as a result of the creation of a temporary vacancy which shall be filled by an
Independent Trustee, whether as a result of enlargement of the Board of Trustees
or the resignation, removal or death of a Trustee who is an Independent Trustee,
such requirement shall not be applicable.&#160;&#160;An "Independent Trustee" is
one who is not an employee of the Advisor (as defined in the Declaration of
Trust), who is not involved in the Trust's day to day activities, who meets the
qualifications of an independent trustee under the Declaration of Trust and who
meets the qualifications of an independent director (not including the specific
independence requirements applicable only to members of the Audit Committee of
the Board of Trustees) under the applicable rules of each stock exchange upon
which shares of the Trust are listed for trading and the S.E.C., as those
requirements may be amended from time to time.&#160;&#160;If the number of
Trustees, at any time, is set at less than five, at least one Trustee shall be a
Managing Trustee.&#160;&#160;So long as the number of Trustees shall be five or
greater, at least two Trustees shall be Managing Trustees.&#160;&#160;"Managing
Trustees" shall mean Trustees who are not Independent Trustees and who have been
employees of the Advisor or involved in the day to day activities of the Trust
for at least one year prior to their election.&#160;&#160;If at any time the
Board of Trustees shall not be comprised of a majority of Independent Trustees,
the Board of Trustees shall take such actions as will cure such condition;
provided that the fact that the Board of Trustees does not have a majority of
Independent Trustees or has not taken such action at any time or from time to
time shall not affect the validity of any action taken by the Board of
Trustees.&#160;&#160;If at any time the Board of Trustees shall not be comprised
of a number of Managing Trustees as is required under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.2, the Board of Trustees shall take such actions as will cure such condition;
provided that the fact that the Board of Trustees does not have the requisite
number of Managing Trustees or has not taken such action at any time or from
time to time shall not affect the validity of any action taken by the Board of
Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number
and Tenure</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Pursuant
to the Articles Supplementary accepted for record by the State Department of
Assessments and Taxation (the "SDAT") as of May 11, 2000, the number of Trustees
constituting the entire Board of Trustees may be increased or decreased from
time to time only by a vote of the Trustees; provided however that the tenure of
office of a Trustee shall not be affected by any decrease in the number of
Trustees.&#160;&#160;The number of Trustees shall be five until increased or
decreased by the Board of Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Board of Trustees shall be classified into
three groups: Group I, Group II and Group III.&#160;&#160;A majority of the
entire Board of Trustees shall designate the Group of which each Trustee shall
be a member.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
and Regular Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
annual meeting of the Trustees shall be held immediately after the annual
meeting of shareholders, no notice other than this Bylaw being
necessary.&#160;&#160;The time and place of the annual meeting of the Trustees
may be changed by the Board of Trustees.&#160;&#160;The Trustees may provide, by
resolution, the time and place, either within or without the State of Maryland,
for the holding of regular meetings of the Trustees without other notice than
such resolution.&#160;&#160;In the event any such regular meeting is not so
provided for, the meeting may be held at such time and place as shall be
specified in a notice given as hereinafter provided for special meetings of the
Board of Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Special
meetings of the Trustees may be called at any time by any Managing Trustee, the
president or pursuant to the request of any two Trustees then in
office.&#160;&#160;The person or persons authorized to call special meetings of
the Trustees may fix any place, either within or without the State of Maryland,
as the place for holding any special meeting of the Trustees called by
them.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notice
of any special meeting shall be given by written notice delivered personally or
by electronic mail, telephoned, facsimile transmitted, overnight couriered (with
proof of delivery) or mailed to each Trustee at his or her business or residence
address.&#160;&#160;Personally delivered, telephoned, facsimile transmitted or
electronically mailed notices shall be given at least 24 hours prior to the
meeting.&#160;&#160;Notice by mail shall be deposited in the
U.S.&#160;&#160;mail at least 72 hours prior to the meeting.&#160;&#160;If
mailed, such notice shall be deemed to be given when deposited in the
U.S.&#160;&#160;mail properly addressed, with postage thereon
prepaid.&#160;&#160;Electronic mail notice shall be deemed to be given upon
transmission of the message to the electronic mail address given to the Trust by
the Trustee.&#160;&#160;Telephone notice shall be deemed given when the Trustee
is personally given such notice in a telephone call to which he is a
party.&#160;&#160;Facsimile transmission notice shall be deemed given upon
completion of the transmission of the message to the number given to the Trust
by the Trustee and receipt of a completed answer back indicating
receipt.&#160;&#160;If sent by overnight courier, such notice shall be deemed
given when delivered to the courier.&#160;&#160;Neither the business to be
transacted at, nor the purpose of, any annual, regular or special meeting of the
Trustees need be stated in the notice, unless specifically required by statute
or these Bylaws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
majority of the Trustees shall constitute a quorum for transaction of business
at any meeting of the Trustees, provided that, if less than a majority of such
Trustees are present at a meeting, a majority of the Trustees present may
adjourn the meeting from time to time without further notice, and provided
further that if, pursuant to the Declaration of Trust or these Bylaws, the vote
of a majority of a particular group of Trustees is required for action, a quorum
for that action shall also include a majority of such group.&#160;&#160;The
Trustees present at a meeting of the Board of Trustees which has been duly
called and convened and at which a quorum was established may continue to
transact business until adjournment, notwithstanding the withdrawal of a number
of Trustees resulting in less than a quorum then being present at the
meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
action of the majority of the Trustees present at a meeting at which a quorum is
or was present shall be the action of the Trustees, unless the concurrence of a
greater proportion is required for such action by specific provision of an
applicable statute, the Declaration of Trust or these Bylaws.&#160;&#160;If
enough Trustees have withdrawn from a meeting to</font></div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">leave fewer than
are required to establish a quorum, but the meeting is not adjourned, the action
of the majority of that number of Trustees necessary to constitute a quorum at
such meeting shall be the action of the Board of Trustees, unless the
concurrence of a greater proportion is required for such action by applicable
law, the Declaration of Trust or these Bylaws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Telephone
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Trustees
may participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear
each other at the same time.&#160;&#160;Participation in a meeting by these
means shall constitute presence in person at the meeting.&#160;&#160;Such
meeting shall be deemed to have been held at a place designated by the Trustees
at the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action by Written Consent of
Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Unless
specifically otherwise provided in the Declaration of Trust, any action required
or permitted to be taken at any meeting of the Trustees may be taken without a
meeting, if a majority of the Trustees shall individually or collectively
consent in writing to such action.&#160;&#160;Such written consent or consents
shall be filed with the records of the Trust and shall have the same force and
effect as the affirmative vote of such Trustees at a duly held meeting of the
Trustees at which a quorum was present.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of
Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
actions taken at any meeting of the Trustees, however called and noticed or
wherever held, shall be as valid as though taken at a meeting duly held after
regular call and notice if a quorum is present and if, either before or after
the meeting, each of the Trustees not present waives notice, consents to the
holding of such meeting or approves the minutes thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Pursuant
to the Articles Supplementary accepted for record by the SDAT as of May 16,
2000, if for any reason any or all the Trustees cease to be Trustees, such event
shall not terminate the Trust or affect these Bylaws or the powers of the
remaining Trustees hereunder (even if fewer than three Trustees
remain).&#160;&#160;Any vacancy on the Board of Trustees may be filled only by a
majority of the remaining Trustees, even if the remaining Trustees do not
constitute a quorum.&#160;&#160;Any Trustee elected to fill a vacancy, whether
occurring due to an increase in size of the Board of Trustees or by the death,
resignation or removal of any Trustee, shall hold office for the remainder of
the full term of the class of Trustees in which the vacancy occurred or was
created and until a successor is elected and qualifies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees shall be entitled to receive such reasonable compensation for their
services as Trustees as the Trustees may determine from time to
time.&#160;&#160;Trustees may be reimbursed for expenses of attendance, if any,
at each annual, regular or special meeting of the Trustees or of any committee
thereof; and for their expenses, if any, in connection with each property visit
and any other service or activity performed or engaged in as
Trustee.&#160;&#160;The Trustees shall be entitled to receive remuneration for
services rendered to the Trust in any other capacity, and such services may
include, without limitation, services as an officer of the Trust, services as an
employee of the Advisor, legal, accounting or other professional services, or
services as a broker, transfer agent or underwriter, whether performed by a
Trustee or any person affiliated with a Trustee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal of
Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
Trustee may be removed at any time with or without cause by the affirmative vote
either of all the remaining Trustees or, at a meeting of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">shareholders
properly called for that purpose, by the affirmative vote of the holders of not
less than two-thirds of the shares of the Trust then outstanding and entitled to
vote generally in the election of Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Surety
Bonds</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Unless
specifically required by law, no Trustee shall be obligated to give any bond or
surety or other security for the performance of any of his or her
duties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reliance</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Each
Trustee, officer, employee and agent of the Trust shall, in the performance of
his or her duties with respect to the Trust, be entitled to rely on any
information, opinion, report or statement, including any financial statement or
other financial data, prepared or presented by an officer or employee of the
Trust or by the Advisor, accountants, appraisers or other experts or consultants
selected by the Board of Trustees or officers of the Trust, regardless of
whether such counsel or expert may also be a Trustee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interested Trustee
Transactions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Section
2-419 of the Maryland General Corporation Law shall be available for and apply
to any contract or other transaction between the Trust and any of its Trustees
or between the Trust and any other trust, corporation, firm or other entity in
which any of its Trustees is a trustee or director or has a material financial
interest.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.18.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Qualifying Shares Not
Required</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Trustees
need not be shareholders of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.19.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Rights of Trustees,
Officers, Employees and Agents</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
Trustee shall have no responsibility to devote his or her full time to the
affairs of the Trust.&#160;&#160;Any Trustee or officer, employee or agent of
the Trust, in his or her personal capacity or in a capacity as an affiliate,
employee or agent of any other person, or otherwise, may have business interests
and engage in business activities similar or in addition to those of or relating
to the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.20.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Emergency
Provisions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision in the Declaration of Trust or these Bylaws, this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.20 shall apply during the existence of any catastrophe, or other similar
emergency condition, as a result of which a quorum of the Board of Trustees
under <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
III cannot readily be obtained (an "Emergency").&#160;&#160;During any
Emergency, unless otherwise provided by the Board of Trustees, (a) a meeting of
the Board of Trustees may be called by any Managing Trustee or officer of the
Trust by any means feasible under the circumstances and (b) notice of any
meeting of the Board of Trustees during such an Emergency may be given less than
24 hours prior to the meeting to as many Trustees and by such means as it may be
feasible at the time, including publication, television or radio.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
IV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">COMMITTEES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number; Tenure and
Qualifications</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees shall appoint an Audit Committee, a Compensation Committee and
a Nominating and Governance Committee.&#160;&#160;Each of these committees shall
be composed of three or more Trustees, to serve at the pleasure of the Board of
Trustees.&#160;&#160;The Board of Trustees may also appoint other committees
from time to</font></div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">time composed of
one or more members, at least one of which shall be a Trustee, to serve at the
pleasure of the Board of Trustees.&#160;&#160;The Board of Trustees shall adopt
a charter with respect to the Audit Committee, the Compensation Committee and
the Nominating and Governance Committee, which charter shall specify the
purposes, the criteria for membership and the responsibility and duties and may
specify other matters with respect to each committee.&#160;&#160;The Board of
Trustees may also adopt a charter with respect to other committees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Powers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may delegate any of the powers of the Trustees to committees appointed
under <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
4.1 and composed solely of Trustees, except as prohibited by law.&#160;&#160;In
the event that a charter has been adopted with respect to a committee composed
solely of Trustees, the charter shall constitute a delegation by the Trustees of
the powers of the Board of Trustees necessary to carry out the purposes,
responsibilities and duties of a committee provided in the charter or reasonably
related to those purposes, responsibilities and duties, to the extent permitted
by law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notice
of committee meetings shall be given in the same manner as notice for special
meetings of the Board of Trustees.&#160;&#160;One-third, but not less than one,
of the members of any committee shall be present in person at any meeting of a
committee in order to constitute a quorum for the transaction of business at a
meeting, and the act of a majority present at a meeting at the time of a vote if
a quorum is then present shall be the act of a committee.&#160;&#160;The Board
of Trustees or, if authorized by the Board in a committee charter or otherwise,
the committee members may designate a chairman of any committee, and the
chairman or, in the absence of a chairman, a majority of any committee may fix
the time and place of its meetings unless the Board shall otherwise
provide.&#160;&#160;In the absence or disqualification of any member of any
committee, the members thereof present at any meeting and not disqualified from
voting, whether or not they constitute a quorum, may unanimously appoint another
Trustee to act at the meeting in the place of absent or disqualified
members.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Each committee
shall keep minutes of its proceedings and shall periodically report its
activities to the full Board of Trustees and, except as otherwise provided by
law or under the rules of the S.E.C. and applicable stock exchanges on which the
Trust's shares are listed, any action by any committee shall be subject to
revision and alteration by the Board of Trustees, provided that no rights of
third persons shall be affected by any such revision or alteration.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Telephone
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Members
of a committee may participate in a meeting by means of a conference telephone
or similar communications equipment and participation in a meeting by these
means shall constitute presence in person at the meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action
by Written Consent of Committees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
action required or permitted to be taken at any meeting of a committee of the
Trustees may be taken without a meeting, if a consent in writing to such action
is signed by a majority of the committee and such written consent is filed with
the minutes of proceedings of such committee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Subject
to the provisions hereof, the Board of Trustees shall have the power at any time
to change the membership of any committee, to fill all vacancies, to designate
alternate members to replace any absent or disqualified member or to dissolve
any such committee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
V</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">OFFICERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General
Provisions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
officers of the Trust shall include a president, a secretary and a treasurer and
may include a chairman of the board, a vice chairman of the board, a chief
executive officer, a chief operating officer, a chief financial officer, one or
more vice presidents, one or more assistant secretaries and one or more
assistant treasurers.&#160;&#160;In addition, the Trustees may from time to time
appoint such other officers with such powers and duties as they shall deem
necessary or desirable.&#160;&#160;The officers of the Trust shall be elected
annually by the Trustees at the first meeting of the Trustees held after each
annual meeting of shareholders.&#160;&#160;If the election of officers shall not
be held at such meeting, such election shall be held as soon thereafter as may
be convenient.&#160;&#160;Each officer shall hold office until his or her
successor is elected and qualifies or until his or her death, resignation or
removal in the manner hereinafter provided.&#160;&#160;Any two or more offices,
except president and vice president, may be held by the same
person.&#160;&#160;In their discretion, the Trustees may leave unfilled any
office except that of president and secretary.&#160;&#160;Election of an officer
or agent shall not of itself create contract rights between the Trust and such
officer or agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal and
Resignation</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
officer or agent of the Trust may be removed by the Trustees if in their
judgment the best interests of the Trust would be served thereby, but the
removal shall be without prejudice to the contract rights, if any, of the person
so removed.&#160;&#160;Any officer of the Trust may resign at any time by giving
written notice of his or her resignation to the Trustees, the chairman of the
board, the president or the secretary.&#160;&#160;Any resignation shall take
effect at any time specified therein or, if the time when it shall become
effective is not specified therein, immediately upon its receipt.&#160;&#160;The
acceptance of a resignation shall not be necessary to make it effective unless
otherwise stated in the resignation.&#160;&#160;A resignation shall be without
prejudice to the contract rights, if any, of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
vacancy in any office may be filled by the Trustees for the balance of the
term.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Executive Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief executive officer from among the Trustees or
elected officers.&#160;&#160;The chief executive officer shall have
responsibility for implementation of the policies of the Trust, as determined by
the Trustees, and for the administration of the business affairs of the
Trust.&#160;&#160;In the absence of both the chairman and vice chairman of the
board, the chief executive officer shall preside over the meetings of the Board
of Trustees at which he shall be present.&#160;&#160;In the absence of a
different designation, the Managing Trustees, or any of them, shall function as
the chief executive officer of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Operating Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief operating officer from among the elected
officers.&#160;&#160;Said officer will have the responsibilities and duties as
set forth by the Trustees or the chief executive officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Financial Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief financial officer from among the elected
officers.&#160;&#160;Said officer will have the responsibilities and duties as
set forth by the Trustees or the chief executive officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chairman and Vice Chairman
of the Board</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
chairman of the board, if any, and the vice chairman of the board, if any, shall
perform such duties as may be assigned to him, her or them by the
Trustees.&#160;&#160;In the absence of a chairman and vice chairman of the board
or if none are appointed, the Managing Trustees, or any of them, shall preside
at meetings of the Board of Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">President</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
president may execute any deed, mortgage, bond, lease, contract or other
instrument, except in cases where the execution thereof shall be expressly
delegated by the Trustees or by these Bylaws to some other officer or agent of
the Trust or shall be required by law to be otherwise executed, and in general
shall perform all duties incident to the office of president and such other
duties as may be prescribed by the chief executive officer or the
Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vice
Presidents</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
the absence or unavailability of the president, the vice president (or in the
event there be more than one vice president, any vice president) shall perform
the duties of the president and when so acting shall have all the powers of the
president; and shall perform such other duties as from time to time may be
assigned to him or her by the president, the chief executive officer or by the
Trustees.&#160;&#160;The Trustees may designate one or more vice presidents as
executive vice presidents, senior vice presidents or as vice presidents for
particular areas of responsibility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secretary</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
secretary (or his or her designee) shall (a) keep the minutes of the proceedings
of the shareholders, the Trustees and committees of the Trustees in one or more
books provided for that purpose; (b) see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c) be
custodian of the Trust records and of the seal of the Trust, if any; (d)
maintain a share register, showing the ownership and transfers of ownership of
all shares of the Trust, unless a transfer agent is employed to maintain and
does maintain such a share register; and (e) in general perform such other
duties as from time to time may be assigned to the secretary by the chief
executive officer or the Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Treasurer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
treasurer shall have the custody of the funds and securities of the Trust and
shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Trust and shall deposit all moneys and other valuable effects
in the name and to the credit of the Trust in such depositories as may be
authorized by the Trustees.&#160;&#160;The treasurer shall also have such other
responsibilities as may be assigned to him or her by the chief executive officer
or the Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assistant Secretaries and
Assistant Treasurers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
assistant secretaries and assistant treasurers, in general, shall perform such
duties as shall be assigned to them by the secretary or treasurer, respectively,
or by the chief executive officer or the Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VI</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contracts</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees may authorize any Trustee, officer or agent (including the
Advisor or any officer of the Advisor) to enter into any contract or
to</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">execute and
deliver any instrument in the name of and on behalf of the Trust and such
authority may be general or confined to specific instances.&#160;&#160;Any
agreement, deed, mortgage, lease or other document executed by an authorized
Trustee, officer or agent shall be valid and binding upon the Trustees and upon
the Trust when authorized or ratified by action of the Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Checks
and Drafts</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
checks, drafts or other orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the Trust shall be signed by
such officer or agent of the Trust in such manner as shall from time to time be
determined by the treasurer, the chief executive officer or the
Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Deposits</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
funds of the Trust not otherwise employed shall be deposited from time to time
to the credit of the Trust in such banks, trust companies or other depositories
as the treasurer, the chief executive officer or the Trustees may
designate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SHARES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certificates</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Ownership
of shares of any class of shares of beneficial ownership of the Trust shall be
evidenced by certificates, or at the election of a shareholder in book entry
form.&#160;&#160;Unless otherwise determined by the Board of Trustees, any such
certificates shall be signed by the chief executive officer, the president or a
vice president and countersigned by the secretary or an assistant secretary or
the treasurer or an assistant treasurer and may be sealed with the seal, if any,
of the Trust.&#160;&#160;The signatures may be either manual or
facsimile.&#160;&#160;Certificates shall be consecutively numbered and if the
Trust shall from time to time issue several classes of shares, each class may
have its own number series.&#160;&#160;A certificate is valid and may be issued
whether or not an officer who signed it is still an officer when it is
issued.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transfers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Shares
of the Trust shall be transferable in the manner provided by applicable law, the
Declaration of Trust and these Bylaws.&#160;&#160;Certificates shall be treated
as negotiable and title thereto and to the shares they represent shall be
transferred by delivery thereof to the same extent as those of a Maryland stock
corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;The
Trust shall be entitled to treat the holder of record of any share or 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 share or shares on the part of
any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided in these Bylaws or by the laws of the State of
Maryland.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Lost
Certificate</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;For
shares evidenced by certificates, any officer designated by the Trustees may
direct a new certificate to be issued in place of any certificate previously
issued by the Trust alleged to have been lost, stolen or destroyed upon the
making of an affidavit of that fact by the person claiming the certificate to be
lost, stolen or destroyed.&#160;&#160;When authorizing the issuance of a new
certificate, an officer designated by the Trustees may, in such officer's
discretion and as a condition precedent to the issuance thereof, require the
owner of</font></div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">such lost, stolen
or destroyed certificate or the owner's legal representative to advertise the
same in such manner as he shall require and/or to give bond, with sufficient
surety, to the Trust to indemnify it against any loss or claim which may arise
as a result of the issuance of a new certificate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing of Transfer Books or
Fixing of Record Date</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;The
Trustees may set, in advance, a record date for the purpose of determining
shareholders entitled to notice of or to vote at any meeting of shareholders or
determining shareholders entitled to receive payment of any dividend or the
allotment of any other rights, or in order to make a determination of
shareholders for any other proper purpose.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;In
lieu of fixing a record date, the Trustees may provide that the share transfer
books shall be closed for a stated period but not longer than 20
days.&#160;&#160;If the share transfer books are closed for the purpose of
determining shareholders entitled to notice of or to vote at a meeting of
shareholders, such books shall be closed for at least 10 days before the date of
such meeting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;If
no record date is fixed and the share transfer books are not closed for the
determination of shareholders, (i) the record date for the determination of
shareholders entitled to notice of or to vote at a meeting of shareholders shall
be at the close of business on the day on which the notice of meeting is mailed
or the 30th day before the meeting, whichever is the closer date to the meeting;
and (ii) the record date for the determination of shareholders entitled to
receive payment of a dividend or an allotment of any other rights shall be the
close of business on the day on which the resolution of the Trustees, declaring
the dividend or allotment of rights, is adopted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;When
a determination of shareholders entitled to vote at any meeting of shareholders
has been made as provided in this section, such determination shall apply to any
adjournment thereof unless the Board of Trustees shall set a new record date
with respect thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Share
Ledger</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trust shall maintain at its principal office or at the office of its counsel,
accountants or transfer agent a share ledger containing the name and address of
each shareholder and the number of shares of each class held by such
shareholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fractional Shares; Issuance
of Units</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may issue fractional shares or provide for the issuance of scrip, all
on such terms and under such conditions as they may
determine.&#160;&#160;Notwithstanding any other provision of the Declaration of
Trust or these Bylaws, the Trustees may issue units consisting of different
securities of the Trust.&#160;&#160;Any security issued in a unit shall have the
same characteristics as any identical securities issued by the Trust, except
that the Trustees may provide that for a specified period securities of the
Trust issued in such unit may be transferred on the books of the Trust only in
such unit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VIII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">REGULATORY
COMPLIANCE AND DISCLOSURE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Actions Requiring Regulatory
Compliance Implicating the Trust</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;If
any shareholder (whether individually or constituting a group, as determined by
the Board of Trustees), by virtue of such shareholder's ownership interest in
the Trust or actions taken by the shareholder affecting the Trust, triggers the
application of any requirement or regulation of any federal, state, municipal or
other governmental or regulatory body on the Trust or any subsidiary (for
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
VIII, as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(c)) of the Trust or any of their respective businesses, assets or
operations, including, without limitation, any obligations to make or obtain a
Governmental Action (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.3), such shareholder shall promptly take all actions necessary and fully
cooperate with the Trust to ensure that such requirements or regulations are
satisfied without restricting, imposing additional obligations on or in any way
limiting the business, assets, operations or prospects of the Trust or any
subsidiary of the Trust.&#160;&#160;If the shareholder fails or is otherwise
unable to promptly take such actions so to cause satisfaction of such
requirements or regulations, the shareholder shall promptly divest a sufficient
number of shares of the Trust necessary to cause the application of such
requirement or regulation to not apply to the Trust or any subsidiary of the
Trust.&#160;&#160;If the shareholder fails to cause such satisfaction or divest
itself of such sufficient number of shares of the Trust by not later than the
10th day after triggering such requirement or regulation referred to in this
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.1, then any shares of the Trust beneficially owned by such shareholder at and
in excess of the level triggering the application of such requirement or
regulation shall, to the fullest extent permitted by law, be deemed to
constitute shares held in violation of the ownership limitations set forth in
Article VII of the Declaration of Trust and be subject to the provisions of
Article VII of the Declaration of Trust and any actions triggering the
application of such a requirement or regulation may be deemed by the Trust to be
of no force or effect.&#160;&#160;Moreover, if the shareholder who triggers the
application of any regulation or requirement fails to satisfy the requirements
or regulations or to take curative actions within such 10 day period, the Trust
may take all other actions which the Board of Trustees deems appropriate to
require compliance or to preserve the value of the Trust's assets; and the Trust
may charge the offending shareholder for the Trust's costs and expenses as well
as any damages which may result to the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">As an example and
not as a limitation, at the time these Bylaws are being amended and restated,
the Trust holds a controlling ownership position in a company being formed and
licensed as an insurance company in the State of Indiana.&#160;&#160;The laws of
the State of Indiana have certain regulatory requirements for any person who
seeks to control (as defined under Indiana law) a company which itself controls
an insurance company domiciled in the State of Indiana, including by exercising
proxies representing 10% or more of the Trust's voting
securities.&#160;&#160;Accordingly, if a shareholder seeks to exercise proxies
for a matter to be voted upon at a meeting of the Trust's shareholders without
having obtained any applicable approvals from the Indiana insurance regulatory
authorities, such proxies representing 10% or more of the Trust's voting
securities will, subject to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.3, be void and of no further force or effect.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">As a further
example and not as a limitation, at the time these Bylaws are being amended and
restated, the Trust owns healthcare facilities in various states which are
subject to state regulatory and licensing requirements in each such
state.&#160;&#160;Under the licensing terms or regulatory</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">regime of certain
states with jurisdiction over the Trust, a shareholder which acquires a
controlling equity position in the Trust may be required to obtain regulatory
approval or consent prior to or as a result of obtaining such
ownership.&#160;&#160;Accordingly, if a shareholder which acquires a controlling
equity position in the Trust that would require the shareholder or the Trust to
obtain the consent or approval of a state authority due to the fact that the
Trust owns licensed healthcare facilities in such state, and the shareholder
refuses to provide the Trust with information required to be submitted to the
applicable state authority or if the state authority declines to approve the
shareholder's ownership of the Trust, then, in either event, shares of the Trust
owned by the shareholder necessary to reduce its ownership to an amount so that
the shareholder's ownership of Trust shares would not require it to provide any
such information to, or for consent to be obtained from, the state authority,
may be deemed by the Board of Trustees to be shares held in violation of the
ownership limitation in Article VII of the Declaration of Trust and shall be
subject to the provisions of Article VII of the Declaration of
Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compliance With
Law</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shareholders
shall comply with all applicable requirements of federal and state laws,
including all rules and regulations promulgated thereunder, in connection with
such shareholder's ownership interest in the Trust and all other laws which
apply to the Trust or any subsidiary of the Trust or their respective
businesses, assets or operations and which require action or inaction on the
part of the shareholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitation on Voting Shares
or Proxies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Without
limiting the provisions of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.1, if a shareholder (whether individually or constituting a group, as
determined by the Board of Trustees), by virtue of such shareholder's ownership
interest in the Trust or its receipt or exercise of proxies to vote shares owned
by other shareholders, would not be permitted to vote the shareholder's shares
of the Trust or proxies for shares of the Trust in excess of a certain amount
pursuant to applicable law (including by way of example, applicable state
insurance regulations) but the Board of Trustees determines that the excess
shares or shares represented by the excess proxies are necessary to obtain a
quorum, then such shareholder shall not be entitled to vote any such excess
shares or proxies, and instead such excess shares or proxies may, to the fullest
extent permitted by law, be voted by the Advisor (or by another person
designated by the Trustees) in proportion to the total shares otherwise voted on
such matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations, Warranties
and Covenants Made to Governmental or Regulatory Bodies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;To
the fullest extent permitted by law, any representation, warranty or covenant
made by a shareholder with any governmental or regulatory body in connection
with such shareholder's interest in the Trust or any subsidiary of the Trust
shall be deemed to be simultaneously made to, for the benefit of and enforceable
by, the Trust and any applicable subsidiary of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Board
of Trustees' Determinations</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees shall be empowered to make all determinations regarding the
interpretation, application, enforcement and compliance with any matters
referred to or contemplated by this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
VIII.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
IX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">FISCAL
YEAR</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
9.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fiscal
Year</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
fiscal year of the Trust shall be the calendar year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
X</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">DIVIDENDS
AND OTHER DISTRIBUTIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
10.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dividends and Other
Distributions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Dividends
and other distributions upon the shares of beneficial interest of the Trust may
be authorized and declared by the Trustees.&#160;&#160;Dividends and other
distributions may be paid in cash, property or shares of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XI</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SEAL</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
11.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seal</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may authorize the adoption of a seal by the Trust.&#160;&#160;The
Trustees may authorize one or more duplicate seals.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
11.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Affixing
Seal</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Whenever
the Trust is permitted or required to affix its seal to a document, it shall be
sufficient to meet the requirements of any law, rule or regulation relating to a
seal to place the word "(SEAL)" adjacent to the signature of the person
authorized to execute the document on behalf of the Trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">WAIVER
OF NOTICE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
12.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of
Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Whenever
any notice is required to be given pursuant to the Declaration of Trust, these
Bylaws or applicable law, a waiver thereof in writing, signed by the person or
persons entitled to such notice, or a waiver by electronic transmission by the
person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such
notice.&#160;&#160;Neither the business to be transacted at nor the purpose of
any meeting need be set forth in the waiver of notice or waiver by electronic
transmission, unless specifically required by statute.&#160;&#160;The attendance
of any person at any meeting shall constitute a waiver of notice of such
meeting, except where such person attends a meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is
not lawfully called or convened.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">27</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XIII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">AMENDMENT
OF BYLAWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
13.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of
Bylaws</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Except
for any change for which these Bylaws requires approval by more than a majority
vote of the Trustees, these Bylaws may be amended or repealed or new or
additional Bylaws may be adopted only by the vote or written consent of a
majority of the Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XIV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">MISCELLANEOUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">References to Declaration of
Trust</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
references to the Declaration of Trust shall include any amendments
thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs
and Expenses</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
addition to, and as further clarification of each shareholder's obligation to
indemnify and hold the Trust harmless from and against all costs, expenses,
penalties, fines and other amounts, including, without limitation, attorneys'
and other professional fees, whether third party or internal, arising from such
shareholder's violation of any provision of the Declaration of Trust or these
Bylaws pursuant to Section 8.7 of the Declaration of Trust, to the fullest
extent permitted by law, each shareholder will be liable to the Trust (and any
subsidiaries or affiliates thereof) for, and indemnify and hold harmless the
Trust (and any subsidiaries or affiliates thereof) from and against, all costs,
expenses, penalties, fines or other amounts, including, without limitation,
reasonable attorneys' and other professional fees, whether third party or
internal, arising from such shareholder's breach of or failure to fully comply
with any covenant, condition or provision of these Bylaws or the Declaration of
Trust (including Section 2.14 of these Bylaws) or any action by or against the
Trust (or any subsidiaries or affiliates thereof) in which such shareholder is
not the prevailing party, and shall pay such amounts to such indemnitee on
demand, together with interest on such amounts, which interest will accrue at
the lesser of the Trust's highest marginal borrowing rate, per annum compounded,
and the maximum amount permitted by law, from the date such costs or the like
are incurred until the receipt of payment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ratification</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees or the shareholders may ratify and make binding on the Trust
any action or inaction by the Trust or its officers to the extent that the Board
of Trustees or the shareholders could have originally authorized the
matter.&#160;&#160;Moreover, any action or inaction questioned in any
shareholder's derivative proceeding or any other proceeding on the ground of
lack of authority, defective or irregular execution, adverse interest of a
Trustee, officer or shareholder, non-disclosure, miscomputation, the application
of improper principles or practices of accounting, or otherwise, may be
ratified, before or after judgment, by the Board of Trustees or by the
shareholders and, if so ratified, shall have the same force and effect as if the
questioned action or inaction had been originally duly authorized, and such
ratification shall be binding upon the Trust and its shareholders and shall
constitute a bar to any claim or execution of any judgment in respect of such
questioned action or inaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ambiguity</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
the case of an ambiguity in the application of any provision of these Bylaws or
any definition contained in these Bylaws, the Board of Trustees shall have the
sole power to determine the application of such provisions with respect to any
situation based on the facts known to it and such determination shall be final
and binding unless determined by a court of competent jurisdiction to have been
made in bad faith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspection of
Bylaws</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees shall keep at the principal office for the transaction of business of
the Trust the original or a copy of the Bylaws as amended or otherwise altered
to date, certified by the secretary, which shall be open to inspection by the
shareholders at all reasonable times during office hours.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Election to be Subject to
Part of Title 3, Subtitle 8</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision contained in the Declaration of Trust or these Bylaws, the
Trust hereby elects to be subject to Section 3-804(b) and (c) of Title 3,
Subtitle 8 of the Maryland General Corporation Law (or any successor
statute).&#160;&#160;This <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
14.6 only may be repealed, in whole or in part, by a subsequent amendment to
these Bylaws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Voting Provisions
relating to Control Shares</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision contained herein or in the Declaration of Trust or these
Bylaws, Title 3, Subtitle 7 of the Maryland General Corporation Law (or any
successor statute) shall not apply to any acquisition by any person of shares of
beneficial interest of the Trust.&#160;&#160;This section may be repealed, in
whole or in part, at any time, whether before or after an acquisition of control
shares and, upon such repeal, may, to the extent provided by any successor
bylaw, apply to any prior or subsequent control share acquisition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARBITRATION</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Procedures for Arbitration
of Disputes</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
disputes, claims or controversies brought by or on behalf of any shareholder of
the Trust (which, for purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV, shall mean any shareholder of record or any beneficial owner of shares of
the Trust, or any former shareholder of record or beneficial owner of shares of
the Trust), either on his, her or its own behalf, on behalf of the Trust or on
behalf of any series or class of shares of the Trust or shareholders of the
Trust against the Trust or any Trustee, officer, manager (including Reit
Management &amp; Research LLC or its successor), agent or employee of the Trust,
including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of the Declaration
of Trust or these Bylaws (all of which are referred to as "Disputes") or
relating in any way to such a Dispute or Disputes shall, on the demand of any
party to such Dispute, be resolved through binding and final arbitration in
accordance with the Commercial Arbitration Rules (the "Rules") of the American
Arbitration Association ("AAA") then in effect, except as those Rules may be
modified in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV.&#160;&#160;For the avoidance of doubt, and not as a limitation, Disputes are
intended to include derivative actions against Trustees, officers or managers of
the Trust and class actions by shareholders against those individuals or
entities and the Trust.&#160;&#160;For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Arbitrators</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;There
shall be three arbitrators.&#160;&#160;If there are only two parties to the
Dispute, each party shall select one arbitrator within 15 days after receipt by
respondent of a copy of the demand for arbitration.&#160;&#160;Such arbitrators
may be affiliated or interested persons of such parties.&#160;&#160;If either
party fails to timely select an arbitrator, the other party to the Dispute shall
select the second arbitrator who shall be neutral and impartial and shall not be
affiliated with or an interested person of either party. If there are more than
two parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, shall each select, by the vote of a majority of the claimants
or the respondents, as the case may be, one arbitrator. Such arbitrators may be
affiliated or interested persons of the claimants or the respondents, as the
case may be.&#160;&#160;If either all claimants or all respondents fail to
timely select an arbitrator then such arbitrator (who shall be neutral,
impartial and unaffiliated with any party) shall be appointed by the
AAA.&#160;&#160;The two arbitrators so appointed shall jointly appoint the third
and presiding arbitrator (who shall be neutral, impartial and unaffiliated with
any party) within 15 days of the appointment of the second
arbitrator.&#160;&#160;If the third arbitrator has not been appointed within the
time limit specified herein, then the AAA shall provide a list of proposed
arbitrators in accordance with the Rules, and the arbitrator shall be appointed
by the AAA in accordance with a listing, striking and ranking procedure, with
each party having a limited number of strikes, excluding strikes for
cause.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place
of Arbitration</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
place of arbitration shall be Boston, Massachusetts unless otherwise agreed by
the parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Discovery</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;There
shall be only limited documentary discovery of documents directly related to the
issues in dispute, as may be ordered by the arbitrators.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Awards</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
rendering an award or decision (the "Award"), the arbitrators shall be required
to follow the laws of the State of Maryland.&#160;&#160;Any arbitration
proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. &#167;1 et seq.&#160;&#160;The Award shall be in writing
and may, but shall not be required to, briefly state the findings of fact and
conclusions of law on which it is based.&#160;&#160;Any monetary award shall be
made and payable in U.S. dollars free of any tax, deduction or
offset.&#160;&#160;The party against which the Award assesses a monetary
obligation shall pay that obligation on or before the 30th day following the
date of the Award or such other date as the Award may provide.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs
and Expenses</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
as otherwise set forth in the Declaration of Trust or these Bylaws, including
Section 14.2 of these Bylaws, or as otherwise agreed between the parties, each
party involved in a Dispute shall bear its own costs and expenses (including
attorneys' fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys' fees) or,
in a derivative case or class action, award any portion of the Trust's award to
the claimant or the claimant&#8217;s attorneys.&#160;&#160;Each party (or, if there
are more than two parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there are
more than two parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the
third appointed arbitrator.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Final
and Binding</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
Award shall be final and binding upon the parties thereto and shall be the sole
and exclusive remedy between such parties relating to the Dispute, including any
claims, counterclaims, issues or accounting presented to the
arbitrators.&#160;&#160;Judgment upon the Award may be entered in any court
having jurisdiction.&#160;&#160;To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or with
respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Beneficiaries</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;This
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV is intended to benefit and be enforceable by the shareholders, Trustees,
officers, managers (including Reit Management &amp; Research LLC or its
successor), agents or employees of the Trust and the Trust and shall be binding
on the shareholders of the Trust and the Trust, as applicable, and shall be in
addition to, and not in substitution for, any other rights to indemnification or
contribution that such individuals or entities may have by contract or
otherwise.</font></div>
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3.2</font></div>
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PROPERTIES TRUST</font></div>
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RESTATED BYLAWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">As Amended and
Restated <font style="DISPLAY: inline; TEXT-DECORATION: line-through">November
__, 2009</font><font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">January
13, 2010</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font><br>&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Table of
Contents</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE I
      OFFICES</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 1.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Principal
      Office</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 1.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Additional
      Offices</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE II
      MEETINGS OF SHAREHOLDERS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Place</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual
      Meeting</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice of
      Regular or Special Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">1</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice of
      Adjourned Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Scope of
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.7.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Organization
      of Shareholder Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">2</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.8.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Quorum</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">3</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.9.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">3</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.10.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Proxies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">3</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.11.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Record
      Date</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">4</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.12.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting of
      Shares by Certain Holders</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">4</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.13.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Inspectors</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">4</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Nominations
      and Other Proposals to be Considered at Meetings of
      Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">4</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual
      Meetings of Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">5</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Shareholder
      Nominations or Other Proposals Causing Covenant Breaches or
      Defaults</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">11</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Shareholder
      Nominations or Other Proposals Requiring Governmental
    Action</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">12</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings of Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">13</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.14.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">13</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.15.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">No
      Shareholder Actions by Written Consent</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">15</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.16.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting by
      Ballot</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">15</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 2.17.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Proposals
      of Business Which Are Not Proper Matters For Action By
      Shareholders</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">15</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE III
      TRUSTEES</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">15</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General
      Powers; Qualifications; Trustees Holding Over</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">15</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Independent
      Trustees and Managing Trustees</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">16</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Number and
      Tenure</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">16</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Annual and
      Regular Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">17</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">17</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Notice</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">17</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.7.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Quorum</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">17</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.8.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Voting</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">17</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.9.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Telephone
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.10.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Action by
      Written Consent of Trustees</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.11.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Waiver of
      Notice</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.12.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr></table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.13.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Compensation</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.14.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Removal of
      Trustees</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">18</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.15.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Surety
      Bonds</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.16.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Reliance</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.17.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Interested
      Trustee Transactions</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.18.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Qualifying
      Shares Not Required</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.19.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Certain
      Rights of Trustees, Officers, Employees and Agents</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 3.20.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Emergency
      Provisions</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE IV
      COMMITTEES</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Number;
      Tenure and Qualifications</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">19</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Powers</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">20</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">20</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Telephone
      Meetings</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">20</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Action by
      Written Consent of Committees</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">20</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 4.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">20</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE V
      OFFICERS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">General
      Provisions</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Removal and
      Resignation</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vacancies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Executive Officer</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Operating Officer</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chief
      Financial Officer</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">21</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.7.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Chairman
      and Vice Chairman of the Board</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.8.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">President</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.9.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Vice
      Presidents</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.10.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Secretary</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.11.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Treasurer</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 5.12.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Assistant
      Secretaries and Assistant Treasurers</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE VI
      CONTRACTS, LOANS, CHECKS AND DEPOSITS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 6.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Contracts</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">22</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 6.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Checks and
      Drafts</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 6.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Deposits</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE VII
      SHARES</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Certificates</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Transfers</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Lost
      Certificates</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">23</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Closing of
      Transfer Books or Fixing of Record Date</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">24</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Share
      Ledger</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">24</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 7.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Fractional
      Shares; Issuance of Units</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">24</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE
      VIII REGULATORY COMPLIANCE AND DISCLOSURE</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">25</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 8.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Actions
      Requiring Regulatory Compliance Implicating the Trust</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">25</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 8.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Compliance
      With Law</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">26</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 8.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Limitation
      on Voting Shares or Proxies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">26</font></font></div>
            </td>
          </tr></table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 8.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Representations,
      Warranties and Covenants Made to Governmental or Regulatory
      Bodies</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">26</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 8.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Board of
      Trustees' Determinations</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">26</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE IX
      FISCAL YEAR</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 9.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Fiscal
      Year</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE X
      DIVIDENDS AND OTHER DISTRIBUTIONS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 10.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Dividends
      and Other Distributions</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XI
      SEAL</font></div>
            </td>
            <td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 11.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Seal</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 11.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Affixing
      Seal</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XII
      WAIVER OF NOTICE</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 12.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Waiver of
      Notice</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">27</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE
      XIII AMENDMENT OF BYLAWS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 13.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Amendment
      of Bylaws</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XIV
      MISCELLANEOUS</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">References
      to Declaration of Trust</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Costs and
      Expenses</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Ratification</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">28</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Ambiguity</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Inspection
      of Bylaws</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Election to
      be Subject to Part of Title 3, Subtitle 8</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 14.7.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Special
      Voting Provisions relating to Control Shares</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td colspan="2" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
          </tr><tr>
            <td align="left" colspan="2" valign="top" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">ARTICLE XV
      ARBITRATION</font></div>
            </td>
            <td valign="top" width="11%" style="TEXT-ALIGN: right">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.1.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Procedures
      for Arbitration of Disputes</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">29</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.2.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Arbitrators</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">30</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.3.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Place of
      Arbitration</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">30</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.4.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Discovery</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">30</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.5.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Awards</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">30</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.6.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Costs and
      Expenses</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">30</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.7.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Final and
      Binding</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">31</font></font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;
      Section 15.8.</font></div>
            </td>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Beneficiaries</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">2</font><font style="DISPLAY: inline">31</font></font></div>
            </td>
          </tr></table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
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          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div>
    </div>
    <div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SENIOR
HOUSING PROPERTIES TRUST</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">AMENDED
AND RESTATED BYLAWS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">OFFICES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
1.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Principal
Office</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
principal office of the Trust shall be located at such place or places as the
Board of Trustees may designate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
1.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional
Offices</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trust may have additional offices at such places as the Board of Trustees may
from time to time determine or the business of the Trust may
require.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
II</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">MEETINGS
OF SHAREHOLDERS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
meetings of shareholders shall be held at the principal office of the Trust or
at such other place as is designated by the Trustees or the chairman of the
board or president.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
Meeting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
annual meeting of the shareholders for the election of Trustees and the
transaction of any business within the powers of the Trust shall be held at such
times as the Trustees may designate.&#160;&#160;Failure to hold an annual
meeting does not invalidate the Trust's existence or affect any otherwise valid
acts of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Special
meetings of shareholders may be called only by a majority of the Trustees then
in office.&#160;&#160;If there shall be no Trustees, the officers of the Trust
shall promptly call a special meeting of the shareholders entitled to vote for
the election of successor Trustees for the purpose of electing
Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Regular or Special Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Written
notice specifying the place, day and hour of any regular or special meeting, the
purposes of the meeting, to the extent required by law to be provided, and all
other matters required by law shall be given to each shareholder of record
entitled to vote, either personally or by sending a copy thereof by mail,
postage prepaid, to his or her address appearing on the books of the Trust or
theretofore given by him or her to the Trust for the purpose of notice or, if no
address appears or has been given, addressed to the place where the principal
office of the Trust is situated, or by electronic transmission, including
facsimile transmission, to any address or number of such shareholder at which
the shareholder receives electronic transmissions.&#160;&#160;If mailed, such
notice shall be deemed to be given once deposited in the U.S. mail addressed to
the shareholder at his or her post office</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">address as it
appears on the records of the Trust, with postage thereon prepaid.&#160;&#160;It
shall be the duty of the secretary to give notice of each meeting of the
shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice
of Adjourned Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;It
shall not be necessary to give notice of the time and place of any adjourned
meeting or of the business to be transacted thereat other than by announcement
at the meeting at which such adjournment is taken.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Scope
of </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Except
as otherwise expressly set forth elsewhere in these Bylaws, no business shall be
transacted at an annual or special meeting of shareholders except as
specifically designated in the notice or otherwise properly brought before the
shareholders by or at the direction of the Board of Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Organization of Shareholder
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Every
meeting of shareholders shall be conducted by an individual appointed by the
Board of Trustees to be chairperson of the meeting or, in the absence of such
appointment or the absence of the appointed individual, by the chairman of the
board or, in the case of a vacancy in the office or absence of the chairman of
the board, by one of the following officers present at the meeting in the
following order: the vice chairman of the board, if there be one, the president,
the vice presidents in their order of seniority or, in the absence of such
officers, a chairperson chosen by the shareholders by the vote of holders of
shares of beneficial interest representing a majority of the votes cast on such
appointment by shareholders present in person or represented by
proxy.&#160;&#160;The secretary, an assistant secretary or a person appointed by
the Trustees or, in the absence of such appointment, a person appointed by the
chairperson of the meeting shall act as secretary of the meeting and record the
minutes of the meeting.&#160;&#160;If the secretary presides as chairperson at a
meeting of the shareholders, then the secretary shall not also act as secretary
of the meeting and record the minutes of the meeting.&#160;&#160;The order of
business and all other matters of procedure at any meeting of shareholders shall
be determined by the chairperson of the meeting.&#160;&#160;The chairperson of
the meeting may prescribe such rules, regulations and procedures and take such
action as, in the discretion of such chairperson, are appropriate for the proper
conduct of the meeting, including, without limitation: (a) restricting admission
to the time set for the commencement of the meeting; (b) limiting attendance at
the meeting to shareholders of record of the Trust, their duly authorized
proxies or other such persons as the chairperson of the meeting may determine;
(c) limiting participation at the meeting on any matter to shareholders of
record of the Trust entitled to vote on such matter, their duly authorized
proxies or other such persons as the chairperson of the meeting may determine;
(d) limiting the time allotted to questions or comments by participants; (e)
maintaining order and security at the meeting; (f) removing any shareholder or
other person who refuses to comply with meeting procedures, rules or guidelines
as set forth by the chairperson of the meeting; (g) concluding a meeting or
recessing or adjourning the meeting to a later date and time and at a place
announced at the meeting; and (h) complying with any state and local laws and
regulations concerning safety and security.&#160;&#160;Without limiting the
generality of the powers of the chairperson of the meeting pursuant to the
foregoing provisions, the chairperson may adjourn any meeting of shareholders
for any reason deemed necessary by the chairperson, including, without
limitation, if (i) no quorum is present for the transaction of the business,
(ii) the Board of Trustees or the chairperson of the meeting determines that
adjournment is necessary or appropriate to enable the shareholders to consider
fully information that the Board of Trustees or the chairperson of the meeting
determines has not been made sufficiently or timely available to shareholders or
(iii) the Board of Trustees or the chairperson of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">the meeting
determines that adjournment is otherwise in the best interests of the
Trust.&#160;&#160;Unless otherwise determined by the chairperson of the meeting,
meetings of shareholders shall not be required to be held in accordance with the
general rules of parliamentary procedure or any otherwise established rules of
order.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;At
any meeting of shareholders, the presence in person or by proxy of shareholders
entitled to cast a majority of all the votes entitled to be cast at such meeting
shall constitute a quorum; but this section shall not affect any requirement
under any statute or the Declaration of Trust for the vote necessary for the
adoption of any measure.&#160;&#160;If, however, such quorum shall not be
present at any meeting of the shareholders, the chairperson of the meeting shall
have the power to adjourn the meeting from time to time without the Trust having
to set a new record date or provide any additional notice of such meeting,
subject to any obligation of the Trust to give notice pursuant to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.5.&#160;&#160;At such adjourned meeting at which a quorum shall be present,
any business may be transacted which might have been transacted at the meeting
as originally notified.&#160;&#160;The shareholders present, either in person or
by proxy, at a meeting of shareholders which has been duly called and convened
and at which a quorum was established may continue to transact business until
adjournment, notwithstanding the withdrawal of enough votes to leave less than a
quorum then being present at the meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;With
regard to election of a Trustee, and except as may be mandated by applicable law
or the listing requirements of the principal exchange on which the Trust&#8217;s
common shares are listed: (i) a majority of all the votes cast at a meeting of
shareholders duly called and at which a quorum is present shall be sufficient to
elect a Trustee in an uncontested election; and (ii) a majority of all the
shares entitled to vote at a meeting of shareholders duly called and at which a
quorum is present shall be sufficient to elect a Trustee in a contested election
(which, for purposes of these Bylaws, is an election at which the number of
nominees exceeds the number of Trustees to be elected at the
meeting).&#160;&#160;Each share may be voted for as many individuals as there
are Trustees to be elected and for whose election the share is entitled to be
voted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;With
regard to any other matter which may properly come before a meeting of
shareholders duly called and at which a quorum is present, and except as may be
mandated by applicable law, by the listing requirements of the principal
exchange on which the Trust's common shares are listed or by a specific
provision of the Declaration of Trust, (i) if such matter is approved by at
least 75% of the Trustees then in office, including 75% of the Independent
Trustees then in office, a majority of all the votes cast at the meeting shall
be required to approve such matter; and (ii) if such matter is not approved by
at least 75% of the Trustees then in office, including 75% of the Independent
Trustees then in office, 75% of all the shares entitled to vote at the meeting
shall be required to approve such matter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proxies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
shareholder may cast the votes entitled to be cast by him or her either in
person or by proxy executed by the shareholder or by his or her duly authorized
agent in any manner permitted by law.&#160;&#160;Such proxy shall be filed with
such officer of the Trust or third party agent as the Board of Trustees shall
have designated for such purpose for verification at or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">prior to such
meeting.&#160;&#160;Any proxy relating to the Trust's shares of beneficial
interest shall be valid until the expiration date therein or, if no expiration
is so indicated, for such period as is permitted pursuant to Maryland
law.&#160;&#160;At a meeting of shareholders, all questions concerning the
qualification of voters, the validity of proxies, and the acceptance or
rejection of votes, shall be decided by or on behalf of the chairperson of the
meeting, subject to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.13.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Record
Date</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees may fix the date for determination of shareholders entitled to
notice of and to vote at a meeting of shareholders.&#160;&#160;If no date is
fixed for the determination of the shareholders entitled to vote at any meeting
of shareholders, only persons in whose names shares entitled to vote are
recorded on the share records of the Trust at the opening of business on the day
of any meeting of shareholders shall be entitled to vote at such
meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting of Shares by Certain
Holders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shares
of the Trust registered in the name of a corporation, partnership, trust or
other entity, if entitled to be voted, may be voted by the president or a vice
president, a general partner or trustee thereof, as the case may be, or a proxy
appointed by any of the foregoing individuals, unless some other person who has
been appointed to vote such shares pursuant to a bylaw or a resolution of the
governing body of such corporation or other entity or pursuant to an agreement
of the partners of the partnership presents a certified copy of such bylaw,
resolution or agreement, in which case such person may vote such
shares.&#160;&#160;Any trustee or other fiduciary may vote shares registered in
his or her name as such fiduciary, either in person or by proxy.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspectors</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Before
or at any meeting of shareholders, the chairperson of the meeting may appoint
one or more persons as inspectors for such meeting.&#160;&#160;Such inspectors
shall (i) ascertain and report the number of shares of beneficial interest
represented at the meeting, in person or by proxy and the validity and effect of
proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report
such tabulation to the chairperson of the meeting and (iv) perform such other
acts as are proper to conduct the election or voting at the
meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Each
report of an inspector shall be in writing and signed by him or her or by a
majority of them if there is more than one inspector acting at such
meeting.&#160;&#160;If there is more than one inspector, the report of a
majority shall be the report of the inspectors.&#160;&#160;The report of the
inspector or inspectors on the number of shares represented at the meeting and
the results of the voting shall be <font style="DISPLAY: inline; TEXT-DECORATION: underline">prima</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">facie</font> evidence
thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Nominations and Other
Proposals to be Considered at Meetings of Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Nominations
of individuals for election to the Board of Trustees and the proposal of other
business to be considered by the shareholders at meetings of shareholders may be
properly brought before the meeting only as set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;All judgments and determinations made by the Board of Trustees
or the chairperson of the meeting, as applicable, under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 (including, without limitation, judgments and determinations as to the
propriety of a proposed nomination or a proposal of other business for
consideration by</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="FTR">
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">shareholders)
shall be final and binding unless determined by a court of competent
jurisdiction to have been made in bad faith.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual Meetings of
Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Nominations
of individuals for election to the Board of Trustees and the proposal of other
business to be considered by the shareholders at an annual meeting of
shareholders may be properly brought before the meeting (i) pursuant to the
Trust's notice of meeting or otherwise properly brought before the meeting by or
at the direction of the Board of Trustees or (ii) by any shareholder of the
Trust who (A) has continuously held at least $2,000 in market value, or 1%, of
the Trust's shares entitled to vote at the meeting on such election or the
proposal for other business, as the case may be, for at least one year from the
date such shareholder gives the notice provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 (or, if such notice is given prior to April 1, 2010, continuously held
Trust shares since April 1, 2009 and without regard to the $2,000 market value,
or 1%, requirement), and continuously holds such shares through and including
the time of the annual meeting (including any adjournment or postponement
thereof), (B) is a shareholder of record at the time of giving the notice
provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 through and including the time of the annual meeting (including any
adjournment or postponement thereof), (C) is entitled to make nominations or
propose other business and to vote at the meeting on such election, or the
proposal for other business, as the case may be, (D) complies with the notice
procedures set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 as to such nomination or other business and (E) has submitted the
nomination or proposal of other business to the Board of Trustees in accordance
with the requirements set forth in the Declaration of Trust.&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a)(ii) shall be the exclusive means for a shareholder to make nominations
or propose other business before an annual meeting of shareholders, except to
the extent of matters which are required to be presented to shareholders by
applicable law which have been properly presented in accordance with the
requirements of such law.&#160;&#160;For purposes of determining compliance with
the requirement in subclause (A) of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a)(ii), the market value of the Trust's shares held by the applicable
shareholder shall be determined by multiplying the number of shares such
shareholder continuously held for that one-year period by the highest selling
price of the Trust shares as reported on the principal exchange on which the
Trust&#8217;s common shares are listed during the 60 calendar days before the date
such notice was submitted.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For
nominations for election to the Board of Trustees or other business to be
properly brought before an annual meeting by a shareholder pursuant to Section
2.14.1(a)(ii), the shareholder shall have given timely notice thereof in writing
to the secretary of the Trust in accordance with this Section 2.14 and such
other business shall otherwise be a proper matter for action by
shareholders.&#160;&#160;To be timely, a shareholder's notice shall set forth
all information required under this Section 2.14 and shall be delivered to the
secretary at the principal executive offices of the Trust not later than 5:00
p.m. (Eastern Time) on the 120th day nor earlier than the 150th day prior to the
first anniversary of the date of the proxy statement for the preceding year's
annual meeting ; provided, however, that in the event that the <font style="DISPLAY: inline; TEXT-DECORATION: line-through">date of the proxy
statement for the </font>annual meeting<font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">
is called for a date that</font> is more than 30 days earlier <font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">or
later </font>than the first anniversary of the <font style="DISPLAY: inline; TEXT-DECORATION: line-through">date of the proxy
statement for the </font>preceding year's annual meeting, notice by the
shareholder to be timely shall be so delivered not later than 5:00 p.m. (Eastern
Time) on the 10th day following the earlier of the day on which (i) notice of
the <font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">date
of the </font>annual meeting is mailed or otherwise made available or (ii)
public announcement of the date of <font style="DISPLAY: inline; TEXT-DECORATION: line-through">such</font><font style="DISPLAY: inline; BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">the
annual</font> meeting is first made by the Trust.<font style="DISPLAY: inline; TEXT-DECORATION: line-through">&#160;&#160;Notwithstanding
the foregoing sentence, with respect to the annual meeting to be held in
calendar year 2009, to be timely, a shareholder's notice shall be delivered to
the secretary at the principal executive offices of the Trust not later than
5:00 p.m. (Eastern Time) on December 31, 2008 nor earlier than December 1,
2008.</font>&#160;&#160;Neither the postponement or adjournment of an annual
meeting, nor the public announcement of such postponement or adjournment, shall
commence a new time period for the giving of a shareholder's notice as described
above.&#160;&#160;No shareholder may give a notice to the secretary described in
this Section 2.14.1(b) unless such shareholder holds a certificate for all
shares of beneficial interest of the Trust owned by such shareholder during all
times described in Section 2.14.1(a), and a copy of each such certificate held
by such shareholder at the time of giving such notice shall accompany such
shareholder's notice to the secretary in order for such notice to be
effective.</font></div>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>A shareholder's notice shall set
forth:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(A)</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to each
      individual whom the shareholder proposes to nominate for election or
      reelection as a Trustee (a "Proposed Nominee") and any Proposed Nominee
      Associated Person (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)), (1) the name, age, business address and residence address of
      such Proposed Nominee and the name and address of such Proposed Nominee
      Associated Person, (2) a statement of whether such Proposed Nominee is
      proposed for nomination as an Independent Trustee (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.2) or a Managing Trustee (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.2) and a description of such Proposed Nominee's qualifications to be an
      Independent Trustee or Managing Trustee, as the case may be, and such
      Proposed Nominee's qualifications to be a Trustee pursuant to the criteria
      set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      3.1, (3) the class, series and number of any shares of beneficial interest
      of the Trust that are, directly or indirectly, beneficially owned or owned
      of record by such Proposed Nominee or by such Proposed Nominee Associated
      Person, (4) the date such shares were acquired and the investment intent
      of such acquisition, (5) a description of all purchases and sales of
      securities of the Trust by such Proposed Nominee or by such Proposed
      Nominee Associated Person during the previous 24 month period, including
      the date of the transactions, the class, series and number of securities
      involved in the transactions and the consideration involved, (6) a
      description of all Derivative Transactions (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)) by such Proposed Nominee or by such Proposed Nominee Associated
      Person during the previous 24 month period, including the date of the
      transactions and the class, series and number of securities involved in,
      and the material economic terms of, the transactions, such description
      to</font></div>
              </td>
            </tr></table>
      </div><br>
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">include,
      without limitation, all information that such Proposed Nominee or Proposed
      Nominee Associated Person would be required to report on an Insider Report
      (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)) if such Proposed Nominee or Proposed Nominee Associated Person
      were a Trustee of the Trust or the beneficial owner of more than 10% of
      the shares of the Trust at the time of the transactions, (7) any
      performance related fees (other than an asset based fee) that such
      Proposed Nominee or such Proposed Nominee Associated Person is entitled to
      based on any increase or decrease in the value of shares of the Trust or
      instrument or arrangement of the type contemplated within the definition
      of Derivative Transaction, if any, as of the date of such notice,
      including, without limitation, any such interests held by members of such
      Proposed Nominee's or such Proposed Nominee Associated Person's immediate
      family sharing the same household with such Proposed Nominee or such
      Proposed Nominee Associated Person, (8) any proportionate interest in
      shares of the Trust or instrument or arrangement of the type contemplated
      within the definition of Derivative Transaction held, directly or
      indirectly, by a general or limited partnership in which such Proposed
      Nominee or such Proposed Nominee Associated Person is a general partner
      or, directly or indirectly, beneficially owns an interest in a general
      partner, (9) a description of all direct and indirect compensation and
      other material monetary agreements, arrangements and understandings during
      the past three years, and any other material relationships, between or
      among such shareholder, Proposed Nominee Associated Person, or their
      respective affiliates and associates, or others acting in concert
      therewith, on the one hand, and each Proposed Nominee, or his or her
      respective affiliates and associates, or others acting in concert
      therewith, on the other hand, including, without limitation, all
      information that would be required to be disclosed pursuant to Item 404 of
      Regulation S-K promulgated by the U.S. Securities and Exchange Commission
      (the "S.E.C.") (and any successor regulation), if the shareholder making
      the nomination and any Proposed Nominee Associated Person on whose behalf
      the nomination is made, or any affiliate or associate thereof or person
      acting in concert therewith, were the "registrant" for purposes of such
      rule and the Proposed Nominee were a director or executive officer of such
      registrant, (10) any rights to dividends on the shares of the Trust owned
      beneficially by such Proposed Nominee or such
  Proposed</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<tr>
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              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
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              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">Nominee
      Associated Person that are separated or separable from the underlying
      shares of the Trust, (11) to the extent known by such Proposed Nominee or
      such Proposed Nominee Associated Person, the name and address of any other
      person who owns, of record or beneficially, any shares of beneficial
      interest of the Trust and who supports the Proposed Nominee for election
      or reelection as a Trustee, (12) all other information relating to such
      Proposed Nominee or such Proposed Nominee Associated Person that is
      required to be disclosed in solicitations of proxies for election of
      Trustees in an election contest (even if an election contest is not
      involved), or is otherwise required, in each case, pursuant to Section 14
      (or any successor provision) of the Securities Exchange Act of 1934, as
      amended (the "Exchange Act"), and the rules and regulations promulgated
      thereunder and (13) such Proposed Nominee's notarized written consent to
      being named in the shareholder's proxy statement as a nominee and to
      serving as a Trustee if elected;</font></div>
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              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(B)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to any
      other business that the shareholder proposes to bring before the meeting,
      (1) a description of such business, (2) the reasons for proposing such
      business at the meeting and any material interest in such business of such
      shareholder or any Shareholder Associated Person (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#8206;</font>Section
      2.14.1(d)), including any anticipated benefit to such shareholder or any
      Shareholder Associated Person therefrom, (3) a description of all
      agreements, arrangements and understandings between such shareholder and
      Shareholder Associated Person amongst themselves or with any other person
      or persons (including their names) in connection with the proposal of such
      business by such shareholder and (4) a representation that such
      shareholder intends to appear in person or by proxy at the meeting to
      bring the business before the meeting;</font></div>
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              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1)
      the class, series and number of all shares of the Trust that are owned of
      record by such shareholder or by such Shareholder Associated Person, if
      any, (2) the class, series and number of, and the nominee holder for, any
      shares of beneficial interests of the Trust that are owned, directly or
      indirectly, beneficially but not of record by such shareholder or by such
      Shareholder Associated Person, if any, (3) with respect to the
      foregoing</font></div>
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</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">8</font></div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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<tr valign="top">
              <td style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;
      </font></div>
              </td>
              <td>&#160;</td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">clauses (1)
      and (2), the date such shares were acquired and the investment intent of
      such acquisition and (4) all information relating to such shareholder and
      Shareholder Associated Person that is required to be disclosed in
      connection with the solicitation of proxies for election of Trustees in an
      election contest (even if an election contest is not involved), or is
      otherwise required, in each case, pursuant to Section 14 (or any successor
      provision) of the Exchange Act and the rules and regulations promulgated
      thereunder;</font></div>
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            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(D)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1)
      the name and address of such shareholder, as they appear on the Trust's
      share ledger and the current name and address, if different, of such
      shareholder and Shareholder Associated Person and (2) the investment
      strategy or objective, if any, of such shareholder or Shareholder
      Associated Person and a copy of the prospectus, offering memorandum or
      similar document, if any, provided to investors or potential investors in
      such shareholder or Shareholder Associated Person;</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(E)</font></div>
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              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">as to the
      shareholder giving the notice and any Shareholder Associated Person, (1) a
      description of all purchases and sales of securities of the Trust by such
      shareholder or Shareholder Associated Person during the previous 24 month
      period, including the date of the transactions, the class, series and
      number of securities involved in the transactions and the consideration
      involved, (2) a description of all Derivative Transactions by such
      shareholder or Shareholder Associated Person during the previous 24 month
      period, including the date of the transactions and the class, series and
      number of securities involved in, and the material economic terms of, the
      transactions, such description to include, without limitation, all
      information that such shareholder or Shareholder Associated Person would
      be required to report on an Insider Report if such shareholder or
      Shareholder Associated Person were a Trustee of the Trust or the
      beneficial owner of more than 10% of the shares of the Trust at the time
      of the transactions, (3) any performance related fees (other than an asset
      based fee) that such shareholder or Shareholder Associated Person is
      entitled to based on any increase or decrease in the value of shares of
      the Trust or instrument or arrangement of the
  type</font></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
      </font></td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">contemplated
      within the definition of Derivative Transaction, if any, as of the date of
      such notice, including, without limitation, any such interests held by
      members of such shareholder's or Shareholder Associated Person 's
      immediate family sharing the same household with such shareholder or
      Shareholder Associated Person, (4) any proportionate interest in shares of
      the Trust or instrument or arrangement of the type contemplated within the
      definition of Derivative Transaction held, directly or indirectly, by a
      general or limited partnership in which such shareholder or Shareholder
      Associated Person is a general partner or, directly or indirectly,
      beneficially owns an interest in a general partner and (5) any rights to
      dividends on the shares of the Trust owned beneficially by such
      shareholder or Shareholder Associated Person that are separated or
      separable from the underlying shares of the Trust;</font></div>
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            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(F)</font></div>
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              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">to the
      extent known by the shareholder giving the notice, the name and address of
      any other person who owns, beneficially or of record, any shares of
      beneficial interest of the Trust and who supports the nominee for election
      or reelection as a Trustee or the proposal of other business;
      and</font></div>
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            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            </tr><tr>
              <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">(G)</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">if more
      than one class or series of beneficial interest in the Trust is
      outstanding, the class and series of beneficial interest of the Trust
      entitled to vote for such Proposed Nominee and/or shareholder's proposal,
      as applicable.</font></div>
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            </tr></table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;Notwithstanding
anything in the second sentence of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(b) to the contrary, in the event that the number of Trustees to be
elected to the Board of Trustees is increased and there is no public
announcement of such action at least 130 days prior to the first anniversary of
the date of the proxy statement for the preceding year's annual meeting, a
shareholder's notice required by this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1 also shall be considered timely, but only with respect to nominees for
any new positions created by such increase, if the notice is delivered to the
secretary at the principal executive offices of the Trust not later than 5:00
p.m. (Eastern Time) on the 10th day immediately following the day on which such
public announcement is first made by the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;For
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, (i) "Shareholder Associated Person" of any shareholder shall mean (A) any
person acting in concert with, such shareholder, (B) any direct or indirect
beneficial owner of shares of beneficial interest of the Trust owned of record
or beneficially by such shareholder and (C) any person controlling, controlled
by or under common control with such shareholder or a Shareholder Associated
Person;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(ii) "Proposed
Nominee Associated Person" of any Proposed Nominee shall mean (A) any person
acting in concert with such Proposed Nominee, (B) any direct or indirect
beneficial owner of shares of beneficial interest of the Trust owned of record
or beneficially by such Proposed Nominee and (C) any person controlling,
controlled by or under common control with such Proposed Nominee or a Proposed
Nominee Associated Person; (iii) "Derivative Transaction" by a person shall mean
any (A) transaction in, or arrangement, agreement or understanding with respect
to, any option, warrant, convertible security, stock appreciation right or
similar right with an exercise, conversion or exchange privilege, or settlement
payment or mechanism related to, any security of the Trust, or similar
instrument with a value derived in whole or in part from the value of a security
of the Trust, in any such case whether or not it is subject to settlement in a
security of the Trust or otherwise or (B) any transaction, arrangement,
agreement or understanding which included or includes an opportunity for such
person, directly or indirectly, to profit or share in any profit derived from
any increase or decrease in the value of any security of the Trust, to mitigate
any loss or manage any risk associated with any increase or decrease in the
value of any security of the Trust or to increase or decrease the number of
securities of the Trust which such person was, is or will be entitled to vote,
in any such case whether or not it is subject to settlement in a security of the
Trust or otherwise; and (iv) "Insider Report" shall mean a statement required to
be filed pursuant to Section 16 of the Exchange Act (or any successor
provisions) by a person who is a Trustee of the Trust or who is directly or
indirectly the beneficial owner of more than 10% of the shares of the
Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder Nominations or
Other Proposals Causing Covenant Breaches or Defaults</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;At
the same time as the submission of any shareholder nomination or proposal of
other business to be considered at a shareholders meeting that, if approved and
implemented by the Trust, would cause the Trust or any subsidiary (as defined in
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(c)) of the Trust&#160;&#160;to be in breach of any covenant of the Trust
or any subsidiary of the Trust or otherwise cause a default (in any case, with
or without notice or lapse of time) in any existing debt instrument or agreement
of the Trust or any subsidiary of the Trust or other material contract or
agreement of the Trust or any subsidiary of the Trust, the proponent shareholder
or shareholders shall submit to the secretary at the principal executive offices
of the Trust (a) evidence satisfactory to the Board of Trustees of the lender's
or contracting party's willingness to waive the breach of covenant or default or
(b) a detailed plan for repayment of the indebtedness to the lender or curing
the contractual breach or default and satisfying any resulting damage claim,
specifically identifying the actions to be taken or the source of funds, which
plan must be satisfactory to the Board of Trustees in its discretion, and
evidence of the availability to the Trust of substitute credit or contractual
arrangements similar to the credit or contractual arrangements which are
implicated by the shareholder nomination or other proposal that are at least as
favorable to the Trust, as determined by the Board of Trustees in its
discretion.&#160;&#160;As an example and not as a limitation, at the time these
Bylaws are being amended and restated, the Trust is party to a bank credit
facility that contains covenants which prohibit certain changes in the
management and policies of the Trust without the approval of the lenders;
accordingly, a shareholder nomination or proposal which implicates these
covenants shall be accompanied by a waiver of these covenants duly executed by
the banks or by evidence satisfactory to the Board of Trustees of the
availability of funding to the Trust to repay outstanding indebtedness under
this credit facility and of the availability of a new credit facility on terms
as favorable to the Trust as the existing credit facility.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder Nominations or
Other Proposals Requiring Governmental Action</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;If
(a) submission of any shareholder nomination or proposal of other business to be
considered at a shareholders meeting that could not be considered or, if
approved, implemented by the Trust without the Trust, any subsidiary of the
Trust, the proponent shareholder, any Proposed Nominee of such shareholder, any
Proposed Nominee Associated Person of such Proposed Nominee, any Shareholder
Associated Person of such shareholder, the holder of proxies or their respective
affiliates or associates filing with or otherwise notifying or obtaining the
consent, approval or other action of any federal, state, municipal or other
governmental or regulatory body (a "Governmental Action") or (b) such
shareholder's ownership of shares of the Trust or any solicitation of proxies or
votes or holding or exercising proxies by such shareholder, any Proposed Nominee
of such shareholder, any Proposed Nominee Associated Person of such Proposed
Nominee, any Shareholder Associated Person of such shareholder, or their
respective affiliates or associates would require Governmental Action, then, at
the same time as the submission of any shareholder nomination or proposal of
other business to be considered at a shareholders meeting, the proponent
shareholder or shareholders shall submit to the secretary at the principal
executive offices of the Trust (x) evidence satisfactory to the Board of
Trustees that any and all Governmental Action has been given or obtained,
including, without limitation, such evidence as the Board of Trustees may
require so that any nominee may be determined to satisfy any suitability or
other requirements or (y) if such evidence was not obtainable from a
governmental or regulatory body by such time despite the shareholder's diligent
and best efforts, a detailed plan for making or obtaining the Governmental
Action prior to the election of any such Proposed Nominee or the implementation
of such proposal, which plan must be satisfactory to the Board of Trustees in
its discretion.&#160;&#160;As an example and not as a limitation, at the time
these Bylaws are being amended and restated, the Trust holds a controlling
ownership position in a company being formed and licensed as an insurance
company in the State of Indiana.&#160;&#160;The laws of the State of Indiana
have certain regulatory requirements for any person who seeks to control (as
defined under Indiana law) a company which itself controls an insurance company
domiciled in the State of Indiana, including by exercising proxies representing
10% or more of its voting securities.&#160;&#160;Accordingly, a shareholder who
seeks to exercise proxies for a nomination or a proposal affecting the
governance of the Trust shall obtain any applicable approvals from the Indiana
insurance regulatory authorities prior to exercising such
proxies.&#160;&#160;Similarly, as a further example and not as a limitation, at
the time these Bylaws are being amended and restated, the Trust owns healthcare
facilities in various states; such facilities are governed by and subject to the
regulatory and licensing requirements of the state in which such facility is
located.&#160;&#160;The licensing terms or regulatory regime of certain states
with jurisdiction over the Trust may require that certain consents or approvals
be obtained prior to the Trust considering or implementing certain actions,
including potentially requiring that a Proposed Nominee obtain regulatory
approval or consent prior to being nominated for or elected as a
Trustee.&#160;&#160;Accordingly, a shareholder nomination or shareholder
proposal that, if approved, would require the Trust to obtain the consent or
approval of a state authority due to the fact that the Trust owns licensed
healthcare facilities in such state, shall be accompanied by evidence that the
shareholder or Proposed Nominee has either secured the required approvals or
consents from all applicable state regulatory authorities or if such required
approvals have not been obtained, then the shareholder nomination or other
proposal shall be accompanied by a copy of any applications or forms required to
be completed by the Proposed Nominee or shareholder as submitted or to be
submitted to the applicable state authorities so that the Board of Trustees may
determine</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">the likelihood
that the shareholder or the Proposed Nominee, as applicable, will receive any
such required approval.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Meetings of
Shareholders</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;As
set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.6, only business brought before the meeting pursuant to the Trust's notice of
meeting shall be conducted at a special meeting of
shareholders.&#160;&#160;Nominations of individuals for election to the Board of
Trustees only may be made at a special meeting of shareholders at which Trustees
are to be elected: (a) pursuant to the Trust's notice of meeting; (b) otherwise
properly brought before the meeting by or at the direction of the Board of
Trustees; or (c) provided that the Board of Trustees has determined that
Trustees shall be elected at such special meeting, by any shareholder of the
Trust who is a shareholder of record both at the time of giving of notice
provided for in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.4 through and including the time of the special meeting, who is entitled to
vote at the meeting on such election and who has complied with the notice
procedures and other requirements set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.4.&#160;&#160;In the event the Trust calls a special meeting of
shareholders for the purpose of electing one or more Trustees to the Board of
Trustees, any such shareholder may nominate an individual or individuals (as the
case may be) for election as a Trustee as specified in the Trust&#8217;s notice of
meeting, if the shareholder satisfies the holding period and certificate
requirements set forth in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(a) and <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.1(b), the shareholder&#8217;s notice contains or is accompanied by the
information and documents required by <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and the shareholder has given timely notice thereof in writing to the
secretary of the Trust at the principal executive offices of the
Trust.&#160;&#160;To be timely, a shareholder&#8217;s notice shall be delivered to the
secretary of the Trust at the principal executive offices of the Trust not
earlier than the 150th day prior to such special meeting and not later than 5:00
p.m. (Eastern Time) on the later of (i) the 120th day prior to such special
meeting or (ii) the 10th day following the day on which public announcement is
first made of the date of the special meeting and of the nominees proposed by
the Trustees to be elected at such meeting.&#160;&#160;Neither the postponement
or adjournment of a special meeting, nor the public announcement of such
postponement or adjournment, shall commence a new time period for the giving of
a shareholder&#8217;s notice as described above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.14.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;If
information submitted pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by any shareholder proposing a nominee for election as a Trustee or any
proposal for other business at a meeting of shareholders shall be deemed by the
Board of Trustees incomplete or inaccurate, any authorized officer or the Board
of Trustees or any committee thereof may treat such information as not having
been provided in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;Any notice submitted by a shareholder pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 that is deemed by the Board of Trustees inaccurate, incomplete or otherwise
fails to satisfy completely any provision of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be deemed defective and shall thereby render all proposals and
nominations set forth in such notice defective.&#160;&#160;Upon written request
by the secretary of the Trust or the Board of Trustees or any committee thereof
(which may be made from time to time), any shareholder proposing a nominee for
election as a Trustee or any proposal for other business at a meeting of
shareholders shall provide, within three business days after such request (or
such other period as may be specified in such request), (i) written
verification, satisfactory to the secretary or any other authorized</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">officer or the
Board of Trustees or any committee thereof, in his, her or its discretion, to
demonstrate the accuracy of any information submitted by the shareholder
pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, (ii) written responses to information reasonably requested by the
secretary, the Board of Trustees or any committee thereof and (iii) a written
update, to a current date, of any information submitted by the shareholder
pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 as of an earlier date.&#160;&#160;If a shareholder fails to provide such
written verification, information or update within such period, the secretary or
any other authorized officer or the Board of Trustees may treat the information
which was previously provided and to which the verification, request or update
relates as not having been provided in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14; provided, however, that no such written verification, response or update
shall cure any incompleteness, inaccuracy or failure in any notice provided by a
shareholder pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;It is the responsibility of a shareholder who wishes to make a
nomination or other proposal to comply with the requirements of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14; nothing in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(a) or otherwise shall create any duty of the Trust, the Board of Trustees
or any committee thereof nor any officer of the Trust to inform a shareholder
that the information submitted pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by or on behalf of such shareholder is incomplete or inaccurate or not
otherwise in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 nor require the Trust, the Board of Trustees, any committee of the Board of
Trustees or any officer of the Trust to request clarification or updating of
information provided by any shareholder, but the Board of Trustees, a committee
thereof or the secretary acting on behalf of the Board of Trustees or a
committee, may do so in its, his or her discretion.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Only
such individuals who are nominated in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be eligible for election by shareholders as Trustees and only such
business shall be conducted at a meeting of shareholders as shall have been
properly brought before the meeting in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;The chairperson of the meeting and the Board of Trustees shall
each have the power to determine whether a nomination or any other business
proposed to be brought before the meeting was made or proposed, as the case may
be, in accordance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 and, if any proposed nomination or other business is determined not to be
in compliance with this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, to declare that such defective nomination or proposal be
disregarded.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;For
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14: (i) "public announcement" shall mean disclosure in (A) a press release
reported by the Dow Jones News Service, Associated Press, Business Wire, PR
Newswire or any other widely circulated news or wire service or (B) a document
publicly filed by the Trust with the S.E.C. pursuant to the Exchange Act; and
(ii) "subsidiary" shall include, with respect to a person, any corporation,
partnership, joint venture or other entity of which such person (A) owns,
directly or indirectly, 10% or more of the outstanding voting securities or
other interests or (B) has a person designated by such person serving on, or a
right, contractual or otherwise, to designate a person, so to serve on, the
board of directors (or analogous governing body).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;Notwithstanding
the foregoing provisions of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14, a shareholder shall also comply with all applicable legal requirements,
including, without limitation, applicable requirements of state law and the
Exchange Act and the rules and regulations thereunder, with respect to the
matters set forth in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.&#160;&#160;Nothing</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 shall be deemed to require that a shareholder nomination of an individual
for election to the Board of Trustees or a shareholder proposal relating to
other business be included in the Trust's proxy statement, except as may be
required by law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;The
Board of Trustees may from time to time require any individual nominated to
serve as a Trustee to agree in writing with regard to matters of business ethics
and confidentiality while such nominee serves as a Trustee, such agreement to be
on the terms and in a form (the "Agreement") determined satisfactory by the
Board of Trustees, as amended and supplemented from time to time in the
discretion of the Board of Trustees.&#160;&#160;The terms of the Agreement may
be substantially similar to the Code of Business Conduct and Ethics of the Trust
or any similar code promulgated by the Trust (the "Code of Business Conduct") or
may differ from or supplement the Code of Business Conduct.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;Determinations
required or permitted to be made under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14 by the Board of Trustees may be delegated by the Board of Trustees to a
committee of the Board of Trustees, subject to applicable law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No
Shareholder Actions by Written Consent</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shareholders
shall not be authorized or permitted to take any action required or permitted to
be taken at a meeting of shareholders by written consent, and may take such
action only at shareholders meeting of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting by
Ballot</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Voting
on any question or in any election may be voice vote unless the chairperson of
the meeting or any shareholder shall demand that voting be by
ballot.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
2.17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposals of Business Which
Are Not Proper Matters For Action By Shareholder</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
anything in these Bylaws to the contrary, subject to applicable law, any
shareholder proposal for business the subject matter or effect of which would be
within the exclusive purview of the Board of Trustees or would reasonably
likely, if considered by the shareholders or approved or implemented by the
Trust, result in an impairment of the limited liability status for the Trust's
shareholders, shall be deemed not to be a matter upon which the shareholders are
entitled to vote.&#160;&#160;The Board of Trustees in its discretion shall be
entitled to determine whether a shareholder proposal for business is not a
matter upon which the shareholders are entitled to vote pursuant to this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.17, and its decision shall be final and binding unless determined by a court
of competent jurisdiction to have been made in bad faith.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
III</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">TRUSTEES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Powers;
Qualifications; Trustees Holding Over</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
business and affairs of the Trust shall be managed under the direction of its
Board of Trustees.&#160;&#160;A Trustee shall be an individual at least 21 years
of age who is not under legal disability.&#160;&#160;To qualify for nomination
or election as a Trustee, an individual, at the time of nomination and election,
shall,</font></div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">without
limitation, (a) have substantial expertise or experience relevant to the
business of the Trust and its subsidiaries, (b) not have been convicted of a
felony and (c) meet the qualifications of an Independent Trustee or a Managing
Trustee, each as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.2, as the case may be, depending upon the position for which such individual
may be nominated and elected.&#160;&#160;In case of failure to elect Trustees at
an annual meeting of the shareholders, the incumbent Trustees shall hold over
and continue to direct the management of the business and affairs of the Trust
until they may resign or until their successors are elected and
qualify.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Trustees and
Managing Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
majority of the Trustees holding office shall at all times be Independent
Trustees; provided, however, that upon a failure to comply with this requirement
as a result of the creation of a temporary vacancy which shall be filled by an
Independent Trustee, whether as a result of enlargement of the Board of Trustees
or the resignation, removal or death of a Trustee who is an Independent Trustee,
such requirement shall not be applicable.&#160;&#160;An "Independent Trustee" is
one who is not an employee of the Advisor (as defined in the Declaration of
Trust), who is not involved in the Trust's day to day activities, who meets the
qualifications of an independent trustee under the Declaration of Trust and who
meets the qualifications of an independent director (not including the specific
independence requirements applicable only to members of the Audit Committee of
the Board of Trustees) under the applicable rules of each stock exchange upon
which shares of the Trust are listed for trading and the S.E.C., as those
requirements may be amended from time to time.&#160;&#160;If the number of
Trustees, at any time, is set at less than five, at least one Trustee shall be a
Managing Trustee.&#160;&#160;So long as the number of Trustees shall be five or
greater, at least two Trustees shall be Managing Trustees.&#160;&#160;"Managing
Trustees" shall mean Trustees who are not Independent Trustees and who have been
employees of the Advisor or involved in the day to day activities of the Trust
for at least one year prior to their election.&#160;&#160;If at any time the
Board of Trustees shall not be comprised of a majority of Independent Trustees,
the Board of Trustees shall take such actions as will cure such condition;
provided that the fact that the Board of Trustees does not have a majority of
Independent Trustees or has not taken such action at any time or from time to
time shall not affect the validity of any action taken by the Board of
Trustees.&#160;&#160;If at any time the Board of Trustees shall not be comprised
of a number of Managing Trustees as is required under this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.2, the Board of Trustees shall take such actions as will cure such condition;
provided that the fact that the Board of Trustees does not have the requisite
number of Managing Trustees or has not taken such action at any time or from
time to time shall not affect the validity of any action taken by the Board of
Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number
and Tenure</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Pursuant
to the Articles Supplementary accepted for record by the State Department of
Assessments and Taxation (the "SDAT") as of May 11, 2000, the number of Trustees
constituting the entire Board of Trustees may be increased or decreased from
time to time only by a vote of the Trustees; provided however that the tenure of
office of a Trustee shall not be affected by any decrease in the number of
Trustees.&#160;&#160;The number of Trustees shall be five until increased or
decreased by the Board of Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Board of Trustees shall be classified into
three groups: Group I, Group II and Group III.&#160;&#160;A majority of the
entire Board of Trustees shall designate the Group of which each Trustee shall
be a member.</font></div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual
and Regular Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
annual meeting of the Trustees shall be held immediately after the annual
meeting of shareholders, no notice other than this Bylaw being
necessary.&#160;&#160;The time and place of the annual meeting of the Trustees
may be changed by the Board of Trustees.&#160;&#160;The Trustees may provide, by
resolution, the time and place, either within or without the State of Maryland,
for the holding of regular meetings of the Trustees without other notice than
such resolution.&#160;&#160;In the event any such regular meeting is not so
provided for, the meeting may be held at such time and place as shall be
specified in a notice given as hereinafter provided for special meetings of the
Board of Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Special
meetings of the Trustees may be called at any time by any Managing Trustee, the
president or pursuant to the request of any two Trustees then in
office.&#160;&#160;The person or persons authorized to call special meetings of
the Trustees may fix any place, either within or without the State of Maryland,
as the place for holding any special meeting of the Trustees called by
them.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notice
of any special meeting shall be given by written notice delivered personally or
by electronic mail, telephoned, facsimile transmitted, overnight couriered (with
proof of delivery) or mailed to each Trustee at his or her business or residence
address.&#160;&#160;Personally delivered, telephoned, facsimile transmitted or
electronically mailed notices shall be given at least 24 hours prior to the
meeting.&#160;&#160;Notice by mail shall be deposited in the
U.S.&#160;&#160;mail at least 72 hours prior to the meeting.&#160;&#160;If
mailed, such notice shall be deemed to be given when deposited in the
U.S.&#160;&#160;mail properly addressed, with postage thereon
prepaid.&#160;&#160;Electronic mail notice shall be deemed to be given upon
transmission of the message to the electronic mail address given to the Trust by
the Trustee.&#160;&#160;Telephone notice shall be deemed given when the Trustee
is personally given such notice in a telephone call to which he is a
party.&#160;&#160;Facsimile transmission notice shall be deemed given upon
completion of the transmission of the message to the number given to the Trust
by the Trustee and receipt of a completed answer back indicating
receipt.&#160;&#160;If sent by overnight courier, such notice shall be deemed
given when delivered to the courier.&#160;&#160;Neither the business to be
transacted at, nor the purpose of, any annual, regular or special meeting of the
Trustees need be stated in the notice, unless specifically required by statute
or these Bylaws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Quorum</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
majority of the Trustees shall constitute a quorum for transaction of business
at any meeting of the Trustees, provided that, if less than a majority of such
Trustees are present at a meeting, a majority of the Trustees present may
adjourn the meeting from time to time without further notice, and provided
further that if, pursuant to the Declaration of Trust or these Bylaws, the vote
of a majority of a particular group of Trustees is required for action, a quorum
for that action shall also include a majority of such group.&#160;&#160;The
Trustees present at a meeting of the Board of Trustees which has been duly
called and convened and at which a quorum was established may continue to
transact business until adjournment, notwithstanding the withdrawal of a number
of Trustees resulting in less than a quorum then being present at the
meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
action of the majority of the Trustees present at a meeting at which a quorum is
or was present shall be the action of the Trustees, unless the concurrence of a
greater proportion is required for such action by specific provision of an
applicable statute, the Declaration of Trust or these Bylaws.&#160;&#160;If
enough Trustees have withdrawn from a meeting to</font></div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">leave fewer than
are required to establish a quorum, but the meeting is not adjourned, the action
of the majority of that number of Trustees necessary to constitute a quorum at
such meeting shall be the action of the Board of Trustees, unless the
concurrence of a greater proportion is required for such action by applicable
law, the Declaration of Trust or these Bylaws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Telephone
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Trustees
may participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear
each other at the same time.&#160;&#160;Participation in a meeting by these
means shall constitute presence in person at the meeting.&#160;&#160;Such
meeting shall be deemed to have been held at a place designated by the Trustees
at the meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action by Written Consent of
Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Unless
specifically otherwise provided in the Declaration of Trust, any action required
or permitted to be taken at any meeting of the Trustees may be taken without a
meeting, if a majority of the Trustees shall individually or collectively
consent in writing to such action.&#160;&#160;Such written consent or consents
shall be filed with the records of the Trust and shall have the same force and
effect as the affirmative vote of such Trustees at a duly held meeting of the
Trustees at which a quorum was present.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of
Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
actions taken at any meeting of the Trustees, however called and noticed or
wherever held, shall be as valid as though taken at a meeting duly held after
regular call and notice if a quorum is present and if, either before or after
the meeting, each of the Trustees not present waives notice, consents to the
holding of such meeting or approves the minutes thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Pursuant
to the Articles Supplementary accepted for record by the SDAT as of May 16,
2000, if for any reason any or all the Trustees cease to be Trustees, such event
shall not terminate the Trust or affect these Bylaws or the powers of the
remaining Trustees hereunder (even if fewer than three Trustees
remain).&#160;&#160;Any vacancy on the Board of Trustees may be filled only by a
majority of the remaining Trustees, even if the remaining Trustees do not
constitute a quorum.&#160;&#160;Any Trustee elected to fill a vacancy, whether
occurring due to an increase in size of the Board of Trustees or by the death,
resignation or removal of any Trustee, shall hold office for the remainder of
the full term of the class of Trustees in which the vacancy occurred or was
created and until a successor is elected and qualifies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees shall be entitled to receive such reasonable compensation for their
services as Trustees as the Trustees may determine from time to
time.&#160;&#160;Trustees may be reimbursed for expenses of attendance, if any,
at each annual, regular or special meeting of the Trustees or of any committee
thereof; and for their expenses, if any, in connection with each property visit
and any other service or activity performed or engaged in as
Trustee.&#160;&#160;The Trustees shall be entitled to receive remuneration for
services rendered to the Trust in any other capacity, and such services may
include, without limitation, services as an officer of the Trust, services as an
employee of the Advisor, legal, accounting or other professional services, or
services as a broker, transfer agent or underwriter, whether performed by a
Trustee or any person affiliated with a Trustee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal of
Trustees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
Trustee may be removed at any time with or without cause by the affirmative vote
either of all the remaining Trustees or, at a meeting of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">shareholders
properly called for that purpose, by the affirmative vote of the holders of not
less than two-thirds of the shares of the Trust then outstanding and entitled to
vote generally in the election of Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Surety
Bonds</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Unless
specifically required by law, no Trustee shall be obligated to give any bond or
surety or other security for the performance of any of his or her
duties.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reliance</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Each
Trustee, officer, employee and agent of the Trust shall, in the performance of
his or her duties with respect to the Trust, be entitled to rely on any
information, opinion, report or statement, including any financial statement or
other financial data, prepared or presented by an officer or employee of the
Trust or by the Advisor, accountants, appraisers or other experts or consultants
selected by the Board of Trustees or officers of the Trust, regardless of
whether such counsel or expert may also be a Trustee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interested Trustee
Transactions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Section
2-419 of the Maryland General Corporation Law shall be available for and apply
to any contract or other transaction between the Trust and any of its Trustees
or between the Trust and any other trust, corporation, firm or other entity in
which any of its Trustees is a trustee or director or has a material financial
interest.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.18.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Qualifying Shares Not
Required</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Trustees
need not be shareholders of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.19.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Rights of Trustees,
Officers, Employees and Agents</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
Trustee shall have no responsibility to devote his or her full time to the
affairs of the Trust.&#160;&#160;Any Trustee or officer, employee or agent of
the Trust, in his or her personal capacity or in a capacity as an affiliate,
employee or agent of any other person, or otherwise, may have business interests
and engage in business activities similar or in addition to those of or relating
to the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
3.20.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Emergency
Provisions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision in the Declaration of Trust or these Bylaws, this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
3.20 shall apply during the existence of any catastrophe, or other similar
emergency condition, as a result of which a quorum of the Board of Trustees
under <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
III cannot readily be obtained (an "Emergency").&#160;&#160;During any
Emergency, unless otherwise provided by the Board of Trustees, (a) a meeting of
the Board of Trustees may be called by any Managing Trustee or officer of the
Trust by any means feasible under the circumstances and (b) notice of any
meeting of the Board of Trustees during such an Emergency may be given less than
24 hours prior to the meeting to as many Trustees and by such means as it may be
feasible at the time, including publication, television or radio.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
IV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">COMMITTEES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Number; Tenure and
Qualifications</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees shall appoint an Audit Committee, a Compensation Committee and
a Nominating and Governance Committee.&#160;&#160;Each of these committees shall
be composed of three or more Trustees, to serve at the pleasure of the Board of
Trustees.&#160;&#160;The Board of Trustees may also appoint other committees
from time to</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">time composed of
one or more members, at least one of which shall be a Trustee, to serve at the
pleasure of the Board of Trustees.&#160;&#160;The Board of Trustees shall adopt
a charter with respect to the Audit Committee, the Compensation Committee and
the Nominating and Governance Committee, which charter shall specify the
purposes, the criteria for membership and the responsibility and duties and may
specify other matters with respect to each committee.&#160;&#160;The Board of
Trustees may also adopt a charter with respect to other committees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Powers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may delegate any of the powers of the Trustees to committees appointed
under <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
4.1 and composed solely of Trustees, except as prohibited by law.&#160;&#160;In
the event that a charter has been adopted with respect to a committee composed
solely of Trustees, the charter shall constitute a delegation by the Trustees of
the powers of the Board of Trustees necessary to carry out the purposes,
responsibilities and duties of a committee provided in the charter or reasonably
related to those purposes, responsibilities and duties, to the extent permitted
by law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notice
of committee meetings shall be given in the same manner as notice for special
meetings of the Board of Trustees.&#160;&#160;One-third, but not less than one,
of the members of any committee shall be present in person at any meeting of a
committee in order to constitute a quorum for the transaction of business at a
meeting, and the act of a majority present at a meeting at the time of a vote if
a quorum is then present shall be the act of a committee.&#160;&#160;The Board
of Trustees or, if authorized by the Board in a committee charter or otherwise,
the committee members may designate a chairman of any committee, and the
chairman or, in the absence of a chairman, a majority of any committee may fix
the time and place of its meetings unless the Board shall otherwise
provide.&#160;&#160;In the absence or disqualification of any member of any
committee, the members thereof present at any meeting and not disqualified from
voting, whether or not they constitute a quorum, may unanimously appoint another
Trustee to act at the meeting in the place of absent or disqualified
members.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Each committee
shall keep minutes of its proceedings and shall periodically report its
activities to the full Board of Trustees and, except as otherwise provided by
law or under the rules of the S.E.C. and applicable stock exchanges on which the
Trust's shares are listed, any action by any committee shall be subject to
revision and alteration by the Board of Trustees, provided that no rights of
third persons shall be affected by any such revision or alteration.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Telephone
Meetings</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Members
of a committee may participate in a meeting by means of a conference telephone
or similar communications equipment and participation in a meeting by these
means shall constitute presence in person at the meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action
by Written Consent of Committees</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
action required or permitted to be taken at any meeting of a committee of the
Trustees may be taken without a meeting, if a consent in writing to such action
is signed by a majority of the committee and such written consent is filed with
the minutes of proceedings of such committee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
4.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Subject
to the provisions hereof, the Board of Trustees shall have the power at any time
to change the membership of any committee, to fill all vacancies, to designate
alternate members to replace any absent or disqualified member or to dissolve
any such committee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">20</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
V</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">OFFICERS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General
Provisions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
officers of the Trust shall include a president, a secretary and a treasurer and
may include a chairman of the board, a vice chairman of the board, a chief
executive officer, a chief operating officer, a chief financial officer, one or
more vice presidents, one or more assistant secretaries and one or more
assistant treasurers.&#160;&#160;In addition, the Trustees may from time to time
appoint such other officers with such powers and duties as they shall deem
necessary or desirable.&#160;&#160;The officers of the Trust shall be elected
annually by the Trustees at the first meeting of the Trustees held after each
annual meeting of shareholders.&#160;&#160;If the election of officers shall not
be held at such meeting, such election shall be held as soon thereafter as may
be convenient.&#160;&#160;Each officer shall hold office until his or her
successor is elected and qualifies or until his or her death, resignation or
removal in the manner hereinafter provided.&#160;&#160;Any two or more offices,
except president and vice president, may be held by the same
person.&#160;&#160;In their discretion, the Trustees may leave unfilled any
office except that of president and secretary.&#160;&#160;Election of an officer
or agent shall not of itself create contract rights between the Trust and such
officer or agent.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Removal and
Resignation</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
officer or agent of the Trust may be removed by the Trustees if in their
judgment the best interests of the Trust would be served thereby, but the
removal shall be without prejudice to the contract rights, if any, of the person
so removed.&#160;&#160;Any officer of the Trust may resign at any time by giving
written notice of his or her resignation to the Trustees, the chairman of the
board, the president or the secretary.&#160;&#160;Any resignation shall take
effect at any time specified therein or, if the time when it shall become
effective is not specified therein, immediately upon its receipt.&#160;&#160;The
acceptance of a resignation shall not be necessary to make it effective unless
otherwise stated in the resignation.&#160;&#160;A resignation shall be without
prejudice to the contract rights, if any, of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vacancies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;A
vacancy in any office may be filled by the Trustees for the balance of the
term.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Executive Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief executive officer from among the Trustees or
elected officers.&#160;&#160;The chief executive officer shall have
responsibility for implementation of the policies of the Trust, as determined by
the Trustees, and for the administration of the business affairs of the
Trust.&#160;&#160;In the absence of both the chairman and vice chairman of the
board, the chief executive officer shall preside over the meetings of the Board
of Trustees at which he shall be present.&#160;&#160;In the absence of a
different designation, the Managing Trustees, or any of them, shall function as
the chief executive officer of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Operating Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief operating officer from among the elected
officers.&#160;&#160;Said officer will have the responsibilities and duties as
set forth by the Trustees or the chief executive officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chief
Financial Officer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may designate a chief financial officer from among the elected
officers.&#160;&#160;Said officer will have the responsibilities and duties as
set forth by the Trustees or the chief executive officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Chairman and Vice Chairman
of the Board</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
chairman of the board, if any, and the vice chairman of the board, if any, shall
perform such duties as may be assigned to him, her or them by the
Trustees.&#160;&#160;In the absence of a chairman and vice chairman of the board
or if none are appointed, the Managing Trustees, or any of them, shall preside
at meetings of the Board of Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">President</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
president may execute any deed, mortgage, bond, lease, contract or other
instrument, except in cases where the execution thereof shall be expressly
delegated by the Trustees or by these Bylaws to some other officer or agent of
the Trust or shall be required by law to be otherwise executed, and in general
shall perform all duties incident to the office of president and such other
duties as may be prescribed by the chief executive officer or the
Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Vice
Presidents</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
the absence or unavailability of the president, the vice president (or in the
event there be more than one vice president, any vice president) shall perform
the duties of the president and when so acting shall have all the powers of the
president; and shall perform such other duties as from time to time may be
assigned to him or her by the president, the chief executive officer or by the
Trustees.&#160;&#160;The Trustees may designate one or more vice presidents as
executive vice presidents, senior vice presidents or as vice presidents for
particular areas of responsibility.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Secretary</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
secretary (or his or her designee) shall (a) keep the minutes of the proceedings
of the shareholders, the Trustees and committees of the Trustees in one or more
books provided for that purpose; (b) see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c) be
custodian of the Trust records and of the seal of the Trust, if any; (d)
maintain a share register, showing the ownership and transfers of ownership of
all shares of the Trust, unless a transfer agent is employed to maintain and
does maintain such a share register; and (e) in general perform such other
duties as from time to time may be assigned to the secretary by the chief
executive officer or the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Treasurer</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
treasurer shall have the custody of the funds and securities of the Trust and
shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Trust and shall deposit all moneys and other valuable effects
in the name and to the credit of the Trust in such depositories as may be
authorized by the Trustees.&#160;&#160;The treasurer shall also have such other
responsibilities as may be assigned to him or her by the chief executive officer
or the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
5.12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assistant Secretaries and
Assistant Treasurers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
assistant secretaries and assistant treasurers, in general, shall perform such
duties as shall be assigned to them by the secretary or treasurer, respectively,
or by the chief executive officer or the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">CONTRACTS,
LOANS, CHECKS AND DEPOSITS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Contracts</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees may authorize any Trustee, officer or agent (including the
Advisor or any officer of the Advisor) to enter into any contract or
to</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">22</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">execute and
deliver any instrument in the name of and on behalf of the Trust and such
authority may be general or confined to specific instances.&#160;&#160;Any
agreement, deed, mortgage, lease or other document executed by an authorized
Trustee, officer or agent shall be valid and binding upon the Trustees and upon
the Trust when authorized or ratified by action of the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Checks
and Drafts</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
checks, drafts or other orders for the payment of money, notes or other
evidences of indebtedness issued in the name of the Trust shall be signed by
such officer or agent of the Trust in such manner as shall from time to time be
determined by the treasurer, the chief executive officer or the
Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
6.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Deposits</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
funds of the Trust not otherwise employed shall be deposited from time to time
to the credit of the Trust in such banks, trust companies or other depositories
as the treasurer, the chief executive officer or the Trustees may
designate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SHARES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certificates</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Ownership
of shares of any class of shares of beneficial ownership of the Trust shall be
evidenced by certificates, or at the election of a shareholder in book entry
form.&#160;&#160;Unless otherwise determined by the Board of Trustees, any such
certificates shall be signed by the chief executive officer, the president or a
vice president and countersigned by the secretary or an assistant secretary or
the treasurer or an assistant treasurer and may be sealed with the seal, if any,
of the Trust.&#160;&#160;The signatures may be either manual or
facsimile.&#160;&#160;Certificates shall be consecutively numbered and if the
Trust shall from time to time issue several classes of shares, each class may
have its own number series.&#160;&#160;A certificate is valid and may be issued
whether or not an officer who signed it is still an officer when it is
issued.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transfers</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Shares
of the Trust shall be transferable in the manner provided by applicable law, the
Declaration of Trust and these Bylaws.&#160;&#160;Certificates shall be treated
as negotiable and title thereto and to the shares they represent shall be
transferred by delivery thereof to the same extent as those of a Maryland stock
corporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;The
Trust shall be entitled to treat the holder of record of any share or 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 share or shares on the part of
any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided in these Bylaws or by the laws of the State of
Maryland.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Lost
Certificate</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">s</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;For
shares evidenced by certificates, any officer designated by the Trustees may
direct a new certificate to be issued in place of any certificate previously
issued by the Trust alleged to have been lost, stolen or destroyed upon the
making of an affidavit of that fact by the person claiming the certificate to be
lost, stolen or destroyed.&#160;&#160;When authorizing the issuance of a new
certificate, an officer designated by the Trustees may, in such officer's
discretion and as a condition precedent to the issuance thereof, require the
owner of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
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        </div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">such lost, stolen
or destroyed certificate or the owner's legal representative to advertise the
same in such manner as he shall require and/or to give bond, with sufficient
surety, to the Trust to indemnify it against any loss or claim which may arise
as a result of the issuance of a new certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing of Transfer Books or
Fixing of Record Date</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;The
Trustees may set, in advance, a record date for the purpose of determining
shareholders entitled to notice of or to vote at any meeting of shareholders or
determining shareholders entitled to receive payment of any dividend or the
allotment of any other rights, or in order to make a determination of
shareholders for any other proper purpose.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;In
lieu of fixing a record date, the Trustees may provide that the share transfer
books shall be closed for a stated period but not longer than 20
days.&#160;&#160;If the share transfer books are closed for the purpose of
determining shareholders entitled to notice of or to vote at a meeting of
shareholders, such books shall be closed for at least 10 days before the date of
such meeting.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;If
no record date is fixed and the share transfer books are not closed for the
determination of shareholders, (i) the record date for the determination of
shareholders entitled to notice of or to vote at a meeting of shareholders shall
be at the close of business on the day on which the notice of meeting is mailed
or the 30th day before the meeting, whichever is the closer date to the meeting;
and (ii) the record date for the determination of shareholders entitled to
receive payment of a dividend or an allotment of any other rights shall be the
close of business on the day on which the resolution of the Trustees, declaring
the dividend or allotment of rights, is adopted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;When
a determination of shareholders entitled to vote at any meeting of shareholders
has been made as provided in this section, such determination shall apply to any
adjournment thereof unless the Board of Trustees shall set a new record date
with respect thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Share
Ledger</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trust shall maintain at its principal office or at the office of its counsel,
accountants or transfer agent a share ledger containing the name and address of
each shareholder and the number of shares of each class held by such
shareholder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
7.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fractional Shares; Issuance
of Units</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may issue fractional shares or provide for the issuance of scrip, all
on such terms and under such conditions as they may
determine.&#160;&#160;Notwithstanding any other provision of the Declaration of
Trust or these Bylaws, the Trustees may issue units consisting of different
securities of the Trust.&#160;&#160;Any security issued in a unit shall have the
same characteristics as any identical securities issued by the Trust, except
that the Trustees may provide that for a specified period securities of the
Trust issued in such unit may be transferred on the books of the Trust only in
such unit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
VIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">REGULATORY
COMPLIANCE AND DISCLOSURE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Actions Requiring Regulatory
Compliance Implicating the Trust</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;If
any shareholder (whether individually or constituting a group, as determined by
the Board of Trustees), by virtue of such shareholder's ownership interest in
the Trust or actions taken by the shareholder affecting the Trust, triggers the
application of any requirement or regulation of any federal, state, municipal or
other governmental or regulatory body on the Trust or any subsidiary (for
purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
VIII, as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.5(c)) of the Trust or any of their respective businesses, assets or
operations, including, without limitation, any obligations to make or obtain a
Governmental Action (as defined in <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
2.14.3), such shareholder shall promptly take all actions necessary and fully
cooperate with the Trust to ensure that such requirements or regulations are
satisfied without restricting, imposing additional obligations on or in any way
limiting the business, assets, operations or prospects of the Trust or any
subsidiary of the Trust.&#160;&#160;If the shareholder fails or is otherwise
unable to promptly take such actions so to cause satisfaction of such
requirements or regulations, the shareholder shall promptly divest a sufficient
number of shares of the Trust necessary to cause the application of such
requirement or regulation to not apply to the Trust or any subsidiary of the
Trust.&#160;&#160;If the shareholder fails to cause such satisfaction or divest
itself of such sufficient number of shares of the Trust by not later than the
10th day after triggering such requirement or regulation referred to in this
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.1, then any shares of the Trust beneficially owned by such shareholder at and
in excess of the level triggering the application of such requirement or
regulation shall, to the fullest extent permitted by law, be deemed to
constitute shares held in violation of the ownership limitations set forth in
Article VII of the Declaration of Trust and be subject to the provisions of
Article VII of the Declaration of Trust and any actions triggering the
application of such a requirement or regulation may be deemed by the Trust to be
of no force or effect.&#160;&#160;Moreover, if the shareholder who triggers the
application of any regulation or requirement fails to satisfy the requirements
or regulations or to take curative actions within such 10 day period, the Trust
may take all other actions which the Board of Trustees deems appropriate to
require compliance or to preserve the value of the Trust's assets; and the Trust
may charge the offending shareholder for the Trust's costs and expenses as well
as any damages which may result to the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">As an example and
not as a limitation, at the time these Bylaws are being amended and restated,
the Trust holds a controlling ownership position in a company being formed and
licensed as an insurance company in the State of Indiana.&#160;&#160;The laws of
the State of Indiana have certain regulatory requirements for any person who
seeks to control (as defined under Indiana law) a company which itself controls
an insurance company domiciled in the State of Indiana, including by exercising
proxies representing 10% or more of the Trust's voting
securities.&#160;&#160;Accordingly, if a shareholder seeks to exercise proxies
for a matter to be voted upon at a meeting of the Trust's shareholders without
having obtained any applicable approvals from the Indiana insurance regulatory
authorities, such proxies representing 10% or more of the Trust's voting
securities will, subject to <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.3, be void and of no further force or effect.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">As a further
example and not as a limitation, at the time these Bylaws are being amended and
restated, the Trust owns healthcare facilities in various states which are
subject to state regulatory and licensing requirements in each such
state.&#160;&#160;Under the licensing terms or regulatory</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">25</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">regime of certain
states with jurisdiction over the Trust, a shareholder which acquires a
controlling equity position in the Trust may be required to obtain regulatory
approval or consent prior to or as a result of obtaining such
ownership.&#160;&#160;Accordingly, if a shareholder which acquires a controlling
equity position in the Trust that would require the shareholder or the Trust to
obtain the consent or approval of a state authority due to the fact that the
Trust owns licensed healthcare facilities in such state, and the shareholder
refuses to provide the Trust with information required to be submitted to the
applicable state authority or if the state authority declines to approve the
shareholder's ownership of the Trust, then, in either event, shares of the Trust
owned by the shareholder necessary to reduce its ownership to an amount so that
the shareholder's ownership of Trust shares would not require it to provide any
such information to, or for consent to be obtained from, the state authority,
may be deemed by the Board of Trustees to be shares held in violation of the
ownership limitation in Article VII of the Declaration of Trust and shall be
subject to the provisions of Article VII of the Declaration of
Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compliance With
Law</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Shareholders
shall comply with all applicable requirements of federal and state laws,
including all rules and regulations promulgated thereunder, in connection with
such shareholder's ownership interest in the Trust and all other laws which
apply to the Trust or any subsidiary of the Trust or their respective
businesses, assets or operations and which require action or inaction on the
part of the shareholder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitation on Voting Shares
or Proxies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Without
limiting the provisions of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
8.1, if a shareholder (whether individually or constituting a group, as
determined by the Board of Trustees), by virtue of such shareholder's ownership
interest in the Trust or its receipt or exercise of proxies to vote shares owned
by other shareholders, would not be permitted to vote the shareholder's shares
of the Trust or proxies for shares of the Trust in excess of a certain amount
pursuant to applicable law (including by way of example, applicable state
insurance regulations) but the Board of Trustees determines that the excess
shares or shares represented by the excess proxies are necessary to obtain a
quorum, then such shareholder shall not be entitled to vote any such excess
shares or proxies, and instead such excess shares or proxies may, to the fullest
extent permitted by law, be voted by the Advisor (or by another person
designated by the Trustees) in proportion to the total shares otherwise voted on
such matter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations, Warranties
and Covenants Made to Governmental or Regulatory Bodies</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;To
the fullest extent permitted by law, any representation, warranty or covenant
made by a shareholder with any governmental or regulatory body in connection
with such shareholder's interest in the Trust or any subsidiary of the Trust
shall be deemed to be simultaneously made to, for the benefit of and enforceable
by, the Trust and any applicable subsidiary of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
8.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Board
of Trustees' Determinations</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees shall be empowered to make all determinations regarding the
interpretation, application, enforcement and compliance with any matters
referred to or contemplated by this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
VIII.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">26</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
IX</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">FISCAL
YEAR</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
9.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fiscal
Year</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
fiscal year of the Trust shall be the calendar year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
X</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">DIVIDENDS
AND OTHER DISTRIBUTIONS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
10.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dividends and Other
Distributions</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Dividends
and other distributions upon the shares of beneficial interest of the Trust may
be authorized and declared by the Trustees.&#160;&#160;Dividends and other
distributions may be paid in cash, property or shares of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SEAL</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
11.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Seal</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees may authorize the adoption of a seal by the Trust.&#160;&#160;The
Trustees may authorize one or more duplicate seals.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
11.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Affixing
Seal</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Whenever
the Trust is permitted or required to affix its seal to a document, it shall be
sufficient to meet the requirements of any law, rule or regulation relating to a
seal to place the word "(SEAL)" adjacent to the signature of the person
authorized to execute the document on behalf of the Trust.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">WAIVER
OF NOTICE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
12.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver of
Notice</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Whenever
any notice is required to be given pursuant to the Declaration of Trust, these
Bylaws or applicable law, a waiver thereof in writing, signed by the person or
persons entitled to such notice, or a waiver by electronic transmission by the
person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such
notice.&#160;&#160;Neither the business to be transacted at nor the purpose of
any meeting need be set forth in the waiver of notice or waiver by electronic
transmission, unless specifically required by statute.&#160;&#160;The attendance
of any person at any meeting shall constitute a waiver of notice of such
meeting, except where such person attends a meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is
not lawfully called or convened.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">27</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">AMENDMENT
OF BYLAWS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
13.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment of
Bylaws</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Except
for any change for which these Bylaws requires approval by more than a majority
vote of the Trustees, these Bylaws may be amended or repealed or new or
additional Bylaws may be adopted only by the vote or written consent of a
majority of the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XIV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">MISCELLANEOUS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">References to Declaration of
Trust</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;All
references to the Declaration of Trust shall include any amendments
thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs
and Expenses</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
addition to, and as further clarification of each shareholder's obligation to
indemnify and hold the Trust harmless from and against all costs, expenses,
penalties, fines and other amounts, including, without limitation, attorneys'
and other professional fees, whether third party or internal, arising from such
shareholder's violation of any provision of the Declaration of Trust or these
Bylaws pursuant to Section 8.7 of the Declaration of Trust, to the fullest
extent permitted by law, each shareholder will be liable to the Trust (and any
subsidiaries or affiliates thereof) for, and indemnify and hold harmless the
Trust (and any subsidiaries or affiliates thereof) from and against, all costs,
expenses, penalties, fines or other amounts, including, without limitation,
reasonable attorneys' and other professional fees, whether third party or
internal, arising from such shareholder's breach of or failure to fully comply
with any covenant, condition or provision of these Bylaws or the Declaration of
Trust (including Section 2.14 of these Bylaws) or any action by or against the
Trust (or any subsidiaries or affiliates thereof) in which such shareholder is
not the prevailing party, and shall pay such amounts to such indemnitee on
demand, together with interest on such amounts, which interest will accrue at
the lesser of the Trust's highest marginal borrowing rate, per annum compounded,
and the maximum amount permitted by law, from the date such costs or the like
are incurred until the receipt of payment.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ratification</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Board of Trustees or the shareholders may ratify and make binding on the Trust
any action or inaction by the Trust or its officers to the extent that the Board
of Trustees or the shareholders could have originally authorized the
matter.&#160;&#160;Moreover, any action or inaction questioned in any
shareholder's derivative proceeding or any other proceeding on the ground of
lack of authority, defective or irregular execution, adverse interest of a
Trustee, officer or shareholder, non-disclosure, miscomputation, the application
of improper principles or practices of accounting, or otherwise, may be
ratified, before or after judgment, by the Board of Trustees or by the
shareholders and, if so ratified, shall have the same force and effect as if the
questioned action or inaction had been originally duly authorized, and such
ratification shall be binding upon the Trust and its shareholders and shall
constitute a bar to any claim or execution of any judgment in respect of such
questioned action or inaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">28</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ambiguity</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
the case of an ambiguity in the application of any provision of these Bylaws or
any definition contained in these Bylaws, the Board of Trustees shall have the
sole power to determine the application of such provisions with respect to any
situation based on the facts known to it and such determination shall be final
and binding unless determined by a court of competent jurisdiction to have been
made in bad faith.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Inspection of
Bylaws</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
Trustees shall keep at the principal office for the transaction of business of
the Trust the original or a copy of the Bylaws as amended or otherwise altered
to date, certified by the secretary, which shall be open to inspection by the
shareholders at all reasonable times during office hours.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Election to be Subject to
Part of Title 3, Subtitle 8</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision contained in the Declaration of Trust or these Bylaws, the
Trust hereby elects to be subject to Section 3-804(b) and (c) of Title 3,
Subtitle 8 of the Maryland General Corporation Law (or any successor
statute).&#160;&#160;This <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>Section
14.6 only may be repealed, in whole or in part, by a subsequent amendment to
these Bylaws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
14.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Voting Provisions
relating to Control Shares</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Notwithstanding
any other provision contained herein or in the Declaration of Trust or these
Bylaws, Title 3, Subtitle 7 of the Maryland General Corporation Law (or any
successor statute) shall not apply to any acquisition by any person of shares of
beneficial interest of the Trust.&#160;&#160;This section may be repealed, in
whole or in part, at any time, whether before or after an acquisition of control
shares and, upon such repeal, may, to the extent provided by any successor
bylaw, apply to any prior or subsequent control share acquisition.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">ARTICLE
XV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ARBITRATION</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Procedures for Arbitration
of Disputes</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;Any
disputes, claims or controversies brought by or on behalf of any shareholder of
the Trust (which, for purposes of this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV, shall mean any shareholder of record or any beneficial owner of shares of
the Trust, or any former shareholder of record or beneficial owner of shares of
the Trust), either on his, her or its own behalf, on behalf of the Trust or on
behalf of any series or class of shares of the Trust or shareholders of the
Trust against the Trust or any Trustee, officer, manager (including Reit
Management &amp; Research LLC or its successor), agent or employee of the Trust,
including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of the Declaration
of Trust or these Bylaws (all of which are referred to as "Disputes") or
relating in any way to such a Dispute or Disputes shall, on the demand of any
party to such Dispute, be resolved through binding and final arbitration in
accordance with the Commercial Arbitration Rules (the "Rules") of the American
Arbitration Association ("AAA") then in effect, except as those Rules may be
modified in this <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV.&#160;&#160;For the avoidance of doubt, and not as a limitation, Disputes are
intended to include derivative actions against Trustees, officers or managers of
the Trust and class actions by shareholders against those individuals or
entities and the Trust.&#160;&#160;For the avoidance of doubt, a Dispute shall
include a Dispute made derivatively on behalf of one party against another
party.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Arbitrators</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;There
shall be three arbitrators.&#160;&#160;If there are only two parties to the
Dispute, each party shall select one arbitrator within 15 days after receipt by
respondent of a copy of the demand for arbitration.&#160;&#160;Such arbitrators
may be affiliated or interested persons of such parties.&#160;&#160;If either
party fails to timely select an arbitrator, the other party to the Dispute shall
select the second arbitrator who shall be neutral and impartial and shall not be
affiliated with or an interested person of either party. If there are more than
two parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, shall each select, by the vote of a majority of the claimants
or the respondents, as the case may be, one arbitrator. Such arbitrators may be
affiliated or interested persons of the claimants or the respondents, as the
case may be.&#160;&#160;If either all claimants or all respondents fail to
timely select an arbitrator then such arbitrator (who shall be neutral,
impartial and unaffiliated with any party) shall be appointed by the
AAA.&#160;&#160;The two arbitrators so appointed shall jointly appoint the third
and presiding arbitrator (who shall be neutral, impartial and unaffiliated with
any party) within 15 days of the appointment of the second
arbitrator.&#160;&#160;If the third arbitrator has not been appointed within the
time limit specified herein, then the AAA shall provide a list of proposed
arbitrators in accordance with the Rules, and the arbitrator shall be appointed
by the AAA in accordance with a listing, striking and ranking procedure, with
each party having a limited number of strikes, excluding strikes for
cause.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Place
of Arbitration</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;The
place of arbitration shall be Boston, Massachusetts unless otherwise agreed by
the parties.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Discovery</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;There
shall be only limited documentary discovery of documents directly related to the
issues in dispute, as may be ordered by the arbitrators.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Awards</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;In
rendering an award or decision (the "Award"), the arbitrators shall be required
to follow the laws of the State of Maryland.&#160;&#160;Any arbitration
proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. &#167;1 et seq.&#160;&#160;The Award shall be in writing
and may, but shall not be required to, briefly state the findings of fact and
conclusions of law on which it is based.&#160;&#160;Any monetary award shall be
made and payable in U.S. dollars free of any tax, deduction or
offset.&#160;&#160;The party against which the Award assesses a monetary
obligation shall pay that obligation on or before the 30th day following the
date of the Award or such other date as the Award may provide.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Costs
and Expenses</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except
as otherwise set forth in the Declaration of Trust or these Bylaws, including
Section 14.2 of these Bylaws, or as otherwise agreed between the parties, each
party involved in a Dispute shall bear its own costs and expenses (including
attorneys' fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys' fees) or,
in a derivative case or class action, award any portion of the Trust's award to
the claimant or the claimant&#8217;s attorneys.&#160;&#160;Each party (or, if there
are more than two parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there are
more than two parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the
third appointed arbitrator.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        </div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Final
and Binding</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;An
Award shall be final and binding upon the parties thereto and shall be the sole
and exclusive remedy between such parties relating to the Dispute, including any
claims, counterclaims, issues or accounting presented to the
arbitrators.&#160;&#160;Judgment upon the Award may be entered in any court
having jurisdiction.&#160;&#160;To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or with
respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section
15.8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Beneficiaries</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">.&#160;&#160;This
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">&#8206;</font>ARTICLE
XV is intended to benefit and be enforceable by the shareholders, Trustees,
officers, managers (including Reit Management &amp; Research LLC or its
successor), agents or employees of the Trust and the Trust and shall be binding
on the shareholders of the Trust and the Trust, as applicable, and shall be in
addition to, and not in substitution for, any other rights to indemnification or
contribution that such individuals or entities may have by contract or
otherwise.</font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10-1
<TEXT>
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<head>
    <title>ex10-1.htm</title>
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</head>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">EXHIBIT
10.1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">BUSINESS
MANAGEMENT AGREEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">THIS BUSINESS
MANAGEMENT AGREEMENT (this "Agreement") is entered into as of January 7, 2010,
by and between Senior Housing Properties Trust, a Maryland real estate
investment trust (the "Company"), Reit Management &amp; Research LLC, a Delaware
limited liability company (the "Manager"), and, solely with respect to certain
non-competition covenants in Section 15 of this Agreement, Barry M. Portnoy,
Gerard M. Martin and Adam D. Portnoy.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">WHEREAS, the
Company and the Manager are parties to an Amended and Restated Advisory
Agreement, dated as of January 1, 2006 (as amended, the "Original Agreement"),
and Barry M. Portnoy, Gerard M. Martin and Adam D. Portnoy are parties to the
Original Agreement solely with respect to certain covenants in Section 14
thereof; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">WHEREAS, the
parties to the Original Agreement wish to amend and restate the Original
Agreement as hereinafter provided;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">NOW, THEREFORE,
in consideration of the mutual agreements herein set forth, the parties hereto
agree that the Original Agreement is hereby amended and restated to read in its
entirety as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">1.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Engagement</font>.&#160;&#160;Subject
to the terms and conditions hereinafter set forth, the Company hereby continues
to engage the Manager to provide the management and real estate investment
services contemplated by this Agreement with respect to the Company's business
and real estate investments, and the Manager hereby accepts such continued
engagement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">2.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Duties of the
Manager</font>.&#160;&#160;The Manager shall use its reasonable best efforts to
present to the Company a continuing and suitable real estate investment program
consistent with the real estate investment policies and objectives of the
Company.&#160;&#160;Subject to the supervision of the Company's Board of
Trustees (the "Trustees"), the Manager shall:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;provide
research and economic and statistical data in connection with the Company's real
estate investments and recommend changes in the Company's real estate investment
policies when appropriate;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;(i)
investigate and evaluate investments in, or acquisitions or dispositions of,
real estate and related interests, and financing and refinancing opportunities,
(ii) make recommendations concerning specific investments to the Trustees, and
(iii) evaluate and</font></div>
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        </div>
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">negotiate
contracts with respect to the foregoing, in each case, on behalf of the Company
and in the furtherance of the Company's real estate financing
objectives;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;investigate,
evaluate and negotiate the prosecution and negotiation of any claims of the
Company in connection with its real estate investments;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;administer
bookkeeping and accounting functions as are required for the management and
operation of the Company, contract for audits and prepare or cause to be
prepared such reports and filings as may be required by any governmental
authority in connection with the ordinary conduct of the Company's business, and
otherwise advise and assist the Company with its compliance with applicable
legal and regulatory requirements, including without limitation, periodic
reports, returns or statements required under the Securities Exchange Act of
1934, as amended, the Internal Revenue Code of 1986, as amended (said Code, as
in effect from time to time, together with any regulations and rulings
thereunder, being hereinafter referred to as the "Internal Revenue Code"), the
securities and tax statutes of any jurisdiction in which the Company is
obligated to file such reports, or the rules and regulations promulgated under
any of the foregoing;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;advise
and assist in the preparation and filing of all offering documents (public and
private), and all registration statements, prospectuses or other documents filed
with the Securities and Exchange Commission (the "SEC") or any state (it being
understood that the Company shall be responsible for the content of any and all
of its offering documents and SEC filings (including without limitation those
filings referred to in Section 2(d) hereof), and the Manager shall not be held
liable for any costs or liabilities arising out of any misstatements or
omissions in the Company's offering documents or SEC filings, whether or not
material, and the Company shall promptly indemnify the Manager from such costs
and liabilities);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;retain
counsel, consultants and other third party professionals on behalf of the
Company;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(g)&#160;&#160;provide
internal audit services as hereinafter provided;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(h)&#160;&#160;advise
and assist with the Company's risk management and oversight
function;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(i)&#160;&#160;to
the extent not covered above, advise and assist the Company in the review and
negotiation of the Company's contracts and agreements, coordination and
supervision of all third party legal services and oversight of processing of
claims by or against the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(j)&#160;&#160;advise
and assist the Company with respect to the Company's public relations,
preparation of marketing materials, internet website and investor relations
services;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(k)&#160;&#160;provide
office space, office equipment and the use of accounting or computing equipment
when required;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(l)&#160;&#160;advise
and assist with respect to:&#160;&#160;the design, operation and maintenance of
network infrastructure, including telephone and data transmission lines, voice
mail, facsimile machines, cellular phones, pager, etc.; and local area network
and wide area network communications support; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(m)&#160;&#160;provide
personnel necessary for the performance of the foregoing services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">In performing its
services under this Agreement, the Manager may utilize facilities, personnel and
support services of various of its affiliates.&#160;&#160;The Manager shall be
responsible for paying such affiliates for their personnel and support services
and facilities out of its own funds unless otherwise approved by a majority vote
of the Independent Trustees (the "Independent Trustees"), as defined in the
Company's Bylaws, as in effect from time to time (the
"Bylaws").&#160;&#160;Notwithstanding the foregoing, fees, costs and expenses of
any third party which is not an affiliate of the Manager retained as permitted
hereunder are to be paid by the Company.&#160;&#160;Without limiting the
foregoing sentence, any such fees, costs or expenses referred to in the
immediately preceding sentence which may be paid by the Manager shall be
reimbursed to the Manager by the Company promptly following submission to the
Company of a statement of any such fees, costs or expenses by the
Manager.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Notwithstanding
anything herein, it is understood and agreed that the duties of, and services to
be provided by, the Manager pursuant to this Agreement shall not include any
investment management or related services with respect to any assets of the
Company as the Company may wish to allocate from time to time to investments in
"securities" (as defined in the Investment Advisers Act of 1940, as
amended).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">In performing its
services hereunder with respect to the Company, the Manager shall adhere to, and
shall require its officers and employees in the course of providing such
services to the Company to adhere to, the Company's Code of Business Conduct and
Ethics, as in effect from time to time.&#160;&#160;In addition, the Manager
shall make available to its officers and employees providing such services to
the Company the procedures for the receipt, retention and treatment of
complaints regarding accounting, internal accounting controls or auditing
matters relating to the Company and for the confidential, anonymous submission
by such officers and employees of concerns regarding questionable accounting or
auditing matters relating to the Company, as set forth in the Company's
Procedures for Handling Concerns or Complaints about Accounting, Internal
Accounting Controls or Auditing Matters, as in effect from time to
time.</font></div>
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</font></div>
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        </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">3.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Bank
Accounts</font>.&#160;&#160;The Manager shall establish and maintain one or more
bank accounts in its own name or in the name of the Company, and shall collect
and deposit into the account or accounts and disburse therefrom any monies on
behalf of the Company; provided that no funds in any account shall be commingled
with any funds of the Manager or any other person or entity.&#160;&#160;The
Manager shall from time to time, or at any time requested by the Trustees,
render an appropriate accounting of collections and payments to the Trustees and
to the auditors of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">4.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Records</font>.&#160;&#160;The
Manager shall maintain appropriate books of account and records relating to this
Agreement, which books of account and records shall be available for inspection
by representatives of the Company upon reasonable notice during ordinary
business hours.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">5.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Information Furnished to
Manager</font>.&#160;&#160;The Trustees shall at all times keep the Manager
fully informed with regard to the real estate investment policies of the
Company, the capitalization policy of the Company, and generally the Trustees'
then-current intentions as to the future of the Company.&#160;&#160;In
particular, the Company shall notify the Manager promptly of its intention to
sell or otherwise dispose of any of the Company's real estate investments or to
make any new real estate investment.&#160;&#160;The Company shall furnish the
Manager with such information with regard to its affairs as the Manager may from
time to time reasonably request. The Company shall retain legal counsel and
accountants to provide legal and accounting advice and services as the Manager
or the Trustees shall deem necessary or appropriate to adequately perform the
functions of the Company, and shall have legal or accounting opinions and advice
as the Manager or the Trustees shall reasonably request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">6.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">REIT Qualification;
Compliance with Law and Organizational Documents</font>.&#160;&#160;Anything
else in this Agreement to the contrary notwithstanding, the Manager shall
refrain from any action (including, without limitation, the furnishing or
rendering of services to tenants of property or managing real property) which,
in its judgment made in good faith, or in the judgment of the Trustees as
transmitted to the Manager in writing, would (a) adversely affect the
qualification of the Company as a real estate investment trust as defined and
limited in the Internal Revenue Code or which would make the Company subject to
the Investment Company Act of 1940, as amended (the "1940 Act"), (b) violate any
law or rule, regulation or statement of policy of any governmental body or
agency having jurisdiction over the Company or over its securities, or (c) not
be permitted by the Company's Declaration of Trust or Bylaws, except if the
action shall be ordered by the Trustees, in which event the Manager shall
promptly notify the Trustees of the Manager's judgment that the action would
adversely affect such qualification, make the Company subject to the 1940 Act or
violate any such law, rule, regulation or policy, or the Company's Declaration
of Trust or Bylaws and shall refrain from taking the action pending further
clarification or instructions from the Trustees.&#160;&#160;In addition, the
Manager shall take affirmative steps which, in its judgment made in good faith,
or in the judgment of the Trustees as transmitted to the Manager in writing,
would prevent or cure any action described in (a), (b) or (c)
above.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">7.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Self-Dealing</font>.&#160;&#160;Neither
the Manager nor any affiliate of the Manager shall, directly or indirectly, sell
any property or assets to the Company or purchase any property or assets from
the Company, lease any property from the Company or borrow any money from the
Company, except as approved by a majority of the Independent Trustees (or
otherwise pursuant to the Declaration of Trust or Bylaws).&#160;&#160;In
addition, except as otherwise provided in Sections 2, 10 or 11 hereof, or except
as approved by a majority of the Independent Trustees (or otherwise pursuant to
the Declaration of Trust or Bylaws), neither the Manager nor any affiliate of
the Manager shall receive any commission or other remuneration, directly or
indirectly, in connection with the activities of the Company or any joint
venture or partnership in which the Company is a party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">8.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Partnership or Joint
Venture</font>.&#160;&#160;The Company and the Manager are not partners or joint
venturers with each other and neither the terms of this Agreement nor the fact
that the Company and the Manager have joint interests in any one or more
investments, ownership or other interests in any one or more entities or may
have common officers or employees or a tenancy relationship shall be construed
so as to make them such partners or joint venturers or impose any liability as
such on either of them.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">9.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fidelity
Bond</font>.&#160;&#160;The Manager shall not be required to obtain or maintain
a fidelity bond in connection with the performance of its services
hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">10.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation</font>.&#160;&#160;The
Manager shall be paid a management fee (the "Management Fee") for the services
rendered by it to the Company pursuant to this Agreement.&#160;&#160;The
Management Fee for each full fiscal year of the Company shall equal the sum of
one-half of one percent (0.5%) of the Annual Average Transferred Assets (as
defined below), plus seven-tenths of one percent (0.7%) of the Annual Average
Invested Capital (as defined below) up to $250,000,000, plus one-half of one
percent (0.5%) of the Annual Average Invested Capital equal to or exceeding
$250,000,000.&#160;&#160;The Management Fee shall be prorated for any partial
fiscal year of the Company during the term of this Agreement.&#160;&#160;In
addition, the Manager shall be paid an annual incentive fee (the "Incentive
Fee") for each fiscal year of the Company, consisting of a number of shares of
the Company's common shares of beneficial interest ("Common Shares") with an
aggregate value (determined as provided below) equal to fifteen percent (15%) of
the product of (i) the weighted average Common Shares outstanding on a diluted
basis during such fiscal year and (ii) the excess if any of the FFO Per Share
(as defined below) for such fiscal year over the FFO Per Share for the preceding
fiscal year; provided however, in no event shall the Incentive Fee payable in
respect of any fiscal year exceed $.02 multiplied by the weighted average number
of Common Shares outstanding on a diluted basis during such fiscal year. (The
Management Fee and Incentive Fee are hereinafter collectively referred to as the
"Fees.")</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">For purposes of
this Agreement:&#160;&#160;(a) "Annual Average Transferred Assets" of the
Company, for any fiscal year, means the daily weighted average during such
fiscal year of the aggregate book value of the Transferred Assets (including
acquisition related costs and costs which may be allocated to intangibles or are
unallocated), before reserves for depreciation, amortization, impairment charges
or bad debts and other similar noncash items; (b) "Annual</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Average Invested
Capital" of the Company, for any fiscal year, means the daily weighted average
during such fiscal year of the aggregate historical cost of the consolidated
assets of the Company, excluding the Transferred Assets, invested, directly or
indirectly, in equity interests in and loans secured by real estate and personal
property owned in connection with such real estate (including acquisition
related costs and costs which may be allocated to intangibles or are
unallocated), before reserves for depreciation, amortization, impairment charges
or bad debts and other similar noncash items; (c) "FFO Per Share" for any fiscal
year, means (i) the Company's consolidated net income, computed in accordance
with generally accepted accounting principles in the United States, before gain
or loss on sale of properties, acquisition costs and extraordinary items,
depreciation, amortization, impairment charges and other non-cash items,
including the Company's pro rata share of the funds from operations (determined
in accordance with this clause) for such fiscal year of (A) any unconsolidated
subsidiary and (B) any entity for which the Company accounts by the equity
method of accounting, divided by (ii) the weighted average number of Common
Shares outstanding on a diluted basis during such fiscal year; and (d)
"Transferred Assets" means the assets owned by the Company and its subsidiaries
as of October 12, 1999.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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anything in this Section 10 to the contrary, with respect to any properties
acquired by the Company pursuant to the Purchase Agreements (as defined below),
the assets included in the determination of Annual Average Invested Capital for
each such property on the date of acquisition shall equal the undepreciated
gross book value thereof on the books of HRPT Properties Trust immediately prior
to acquisition of such property by the Company (including acquisition related
costs and costs which may be allocated to intangibles or are unallocated) and
all subsequent adjustments shall be based on that initial book
value.&#160;&#160;For purposes of this Agreement, "Purchase Agreements" shall
mean the various purchase and sale agreements, all dated as of May 5, 2008,
pursuant to which the Company contracted to buy from HRPT Properties Trust
and/or certain of its subsidiaries certain medical office buildings, clinics and
biomedical, pharmaceutical and laboratory buildings.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Unless the
Company and the Manager otherwise agree, the Management Fee shall be computed
and payable by the Company on a year to date basis within thirty (30) days
following the end of each fiscal month.&#160;&#160;These computations shall be
based upon the Company's monthly or quarterly financial statements, as the case
may be, and shall be in reasonable detail.&#160;&#160;The Incentive Fee shall be
computed and payable by the Company within thirty (30) days following the public
availability of the Company's annual audited financial statements for each
fiscal year.&#160;&#160;A copy of the computations shall promptly be delivered
to the Manager accompanied by payment of the Fees shown thereon to be due and
payable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Fees payable for each fiscal year shall be subject to adjustment as of the end
of that year.&#160;&#160;On or before the 30th day after public availability of
the Company's annual audited financial statements for each fiscal year, the
Company shall deliver to the Manager an Officer's Certificate (a "Certificate")
reasonably acceptable to the Manager and certified by an authorized officer of
the Company setting forth (i) the Annual Average Transferred Assets, the Annual
Average Invested Capital and the FFO Per Share for the Company's fiscal year
ended</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">upon the
immediately preceding December 31, and (ii) the Company's computation of the
Fees payable for the fiscal year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If the aggregate
Fees payable for any fiscal year as shown in the Certificate exceed the
aggregate amounts previously paid by the Company, the Company shall pay the
deficit to the Manager at the time of delivery of the Certificate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If the aggregate
Fees payable for any fiscal year as shown in the Certificate are less than the
aggregate amounts previously paid by the Company, the Company shall specify in
the Certificate whether the Manager should (i) refund to the Company an amount
equal to the difference or (ii) grant the Company a credit against the Fees next
coming due in the amount of the difference until that amount has been fully paid
or otherwise discharged.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Payment of the
Incentive Fee shall be made by issuance of Common Shares. The number of shares
to be issued in payment of the Incentive Fee shall be the whole number of shares
(disregarding any fraction) equal to the value of the Incentive Fee, as provided
above, divided by the average closing price of the Common Shares on the New York
Stock Exchange during the month before the end of the fiscal year for which the
computation is made.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">11.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional
Services</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;The
Manager shall provide to the Company an internal audit function meeting
applicable requirements of the New York Stock Exchange and the Securities and
Exchange Commission and otherwise in scope approved by the Audit Committee of
the Board of Trustees of the Company.&#160;&#160;As additional compensation
payable pursuant to Section 10 to the Manager for such additional services, the
Company agrees to reimburse the Manager, within 30 days of the receipt of the
invoice therefor, for a pro rata share (as agreed to by the Independent Trustees
from time to time) of the following costs of the Manager:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(i)&#160;&#160;employment
expenses of the Manager's internal audit manager and other employees of the
Manager actively engaged in providing internal audit services, including but not
limited to salary, wages, payroll taxes and the cost of employee benefit plans;
and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(ii)&#160;&#160;the
reasonable travel and other out-of-pocket expenses of the Manager relating to
the activities of the Manager's internal audit manager and other of the
Manager's employees actively engaged in providing internal audit services and
the reasonable third party expenses which the Manager incurs in connection with
its provision of internal audit services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;If,
and to the extent that, the Company shall request the Manager to render services
on behalf of the Company other than those required to be rendered by the Manager
in accordance with the terms of this Agreement, those additional services shall
be compensated separately on terms to be agreed upon between the Manager and the
Company from time to time.&#160;&#160;In addition, the Company may make awards
to the employees of the Manager and others under the Company's Incentive Share
Award Plan then in effect or any plan adopted by the Company from time to time
in replacement thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">12.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Expenses of the
Manager</font>. Without regard to and without limiting the compensation received
by the Manager from the Company pursuant to this Agreement and except to the
extent provided by Sections 2, 10 or 11, the Manager shall bear the following
expenses incurred in connection with the performance of its duties under this
Agreement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;employment
expenses of the personnel employed by the Manager, including, but not limited
to, salaries, wages, payroll taxes and the cost of employee benefit
plans;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;fees
and travel and other expenses paid to directors, officers and employees of the
Manager, except fees and travel and other expenses of persons who are trustees
or officers of the Company incurred in their capacities as trustees or officers
of the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;rent,
telephone, utilities, office furniture, equipment and machinery (including
computers, to the extent utilized) and other office expenses of the Manager,
except to the extent those expenses may relate solely to an office maintained by
the Company separate from the office of the Manager; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;miscellaneous
administrative expenses relating to performance by the Manager of its
obligations hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">13.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Expenses of the
Company</font>.&#160;&#160;Except as expressly otherwise provided in this
Agreement, the Company shall pay all its expenses not payable by the Manager,
and, without limiting the generality of the foregoing, it is specifically agreed
that the following expenses of the Company shall be paid by the Company and
shall not be paid by the Manager:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;the
cost of borrowed money;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;taxes
on income and taxes and assessments on real and personal property, if any, and
all other taxes applicable to the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;legal,
auditing, accounting, underwriting, brokerage, listing, reporting, registration
and other fees, and printing, engraving and other expenses and taxes incurred
in</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">connection with
the issuance, distribution, transfer, trading, registration and stock exchange
listing of the Company's securities, including transfer agent's, registrar's and
indenture trustee's fees and charges;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;expenses
of organizing, restructuring, reorganizing or terminating the Company, or of
revising, amending, converting or modifying the Company's organizational
documents;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;fees
and travel and other expenses paid to trustees and officers of the Company in
their capacities as such (but not in their capacities as officers or employees
of the Manager) and fees and travel and other expenses paid to advisors,
contractors, mortgage servicers, consultants, and other agents and independent
contractors employed by or on behalf of the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;expenses
directly connected with the investigation, acquisition, disposition or ownership
of real estate interests or other property (including third party property
diligence costs, appraisal reporting, the costs of foreclosure, insurance
premiums, legal services, brokerage and sales commissions, maintenance, repair,
improvement and local management of property), other than expenses with respect
thereto of employees of the Manager, to the extent that such expenses are to be
borne by the Manager pursuant to Section 12 above;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(g)&#160;&#160;all
insurance costs incurred in connection with the Company (including officer and
trustee liability insurance) or in connection with any officer and trustee
indemnity agreement to which the Company is a party;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(h)&#160;&#160;expenses
connected with payments of dividends or interest or contributions in cash or any
other form made or caused to be made by the Trustees to holders of securities of
the Company;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(i)&#160;&#160;all
expenses connected with communications to holders of securities of the Company
and other bookkeeping and clerical work necessary to maintaining relations with
holders of securities, including the cost of preparing, printing, posting,
distributing and mailing certificates for securities and proxy solicitation
materials and reports to holders of the Company's securities;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(j)&#160;&#160;legal,
accounting and auditing fees and expenses, other than those described in
subsection (c) above;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(k)&#160;&#160;filing
and recording fees for regulatory or governmental filings, approvals and notices
to the extent not otherwise covered by any of the foregoing items of this
Section 13;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(l)&#160;&#160;expenses
relating to any office or office facilities maintained by the Company separate
from the office of the Manager; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(m)&#160;&#160;the
costs and expenses of all equity award or compensation plans or arrangements
established by the Company, including the value of awards made by the Company to
the Manager or its employees, if any.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">14.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Limits of Manager
Responsibility; Indemnification; Company Remedies</font>.&#160;&#160;The Manager
assumes no responsibility other than to render the services described herein in
good faith and shall not be responsible for any action of the Trustees in
following or declining to follow any advice or recommendation of the
Manager.&#160;&#160;The Manager, its shareholders, directors, officers,
employees, agents and affiliates will not be liable to the Company, its
shareholders, or others, except by reason of acts constituting bad faith,
willful or wanton misconduct or gross negligence in the performance of its
obligations hereunder.&#160;&#160;The Company shall reimburse, indemnify and
hold harmless the Manager, its shareholders, directors, officers and employees,
and its agents and affiliates for and from any and all expenses, losses,
damages, liabilities, demands, charges and claims of any nature whatsoever
(including, without limitation, all reasonable attorneys', accountants' and
experts' fees and expenses) in respect of or arising from any acts or omissions
of the Manager with respect to the provision of services by it or performance of
its obligations in connection with this Agreement or performance of other
matters pursuant to specific instruction by the Trustees, except to the extent
such provision or performance was in willful bad faith or grossly
negligent.&#160;&#160;Without limiting the foregoing, the Company shall promptly
advance expenses incurred by the indemnitees referred to in this section for
matters referred to in this section, upon request for such
advancement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">15.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Activities of the
Manager and its Shareholders</font>.&#160;&#160;Nothing herein shall prevent the
Manager from engaging in other activities or businesses or from acting as
manager to any other person or entity (including other real estate investment
trusts) even though such person or entity has investment policies and objectives
similar to those of the Company; provided, however, that none of the Manager,
Barry M. Portnoy, Gerard M. Martin nor Adam D. Portnoy shall provide management
services to, make competitive direct investment in or, in the case of Barry M.
Portnoy, Gerard M. Martin and Adam D. Portnoy, serve as a director or officer
of, any other real estate investment trust which is principally engaged in the
business of ownership of Senior Properties (as defined below) without the
consent of a majority of the Independent Trustees.&#160;&#160;The Company
acknowledges that the Manager manages real estate investment trusts and other
entities (including, as of the date of this Agreement, HRPT Properties Trust,
Hospitality Properties Trust, Government Properties Income Trust, Five Star
Quality Care, Inc. and TravelCenters of America LLC) and that the Manager shall
be free from any obligation to present to the Company any particular investment
opportunity which comes to the Manager and that the Manager is not required to
present the Company with opportunities to invest in properties that are
primarily of a type that are the investment focus of another person or entity
now or in the future managed by the Manager.&#160;&#160;In addition, except as
expressly provided herein, nothing herein shall prevent any shareholder or
affiliate of the Manager from engaging in any other business or from rendering
services of any kind to any other corporation, partnership or</font></div>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">other entity
(including competitive business activities).&#160;&#160;The Company acknowledges
and agrees that the Manager has certain interests that may be divergent from
those of the Company.&#160;&#160;The parties agree that these relationships and
interests shall not affect either party's rights and obligations under this
Agreement.&#160;&#160;Without limiting the foregoing provisions, the Manager
agrees, upon the request of any trustee of the Company, to disclose certain real
estate investment information concerning the Manager or certain of its
affiliates; provided, however, that the disclosure shall be required only if it
does not constitute a breach of any fiduciary duty or obligation of the Manager,
and the Company shall be required to keep such information
confidential.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Directors,
officers, employees and agents of the Manager or of its affiliates may serve as
Trustees, officers, employees, agents, nominees or signatories of the
Company.&#160;&#160;When executing documents or otherwise acting in capacities
for the Company, these persons shall use their respective titles in the
Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">For purposes of
this Agreement, "Senior Properties" shall mean senior apartments, congregate
communities, assisted living properties, nursing homes or other healthcare
properties, including medical office buildings, clinics and biomedical,
pharmaceutical and laboratory buildings, but excluding mixed use properties
where medical office, clinic, biomedical, pharmaceutical or laboratory use is
under 50% (determined by rentable square footage, excluding common areas), and
further provided usual office use by a tenant with a medical based business
shall not constitute medical use.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">16.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term,
Termination</font>.&#160;&#160;This Agreement shall continue in force and effect
until December 31, 2010, and shall be automatically renewed for successive one
year terms annually thereafter unless notice of non-renewal is given by the
Company or the Manager before the end of the term.&#160;&#160;It is expected
that the terms and conditions may be reviewed by the Independent Trustees of the
Compensation Committee of the Board of Trustees of the Company at least
annually.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Notwithstanding any other provision of this
Agreement to the contrary, this Agreement may be terminated by either party
hereto upon sixty (60) days' written notice to the other party, pursuant to, in
the case of a termination by the Company, a majority vote of the Independent
Trustees or, in the case of a termination by the Manager, by a majority vote of
the directors of the Manager.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Section 17 hereof
shall govern the rights, liabilities and obligations of the parties upon
termination of this Agreement; and, except as provided in Sections 14 and 17, a
termination shall be without further liability of either party to the other,
other than for breach or violation of this Agreement prior to
termination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">17.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Action Upon
Termination</font>.&#160;&#160;From and after the effective date of any
termination of this Agreement pursuant to Section 16 hereof, the Manager shall
be entitled to no compensation for services rendered hereunder for the remainder
of the then-current term of this Agreement, but shall be paid, on a pro rata
basis, all compensation due for services performed prior to the effective date
of such termination, including, without limitation, a pro rata portion of the
then current year's Incentive Fee.&#160;&#160;Upon termination, the Manager
immediately shall:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;pay
over to the Company all monies collected and held for the account of the Company
by it pursuant to this Agreement, after deducting therefrom any accrued and
unpaid Fees (including, without limitation, a pro rata portion of the then
current year's Incentive Fee, and reimbursements for its expenses to which it is
then entitled);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;deliver
to the Trustees a full and complete accounting, including a statement showing
all sums collected by it and a statement of all sums held by it for the period
commencing with the date following the date of its last accounting to the
Trustees; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;deliver
to the Trustees all property and documents of the Company then in its custody or
possession.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">The amount of
Fees paid to the Manager upon termination shall be subject to adjustment
pursuant to the following mechanism.&#160;&#160;On or before the 30th day after
public availability of the Company's annual audited financial statements for the
fiscal year in which termination occurs, the Company shall deliver to the
Manager a Certificate reasonably acceptable to the Manager and certified by an
authorized officer of the Company setting forth (i) the Annual Average
Transferred Assets, the Annual Average Invested Capital and the FFO Per Share
for the Company's fiscal year ended upon the immediately preceding December 31,
and (ii) the Company's computation of the Fees (including, without limitation, a
pro rata portion of the then current year's Incentive Fee) payable upon the date
of termination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If the annual
Fees owed upon termination as shown in the Certificate exceed the Fees paid by
the Company upon termination, the Company shall include its check for the
deficit and deliver the same to the Manager with the Certificate. The Incentive
Fee for any partial fiscal year will be determined by multiplying the Incentive
Fee for such year (assuming this Agreement were in effect for the entire year)
by a fraction, the numerator of which is the number of days in the portion of
such year during which this Agreement was in effect, and the denominator of
which shall be 365.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If the annual
Fees owed upon termination as shown in the Certificate are less than the Fees
paid by the Company upon termination, the Manager shall remit to the Company its
check in an amount equal to the difference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">18.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Trustee
Action</font>.&#160;&#160;Wherever action on the part of the Trustees is
contemplated by this Agreement, action by a majority of the Trustees, including
a majority of the Independent Trustees, shall constitute the action provided for
herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">19.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">TRUSTEES AND SHAREHOLDERS
NOT LIABLE</font>.&#160;&#160;THE DECLARATION OF TRUST, A COPY OF WHICH,
TOGETHER WITH ALL AMENDMENTS, IS DULY FILED IN THE OFFICE OF THE DEPARTMENT OF
ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND PROVIDES THAT THE NAME SENIOR
HOUSING PROPERTIES TRUST REFERS TO THE TRUSTEES COLLECTIVELY AS TRUSTEES, BUT
NOT INDIVIDUALLY OR PERSONALLY.&#160;&#160;NO TRUSTEE, OFFICER, SHAREHOLDER,
EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY,
JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE
COMPANY.&#160;&#160;ALL PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK
ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE
OF ANY OBLIGATION.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">20.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;Any
notice, report or other communication required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given when
delivered in person, upon confirmation of receipt when transmitted by facsimile
transmission, on the next business day if transmitted by a nationally recognized
overnight courier or on the third business day following mailing by first class
mail, postage prepaid, in each case as follows (or at such other United States
address or facsimile number for a party as shall be specified by like
notice):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If to the
Company:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Senior Housing
Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">400 Centre
Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Newton,
Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Attention:
President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Facsimile
No.:&#160;&#160;(617) 796-8349</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If to the
Manager:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Reit Management
&amp; Research LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">400 Centre
Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Newton,
Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Attention:
President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Facsimile
No.:&#160;&#160;(617) 928-1305</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">21.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments</font>.&#160;&#160;This
Agreement shall not be amended, changed, modified, terminated, or discharged in
whole or in part except by an instrument in writing signed by each of the
parties hereto, or by their respective successors or assigns, or otherwise as
provided herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">22.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assignment</font>.&#160;&#160;Neither
party may assign this Agreement or its rights hereunder or delegate its duties
hereunder without the written consent of the other party, except in the case of
an assignment or delegation by the Manager to a corporation, partnership,
limited liability company, association, trust, or other successor entity which
may take over the property and carry on the affairs of the Manager and which
remains under the control of one or more persons who controlled the operations
of the Manager immediately prior to such assignment or delegation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">23.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Third Party
Beneficiary</font>.&#160;&#160;Except as otherwise provided in Section 26(i), no
person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this
Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">24.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Successors and
Assigns</font>.&#160;&#160;This Agreement shall be binding upon any successors
or permitted assigns of the parties hereto as provided herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">25.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing
Law</font>.&#160;&#160;The provisions of this Agreement shall be governed by and
construed in accordance with the laws of The Commonwealth of
Massachusetts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">26.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Arbitration</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Any
disputes, claims or controversies between the parties (i) arising out of or
relating to this Agreement or the provision of services by the Manager pursuant
to this Agreement, or (ii) brought by or on behalf of any shareholder of the
Company (which, for purposes of this Section 26, shall mean any shareholder of
record or any beneficial owner of shares of the Company, or any former
shareholder of record or beneficial owner of shares of the Company), either on
his, her or its own behalf, on behalf of the Company or on behalf of any series
or class of shares of the Company or shareholders of the Company against the
Company or any trustee, officer, manager (including Reit Management &amp;
Research LLC or its successor), agent or employee of the Company, including
disputes, claims or controversies relating to the meaning, interpretation,
effect, validity, performance or enforcement of this Agreement, the Declaration
of Trust or the Bylaws (all of which are referred to as "Disputes"), or relating
in any way to such a Dispute or Disputes shall, on the demand of any party to
such Dispute be resolved through binding and final arbitration in accordance
with the Commercial Arbitration Rules (the "Rules") of the American Arbitration
Association ("AAA") then in effect, except as those Rules may be modified in
this Section 26.&#160;&#160;For the avoidance of doubt, and not as a limitation,
Disputes are intended to include derivative actions against trustees, officers
or managers of the Company and class actions by a shareholder against those
individuals or entities and the Company.&#160;&#160;For the avoidance of doubt,
a Dispute shall include a Dispute made derivatively on behalf of one party
against another party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;There
shall be three arbitrators.&#160;&#160;If there are only two parties to the
Dispute, each party shall select one arbitrator within 15 days after receipt by
respondent of a copy of the demand for arbitration.&#160;&#160;Such arbitrators
may be affiliated or interested persons of such parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">14</font></div>
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      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If either party
fails to timely select an arbitrator, the other party to the Dispute shall
select the second arbitrator who shall be neutral and impartial and shall not be
affiliated with or an interested person of either party.&#160;&#160;If there are
more than two parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand, shall each select, by the vote of a majority of
the claimants or the respondents, as the case may be, one
arbitrator.&#160;&#160;Such arbitrators may be affiliated or interested persons
of the claimants or the respondents, as the case may be.&#160;&#160;If either
all claimants or all respondents fail to timely select an arbitrator then such
arbitrator (who shall be neutral, impartial and unaffiliated with any party)
shall be appointed by the parties who have appointed the first
arbitrator.&#160;&#160;The two arbitrators so appointed shall jointly appoint
the third and presiding arbitrator (who shall be neutral, impartial and
unaffiliated with any party) within 15 days of the appointment of the second
arbitrator.&#160;&#160;If the third arbitrator has not been appointed within the
time limit specified herein, then the AAA shall provide a list of proposed
arbitrators in accordance with the Rules, and the arbitrator shall be appointed
by the AAA in accordance with a listing, striking and ranking procedure, with
each party having a limited number of strikes, excluding strikes for
cause.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;The
place of arbitration shall be Boston, Massachusetts unless otherwise agreed by
the parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;There
shall be only limited documentary discovery of documents directly related to the
issues in dispute, as may be ordered by the arbitrators.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;In
rendering an award or decision (the "Award"), the arbitrators shall be required
to follow the laws of The Commonwealth of Massachusetts.&#160;&#160;Any
arbitration proceedings or Award rendered hereunder and the validity, effect and
interpretation of this arbitration agreement shall be governed by the Federal
Arbitration Act, 9 U.S.C. &#167;1 et seq.&#160;&#160;The Award shall be in writing
and may, but shall not be required to, briefly state the findings of fact and
conclusions of law on which it is based.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;Except
to the extent expressly provided by this Agreement or as otherwise agreed by the
parties, each party involved in a Dispute shall bear its own costs and expenses
(including attorneys' fees), and the arbitrators shall not render an award that
would include shifting of any such costs or expenses (including attorneys' fees)
or, in a derivative case or class action, award any portion of the Company's
award to the claimant or the claimant's attorneys.&#160;&#160;Each party (or, if
there are more than two parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there are
more than two parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the
third appointed arbitrator.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(g)&#160;&#160;An
Award shall be final and binding upon the parties thereto and shall be the sole
and exclusive remedy between such parties relating to the Dispute, including any
claims, counterclaims, issues or accounting presented to the
arbitrators.&#160;&#160;Judgment upon the Award may</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">15</font></div>
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        </div>
      </div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">be entered in any
court having jurisdiction.&#160;&#160;To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or with
respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(h)&#160;&#160;Any
monetary award shall be made and payable in U.S. dollars free of any tax,
deduction or offset.&#160;&#160;Each party against which the Award assesses a
monetary obligation shall pay that obligation on or before the 30th day
following the date of the Award or such other date as the Award may
provide.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(i)&#160;&#160;This
Section 26 is intended to benefit and be enforceable by the shareholders,
directors, officers, managers (including the Manager or its successor), agents
or employees of the Company and the Company and shall be binding on the
shareholders of the Company and the Company, as applicable, and shall be in
addition to, and not in substitution for, any other rights to indemnification or
contribution that such individuals or entities may have by contract or
otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">27.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Consent to Jurisdiction and
Forum</font>.&#160;&#160;This Section 27 is subject to, and shall not in any way
limit the application of, Section 26; in case of any conflict between this
Section 27 and Section 26, Section 26 shall govern.&#160;&#160;The exclusive
jurisdiction and venue in any action brought by any party hereto pursuant to
this Agreement shall lie in any federal or state court located in Boston,
Massachusetts.&#160;&#160;By execution and delivery of this Agreement, each
party hereto irrevocably submits to the jurisdiction of such courts for itself
and in respect of its property with respect to such action. The parties
irrevocably agree that venue would be proper in such court, and hereby waive any
objection that such court is an improper or inconvenient forum for the
resolution of such action.&#160;&#160;The parties further agree and consent to
the service of any process required by any such court by delivery of a copy
thereof in accordance with Section 20 and that any such delivery shall
constitute valid and lawful service of process against it, without necessity for
service by any other means provided by statute or rule of court.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">28.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Captions</font>.&#160;&#160;The
captions included herein have been inserted for ease of reference only and shall
not be construed to affect the meaning, construction or effect of this
Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">29.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire
Agreement</font>.&#160;&#160;This Agreement constitutes the entire agreement of
the parties hereto with respect to the subject matter hereof and supersedes and
cancels any pre-existing agreements with respect to its subject
matter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">30.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;If
any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision
in every other</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">16</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">respect and of
the remaining provisions hereof shall not be in any way impaired, unless the
provisions held invalid, illegal or unenforceable shall substantially impair the
benefits of the remaining provisions hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">31.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Survival</font>.&#160;&#160;The
provisions of Sections 2 (limited to the obligation of the Company to indemnify
the Manager for matters provided thereunder), 14, 15 (limited to the obligations
of the Company to keep information provided to the Company by the Manager
confidential as provided in the last proviso in such Section), 16 (limited to
the last paragraph of such Section), 17, 19, 20, 23, 24, 25, 26, 27, 30 and 31
of this Agreement shall survive the termination hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">32.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Agreements</font>. The
parties hereto are also parties to an Amended and Restated Property Management
Agreement, dated as of the date hereof, as in effect from time to time (the
"Property Management Agreement").&#160;&#160;The parties agree that this
Agreement does not include or otherwise address the rights and obligations of
the parties under the Property Management Agreement and that the Property
Management Agreement provides for its own separate rights and obligations of the
parties thereto, including, without limitation separate compensation payable by
the Company and the other Owners (as defined in the Property Management
Agreement) to the Manager thereunder for services to be provided by the Manager
pursuant to the Property Management Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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To Follow.]</font></div><br>
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">IN WITNESS
WHEREOF, the parties hereto have caused this Business Management Agreement to be
executed as an instrument under seal by their duly authorized officers, as of
the day and year first above written.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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<tr>
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            </td>
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            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
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            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
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      Hegarty</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;&#160;
      Name:&#160;&#160;David J. Hegarty</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;&#160;
      Title:&#160;&#160;President and Chief Operating Officer</font></div>
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            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
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            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;
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            <td align="left" valign="top" width="40%">
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            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
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            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
            <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;</font></td>
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      <font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ David M.
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: verdana">&#160;&#160;&#160;&#160;&#160;&#160;
      Name:&#160;&#160;David M. Lepore</font></div>
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      Title:&#160;&#160;Senior Vice
President</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">SOLELY AS TO
SECTION 15 HEREOF:</font></div>
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Portnoy</font></font></div>
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Portnoy</font></div>
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Martin</font></font></div>
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Martin</font></div>
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Portnoy</font></font></div>
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Portnoy</font></div>
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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
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<DESCRIPTION>EXHIBIT 10-2
<TEXT>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">EXHIBIT
10.2</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">AMENDED AND RESTATED
PROPERTY MANAGEMENT AGREEMENT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIS AMENDED AND RESTATED
PROPERTY</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">MANAGEMENT
AGREEMENT</font> (this "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>") is made
and entered into as of January 7, 2010, by and among <font style="DISPLAY: inline; FONT-WEIGHT: bold">REIT MANAGEMENT &amp; RESEARCH
LLC</font>, a Delaware limited liability company ("<font style="DISPLAY: inline; TEXT-DECORATION: underline">Managing Agent</font>"), and
<font style="DISPLAY: inline; FONT-WEIGHT: bold">SENIOR HOUSING PROPERTIES
TRUST</font>, a Maryland real estate investment trust (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>"), on behalf
of itself and those of its subsidiaries as may from time to time own properties
subject to this Agreement (each, an "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Owner</font>" and,
collectively, "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Owners</font>").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">W I T N E S S E T
H</font><font style="DISPLAY: inline; FONT-FAMILY: Verdana">:</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHEREAS</font>, Owners and Managing
Agent are parties to a Master Management Agreement, dated as of June 11, 2008
(as amended, the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Original Agreement</font>"),
pursuant to which Owners have engaged Managing Agent to manage certain of the
medical office buildings, clinics and biomedical, pharmaceutical and laboratory
properties (such types of properties, the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Properties</font>") from
time to time subject to this Agreement (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Managed Premises</font>");
and</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHEREAS</font>, Owners and Managing
Agent wish to amend and restate the Original Agreement as hereinafter
provided;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">NOW, THEREFORE</font>, in
consideration of the premises and the agreements herein contained, Owners and
Managing Agent hereby agree that the Original Agreement is hereby amended and
restated to read in its entirety as follows:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">1.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Engagement</font>.&#160;&#160;Subject
to the terms and conditions hereinafter set forth, Owners hereby continue to
engage Managing Agent to provide the property management and administrative
services with respect to the Managed Premises contemplated by this
Agreement.&#160;&#160;Managing Agent hereby accepts such continued engagement as
managing agent and agrees to devote such time, attention and effort as may be
appropriate to operate and manage the Managed Premises in a diligent, orderly
and efficient manner.&#160;&#160;Managing Agent may subcontract out some or all
of its obligations hereunder to third party managers; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that, in any
such event, Managing Agent shall be and remain primarily liable to Owners for
performance hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Notwithstanding
anything to the contrary set forth in this Agreement, the services to be
provided by Managing Agent hereunder shall exclude all services (including,
without limitation, any garage management or cafeteria management services)
whose performance by a manager to</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">any Owner could
give rise to an Owner's receipt of "impermissible tenant service income" as
defined in &#167;856(d)(7) of the Internal Revenue Code of 1986 (as amended or
superseded hereafter) or could in any other way jeopardize an Owner's federal or
state tax qualification as a real estate investment trust.&#160;&#160;Managing
Agent shall not perform any such service and if, in the event Managing Agent
shall inadvertently perform any such service, no compensation therefor shall be
paid or payable hereunder.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">2.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General
Parameters</font>.&#160;&#160;Any or all services may be performed or goods
purchased by Managing Agent under arrangements jointly with or for other
properties owned or managed by Managing Agent and the costs shall be reasonably
apportioned.&#160;&#160;Managing Agent may employ personnel who are assigned to
work exclusively at the Managed Premises or partly at the Managed Premises and
other buildings owned and/or managed by Managing Agent.&#160;&#160;Wages,
benefits and other related costs of centralized accounting personnel and
employees employed by Managing Agent and assigned to work exclusively or partly
at the Managed Premises shall be fairly apportioned and reimbursed, pro rata, by
Owners in addition to the Fee and Construction Supervision Fee (each as defined
in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
6</font>).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">3.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Duties</font>.&#160;&#160;Without
limitation, Managing Agent agrees to perform the following specific
duties:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;To
seek tenants for the Managed Premises in accordance with market rents and to
negotiate leases including renewals thereof and to lease space to tenants, at
rentals, and for periods of occupancy all on market terms.&#160;&#160;To employ
appropriate means in order that the availability of rental space is made known
to potential tenants, including, but not limited to, the employment of
brokers.&#160;&#160;The brokerage and legal expenses of negotiating such leases
and leasing such space shall be paid by the applicable Owner.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;To
collect all rents and other income from the Managed Premises and to give
receipts therefor, both on behalf of Owners, and deposit such funds in such
banks and such accounts as are named, from time to time, by Owners, in agency
accounts for and under the name of Owners.&#160;&#160;Managing Agent shall be
empowered to sign disbursement checks on these accounts.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;To
make contracts for and to supervise any repairs and/or alterations to the
Managed Premises, including tenant improvements and decoration of rental space
on reasonable commercial terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;For
Owners' account and at its expense, to hire, supervise and discharge employees
as required for the efficient operation and maintenance of the Managed
Premises.</font></div>
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obtain, at Owners' expense, appropriate insurance for the Managed Premises
protecting Owners and Managing Agent while acting on behalf of Owners against
all normally insurable risks relating to the Managed Premises and complying with
the requirements of Owners' mortgagee, if any, and to cause the same to be
provided and maintained by all tenants with respect to the Managed Premises to
the extent required by the terms of such tenants'
leases.&#160;&#160;Notwithstanding the foregoing, Owners may determine to
purchase insurance directly for their own account.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;To
promptly notify the applicable Owner's insurance carriers, as required by the
applicable policies, of any casualty or injury to person or property at the
Managed Premises, and complete customary reports in connection
therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(g)&#160;&#160;To
procure seasonably all supplies and other materials necessary for the proper
operation of the Managed Premises, at Owners' expense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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pay promptly from rental receipts, other income derived from the Managed
Premises, or other monies made available by Owners for such purpose, all costs
incurred in the operation of the Managed Premises which are expenses of Owners
hereunder, including wages or other payments for services rendered, invoices for
supplies or other items furnished in relation to the Managed Premises, and pay
over forthwith the balance of such rental receipts, income and monies to Owners
or as Owners shall from time to time direct.&#160;&#160;(In the event that the
sum of the expenses to operate and the compensation due Managing Agent exceed
gross receipts in any month and no excess funds from prior months are available
for payment of such excess, Owners shall pay promptly the amount of the
deficiency thereof to Managing Agent upon receipt of statements
therefor.)</font></div>
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keep Owners apprised of any material developments in the operation of the
Managed Premises.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(j)&#160;&#160;To
establish reasonable rules and regulations for tenants of the Managed
Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(k)&#160;&#160;On
behalf of and in the name of Owner, to institute or defend, as the case may be,
any and all legal actions or proceedings relating to operation of the Managed
Premises.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(l)&#160;&#160;To
maintain the books and records of Owners reflecting the management and operation
of the Managed Premises, making available for reasonable inspection and
examination by Owners or its representatives, all books, records and other
financial data relating to the Managed Premises.</font></div>
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</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(m)&#160;&#160;To
prepare and deliver seasonably to tenants of the Managed Premises such
statements of expenses or other information as shall be required on the
landlord's part to be delivered to such tenants for computation of rent,
additional rent, or any other reason.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(n)&#160;&#160;To
aid, assist and cooperate with Owners in matters relating to taxes and
assessments and insurance loss adjustments, notify Owners of any tax increase or
special assessments relating to the Managed Premises and to enter into contracts
for tax abatements services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(o)&#160;&#160;To
provide such emergency services as may be required for the efficient management
and operation of the Managed Premises on a 24-hour basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(p)&#160;&#160;To
enter into contracts on commercially reasonable terms for utilities (including,
without limitation, water, fuel, electricity and telephone) and for building
services (including, without limitation, cleaning of windows, common areas and
tenant space, ash, rubbish and garbage hauling, snow plowing, landscaping,
carpet cleaning and vermin extermination), and for other services as are
appropriate to first class office space.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(q)&#160;&#160;To
seek market terms for all items purchased or services contracted by it under
this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(r)&#160;&#160;To
take such action generally consistent with the provisions of this Agreement as
Owners might with respect to the Managed Premises if personally
present.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(s)&#160;&#160;To,
from time to time, or at any time requested by the Board of Trustees of the
Company (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Trustees</font>"), make
reports of its performance of the foregoing services to the
Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">4.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Authority</font>.&#160;&#160;Owners
give to Managing Agent the authority and powers to perform the foregoing duties
on behalf of Owners and authorize Managing Agent to incur such reasonable
expenses, specifically contemplated in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2</font>, on behalf
of Owners as are necessary in the performance of those duties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">5.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Special
Authority of Managing Agent</font>.&#160;&#160;In addition to, and not in
limitation of, the duties and authority of Managing Agent contained herein,
Managing Agent shall perform the following duties:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Terminate
tenancies and sign and serve in the name of Owners such notices therefor as may
be required for the proper management of the Managed Premises.</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;At
Owners' expense, institute and prosecute actions to evict tenants and recover
possession of rental space, and recover rents and other sums due; and when
expedient, settle, compromise and release such actions or suits or reinstate
such tenancies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">6.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Compensation</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;In
consideration of the services to be rendered by Managing Agent hereunder, Owners
agree to pay and Managing Agent agrees to accept as its sole compensation (i) a
management fee (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fee</font>") equal to three
percent (3%) of the gross collected rents actually received by Owners from the
Managed Premises, such gross rents to include all fixed rents, percentage rents,
additional rents, operating expense and tax escalations, and any other charges
paid to Owners in connection with occupancy of the Managed Premises, but
excluding any amounts collected from tenants to reimburse Owners for the cost of
capital improvements or for expenses incurred in curing any tenant default or in
enforcing any remedy against any tenant; and (ii) a construction supervision fee
(the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Construction
Supervision Fee</font>") in connection with all interior and exterior
construction renovation or repair activities at the Managed Premises, including,
without limitation, all tenant and capital improvements in, on or about the
Managed Premises, undertaken during the term of this Agreement, other than
ordinary maintenance and repair, equal to five percent (5%) of the cost of such
construction which shall include the costs of all related professional services
and the cost of general conditions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Unless
otherwise agreed, the Fee shall be due and payable monthly, in arrears based on
a reasonable annual estimate or budget with an annual reconciliation within
thirty (30) days after the end of each calendar year.&#160;&#160;The
Construction Supervision Fee shall be due and payable periodically, as agreed by
Managing Agent and Owners, based on actual costs incurred to date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;Notwithstanding
anything herein to the contrary, Owners shall reimburse Managing Agent for
reasonable travel expenses incurred when traveling to and from the Managed
Premises while performing its duties in accordance with this Agreement; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that,
reasonable travel expenses shall not include expenses incurred for travel to and
from the Managed Premises by personnel assigned to work exclusively at the
Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;Managing
Agent shall be entitled to no other additional compensation, whether in the form
of commission, bonus or the like for its services under this
Agreement.&#160;&#160;Except as otherwise specifically provided herein with
respect to payment by Owners of legal fees, accounting fees, salaries, wages,
fees and charges of parties hired by Managing Agent on behalf of Owners to
perform operating and maintenance functions in the Managed Premises, and the
like, if Managing Agent hires third parties to perform services required to be
performed hereunder by Managing Agent without additional charge to Owners,
Managing Agent shall (except to the extent the same are reasonably</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">attributable to
an emergency at the Managed Premises) be responsible for the charges of such
third parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">7.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Term of
Agreement</font>.&#160;&#160;This Agreement shall continue in force and effect
until December 31, 2010, and shall be automatically renewed for successive one
year terms annually thereafter unless notice of non-renewal is given by the
Company, on behalf of itself and Owners,&#160;&#160;or Managing Agent before the
end of the term.&#160;&#160;It is expected that the terms and conditions may be
reviewed by the Independent Trustees as defined in the Company's Bylaws, as
amended as of the date hereof (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent
Trustees</font>"), of the Compensation Committee of the Board of Trustees of the
Company at least annually.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Notwithstanding any other provision of this
Agreement to the contrary, this Agreement, or any extension thereof, may be
terminated (a) by either the Company, on behalf of itself and the Owners, or
Managing Agent upon sixty (60) days' written notice to the other party, which
termination, if by the Company, must be approved by a majority vote of the
Independent Trustees of the Compensation Committee of the Board of Trustees of
the Company, or if by Managing Agent, must be approved by a majority vote of the
directors of Managing Agent; and (b) by Managing Agent upon five (5) business
days written notice to the Company if there is a Change of
Control.&#160;&#160;This Agreement may be terminated with respect to less than
all of the properties comprising the Managed Premises to accommodate any sale of
some properties comprising the Managed Premises with Managing Agent's
consent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>For purposes of this Agreement, a "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Change of Control</font>"
shall mean:&#160;&#160;(a) the acquisition by any person or entity, or two or
more persons or entities acting in concert, of beneficial ownership (such term,
for purposes of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 7</font>, having the
meaning provided such term in Rule 13d-3 under the Securities Exchange Act of
1934, as amended) of 9.8% or more, or rights, options or warrants to acquire
9.8% or more, or any combination thereof, of the Company's outstanding common
shares of beneficial interest or other voting interests of the Company,
including voting proxies for such shares, or the power to direct the management
and policies of the Company, directly or indirectly (excluding Managing Agent
and its affiliates and persons or entities that beneficially own 9.8% or more of
the Company's outstanding common shares of beneficial interest as of immediately
prior to the execution and delivery of this Agreement by the parties hereto);
(b) the merger or consolidation of the Company with or into any other entity
(other than the merger or consolidation of any entity into the Company that does
not result in a Change in Control of the Company under clauses (a), (c), or (d)
of this definition); (c) any one or more sales or conveyances to any person or
entity of all or any material portion of the assets (including capital stock or
other equity interests) or business of the Company and its subsidiaries taken as
a whole; or (d) the cessation, for any reason, of the individuals who at the
beginning of any 36 consecutive month period constituted the Trustees (together
with any new trustees whose election by the Trustees or whose nomination for
election by the shareholders of the Company was approved by a vote of a majority
of the trustees then still in office who were either trustees at the beginning
of any such period or whose election or nomination for election was previously
so approved) to constitute a majority of the Trustees then in office; provided,
however, a Change of Control of the Company shall not include the acquisition by
any person or entity, or two or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">more persons or
entities acting in concert, of beneficial ownership of 9.8% or more of the
Company's outstanding common shares of beneficial interest or other voting
interests of the Company if such acquisition is approved by the Trustees in
accordance with the Company's organizational documents and if such acquisition
is otherwise in compliance with applicable law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 8</font> hereof
shall govern the rights, liabilities and obligations of the parties upon
termination of this Agreement; and, except as provided in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 8</font>, such
termination shall be without further liability of either party to the other,
other than for breach or violation of this Agreement prior to
termination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">8.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Termination
or Expiration</font>.&#160;&#160;Upon termination or expiration of this
Agreement with respect to any of the Managed Premises for any reason whatsoever,
Managing Agent shall as soon as practicable turn over to Owners all books,
papers, funds, records, keys and other items relating to the management and
operation of such Managed Premises, including, without limitation, all leases in
the possession of Managing Agent and shall render to Owners a final accounting
with respect thereto through the date of termination.&#160;&#160;Owners shall be
obligated to pay all compensation for services rendered by Managing Agent
hereunder prior and up to the effective time of such termination, including,
without limitation, any Fees and Construction Supervision Fees, and shall pay
and reimburse to Managing Agent all expenses and costs incurred by Managing
Agent prior and up to the effective time of such termination which are otherwise
payable or reimbursable to Managing Agent pursuant to the terms of this
Agreement.&#160;&#160;The amount of such fees paid as compensation pursuant to
the foregoing sentence shall be subject to adjustment in accordance with the
annual reconciliation contemplated by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 6(b)</font> and
consistent with past practices in performing such reconciliation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">9.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Assignment
of Rights and Obligations</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Without
Owners' prior written consent, Managing Agent shall not sell, transfer, assign
or otherwise dispose of or mortgage, hypothecate or otherwise encumber or permit
or suffer any encumbrance of all or any part of its rights and obligations
hereunder, and any transfer, encumbrance or other disposition of an interest
herein made or attempted in violation of this paragraph shall be void and
ineffective, and shall not be binding upon Owners.&#160;&#160;Notwithstanding
the foregoing, Managing Agent may assign its rights and delegate its obligations
under this Agreement to any successor in interest who shall acquire
substantially all the assets of Managing Agent and substantially all of the
personnel that are utilized by Managing Agent to perform services under this
Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Owners,
without Managing Agent's consent, may assign its rights and obligations
hereunder to any mortgagee with respect to, or successor Owners of, the Managed
Premises, but not otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;Consistent
with the foregoing paragraphs (a) and (b), the terms "Owners" and "Managing
Agent" as used in this Agreement shall mean the original parties hereto and
their respective mortgagees, successors, assigns, heirs and legal
representatives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">10.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Indemnification
and Insurance</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Owners
agree to defend, indemnify and hold harmless Managing Agent from and against all
costs, claims, expenses and liabilities (including reasonable attorneys' fees)
arising out of Managing Agent's performance of its duties in accordance with
this Agreement including, without limitation, injury or damage to persons or
property occurring in, on or about the Managed Premises and violations or
alleged violations of any law, ordinance, regulation or order of any
governmental authority regarding the Managed Premises except any injury, damage
or violation resulting from Managing Agent's fraud, gross negligence or willful
misconduct in the performance of its duties hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;Owners
and Managing Agent shall maintain such commercially reasonable insurance as
shall from time to time be mutually agreed by Owners and Managing
Agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">11.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;Any
notice, report or other communication required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given when
delivered in person, upon confirmation of receipt when transmitted by facsimile
transmission, on the next business day if transmitted by a nationally recognized
overnight courier or on the third business day following mailing by first class
mail, postage prepaid, in each case as follows (or at such other United States
address or facsimile number for a party as shall be specified by like
notice):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If to the Company
or the Owners:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Senior Housing
Properties Trust</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">400 Centre
Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Newton,
Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Attention:&#160;&#160;President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Facsimile
No.:&#160;&#160;(617) 796-8349</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">If to Managing
Agent:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Reit Management
&amp; Research LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">400 Centre
Street</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Newton,
Massachusetts 02458</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Attention:&#160;&#160;President</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">Facsimile
No.:&#160;&#160;(617) 928-1305</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">12.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Limitation
of Liability</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Neither
Owners nor Managing Agent shall be personally liable hereunder, all such
liability being limited in the case of Owners to the interest of Owners in the
Managed Premises and in the case of Managing Agent, to its interest
hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;The
Declarations of Trust establishing certain Owners, a copy of each, together with
all amendments thereto (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Declarations</font>"), are
duly filed with the Department of Assessments and Taxation of the State of
Maryland, provide that the names of such Owners refers to the trustees under
such Declarations collectively as trustees, but not individually or
personally.&#160;&#160;No trustee, officer, shareholder, employee or agent of
such Owners shall be held to any personal liability, jointly or severally, for
any obligation of, or claim against, such Owners.&#160;&#160;All persons and
entities dealing with such Owners, in any way, shall look only to the respective
assets of such Owners for the payment of any sum or the performance of any
obligation of such Owners.&#160;&#160;In any event, all liability of such Owners
hereunder is limited to the interest of such Owners in the Managed Premises and,
in the case of Managing Agent, to its interest hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">13.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Additional
Properties</font>.&#160;&#160;Unless Owners and Managing Agent otherwise agree
in writing, all Properties from time to time acquired by Owners or their
affiliates shall automatically become subject to this Agreement without
amendment hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">14.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Modification
of Agreement</font>.&#160;&#160;This Agreement may not be modified, altered or
amended in any manner except by an amendment in writing, duly executed by the
parties hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">15.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Independent
Contractor</font>.&#160;&#160;This Agreement is not one of general agency by
Managing Agent for Owners, but one with Managing Agent engaged as an independent
contractor.&#160;&#160;Nothing in this Agreement is intended to create a joint
venture, partnership, tenancy-in-common or other similar relationship between
Owners and Managing Agent for any purposes whatsoever, and, without limiting the
generality of the foregoing, neither the terms of this Agreement nor the fact
that Owners and Managing Agent have joint interests in any one or more
investments, ownership or other interests in any one or more entities or may
have common officers or employees or a tenancy relationship shall be construed
so as to make them such partners or joint venturers or impose any liability as
such on either of them.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">16.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Law
Governing</font>.&#160;&#160;This Agreement shall be governed by and in
accordance with the laws of The Commonwealth of Massachusetts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">17.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Successors
and Assigns</font>.&#160;&#160;This Agreement shall be binding upon any
successors or permitted assigns of the parties hereto as provided
herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Verdana">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">18.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">No Third
Party Beneficiary</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;Except as
otherwise provided in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21(i)</font>, no
person or entity other than the parties hereto and their successors and
permitted assigns is intended to be a beneficiary of this
Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">19.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Severability</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.&#160;&#160;</font>If any one or
more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way
impaired, unless the provisions held invalid, illegal or unenforceable shall
substantially impair the benefits of the remaining provisions
hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">20.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Survival</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The provisions of
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">6</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">8</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">10</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">11</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">12</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">16</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">18</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">19</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">20</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">21</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">22</font> of this Agreement
shall survive the termination hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">21.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Arbitration</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(a)&#160;&#160;Any
disputes, claims or controversies between the parties (i) arising out of or
relating to this Agreement or the provision of services by Managing Agent
pursuant to this Agreement, or (ii) brought by or on behalf of any shareholder
of the Owners (which, for purposes of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font>, shall
mean any shareholder of record or any beneficial owner of shares of the Owners,
or any former shareholder of record or beneficial owner of shares of the
Owners), either on his, her or its own behalf, on behalf of the Owners or on
behalf of any series or class of shares of the Owners or shareholders of the
Owners against the Owners or any trustee, officer, manager (including Reit
Management &amp; Research LLC or its successor), agent or employee of the
Owners, including disputes, claims or controversies relating to the meaning,
interpretation, effect, validity, performance or enforcement of this Agreement
or the Declarations of Trust or the Bylaws of the Owners (all of which are
referred to as "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Disputes</font>"), or
relating in any way to such a Dispute or Disputes shall, on the demand of any
party to such Dispute be resolved through binding and final arbitration in
accordance with the Commercial Arbitration Rules (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rules</font>") of the
American Arbitration Association ("<font style="DISPLAY: inline; TEXT-DECORATION: underline">AAA</font>") then in effect,
except as those Rules may be modified in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
21</font>.&#160;&#160;For the avoidance of doubt, and not as a limitation,
Disputes are intended to include derivative actions against trustees, officers
or managers of the Owners and class actions by a shareholder against those
individuals or entities and the Owners.&#160;&#160;For the avoidance of doubt, a
Dispute shall include a Dispute made derivatively on behalf of one party against
another party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(b)&#160;&#160;There
shall be three arbitrators.&#160;&#160;If there are only two parties to the
Dispute (with, for purposes of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font>, any and
all Owners involved in the Dispute treated as one party), each party shall
select one arbitrator within 15 days after receipt by respondent of a copy of
the demand for arbitration.&#160;&#160;Such arbitrators may be affiliated or
interested persons of such parties.&#160;&#160;If either party fails to timely
select an arbitrator, the other party to the Dispute shall select the second
arbitrator who shall be neutral and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">impartial and
shall not be affiliated with or an interested person of either
party.&#160;&#160;If there are more than two parties to the Dispute, all
claimants, on the one hand, and all respondents, on the other hand, shall each
select, by the vote of a majority of the claimants or the respondents, as the
case may be, one arbitrator.&#160;&#160;Such arbitrators may be affiliated or
interested persons of the claimants or the respondents, as the case may
be.&#160;&#160;If either all claimants or all respondents fail to timely select
an arbitrator then such arbitrator (who shall be neutral, impartial and
unaffiliated with any party) shall be appointed by the parties who have
appointed the first arbitrator.&#160;&#160;The two arbitrators so appointed
shall jointly appoint the third and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within 15 days of the appointment of
the second arbitrator.&#160;&#160;If the third arbitrator has not been appointed
within the time limit specified herein, then the AAA shall provide a list of
proposed arbitrators in accordance with the Rules, and the arbitrator shall be
appointed by the AAA in accordance with a listing, striking and ranking
procedure, with each party having a limited number of strikes, excluding strikes
for cause.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(c)&#160;&#160;The
place of arbitration shall be Boston, Massachusetts unless otherwise agreed by
the parties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(d)&#160;&#160;There
shall be only limited documentary discovery of documents directly related to the
issues in dispute, as may be ordered by the arbitrators.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(e)&#160;&#160;In
rendering an award or decision (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Award</font>"), the
arbitrators shall be required to follow the laws of The Commonwealth of
Massachusetts.&#160;&#160;Any arbitration proceedings or Award rendered
hereunder and the validity, effect and interpretation of this arbitration
agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. &#167;1 et
seq.&#160;&#160;The Award shall be in writing and may, but shall not be required
to, briefly state the findings of fact and conclusions of law on which it is
based.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(f)&#160;&#160;Except
to the extent expressly provided by this Agreement or as otherwise agreed by the
parties, each party involved in a Dispute shall bear its own costs and expenses
(including attorneys' fees), and the arbitrators shall not render an award that
would include shifting of any such costs or expenses (including attorneys' fees)
or, in a derivative case or class action, award any portion of the Owners' award
to the claimant or the claimant's attorneys.&#160;&#160;Each party (or, if there
are more than two parties to the Dispute, all claimants, on the one hand, and
all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there are
more than two parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the
third appointed arbitrator.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Verdana">(g)&#160;&#160;An
Award shall be final and binding upon the parties thereto and shall be the sole
and exclusive remedy between such parties relating to the Dispute, including
any</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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counterclaims, issues or accounting presented to the
arbitrators.&#160;&#160;Judgment upon the Award may be entered in any court
having jurisdiction.&#160;&#160;To the fullest extent permitted by law, no
application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or with
respect to any award made except for actions relating to enforcement of this
agreement to arbitrate or any arbitral award issued hereunder and except for
actions seeking interim or other provisional relief in aid of arbitration
proceedings in any court of competent jurisdiction.</font></div>
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monetary award shall be made and payable in U.S. dollars free of any tax,
deduction or offset.&#160;&#160;Each party against which the Award assesses a
monetary obligation shall pay that obligation on or before the 30th day
following the date of the Award or such other date as the Award may
provide.</font></div>
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<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font> is
intended to benefit and be enforceable by the shareholders, directors, officers,
managers (including Managing Agent or its successor), agents or employees of the
Owners and the Owners and shall be binding on the shareholders of the Owners and
the Owners, as applicable, and shall be in addition to, and not in substitution
for, any other rights to indemnification or contribution that such individuals
or entities may have by contract or otherwise.</font></div>
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to Jurisdiction and Forum</font>.&#160;&#160;This <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 22</font> is subject
to, and shall not in any way limit the application of, <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font>; in case
of any conflict between this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 22</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 21</font> shall
govern.&#160;&#160;The exclusive jurisdiction and venue in any action brought by
any party hereto pursuant to this Agreement shall lie in any federal or state
court located in Boston, Massachusetts.&#160;&#160;By execution and delivery of
this Agreement, each party hereto irrevocably submits to the jurisdiction of
such courts for itself and in respect of its property with respect to such
action. The parties irrevocably agree that venue would be proper in such court,
and hereby waive any objection that such court is an improper or inconvenient
forum for the resolution of such action.&#160;&#160;The parties further agree
and consent to the service of any process required by any such court by delivery
of a copy thereof in accordance with <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 11</font> and that
any such delivery shall constitute valid and lawful service of process against
it, without necessity for service by any other means provided by statute or rule
of court.</font></div>
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Agreement</font>.&#160;&#160;This Agreement constitutes the entire agreement of
the parties hereto with respect to the subject matter hereof and supersedes and
cancels any pre-existing agreements with respect to such subject
matter.</font></div>
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Agreements</font>.&#160;&#160;The Company and Managing Agent are also parties to
a Business Management Agreement, dated as of the date hereof, as in effect from
time to time (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Business Management
Agreement</font>").&#160;&#160;The parties agree that this Agreement does not
include or otherwise address the rights and obligations of the parties under the
Business Management Agreement and that the Business Management Agreement
provides for its own separate rights</font></div>
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of the parties thereto, including without limitation separate compensation
payable by the Company to Managing Agent thereunder for services to be provided
by the Managing Agent pursuant to the Business Management
Agreement.</font></div>
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parties hereto have executed this Amended and Restated Property Management
Agreement as a sealed instrument as of the date above first
written.</font></div>
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<tr>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana">14</font></div>
    <div>
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