<SEC-DOCUMENT>0001752724-23-128203.txt : 20230609
<SEC-HEADER>0001752724-23-128203.hdr.sgml : 20230609
<ACCEPTANCE-DATETIME>20230609153138
ACCESSION NUMBER:		0001752724-23-128203
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230609
DATE AS OF CHANGE:		20230609
EFFECTIVENESS DATE:		20230609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC
		CENTRAL INDEX KEY:			0000906013
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07732
		FILM NUMBER:		231005016

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2129691000

	MAIL ADDRESS:	
		STREET 1:		ALLIANCEBERNSTEIN LP
		STREET 2:		1345 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANCE WORLD DOLLAR GOVERNMENT FUND II INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
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          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Anonim Sirketi</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Ciudad Autonoma de Buenos Aires, Ciudad Autonoma de Buenos Aires, AR, Branch)</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Cairo, Cairo, EG, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Ghana PLC</custodianName>
            <custodianLei>549300WFGKTC3MGDCX95</custodianLei>
            <custodianCountry>GH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Malaysia Berhad</custodianName>
            <custodianLei>P3RPN9OJFCXUPJWB1Q09</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Helsinki, Uusimaa, FI, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services (Athens, Attica, GR, Branch)</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S A Sociedad Fiduciaria</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Public Limited Company (Budapest, HU, Branch)</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken A/S</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services (Brussels, Brussels-Capital, BE, Branch)</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CACEIS Bank</custodianName>
            <custodianLei>96950023SCR9X9F3L662</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Mumbai, Maharashtra, IN, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Singapore, SG, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Clearstream Banking S.A.</custodianName>
            <custodianLei>549300OL514RA0SXJJ44</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Landsbankinn hf.</custodianName>
            <custodianLei>549300TLZPT6JELDWM92</custodianLei>
            <custodianCountry>IS</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Bilbao Vizcaya Argentaria Sociedad Anonima</custodianName>
            <custodianLei>K8MS7FD7N5Z2WQ51AZ71</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w Warszawie Spolka Akcyjna</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank PLC (London, GB, Branch)</custodianName>
            <custodianLei>MP6I5ZYZBEU3UXPYFY54</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Continental Europe (Athens, Attica, GR, Branch)</custodianName>
            <custodianLei>F0HUI1NY1AZMJMD8LP67</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Johannesburg, Gauteng, ZA, Branch)</custodianName>
            <custodianLei>RILFO74KP1CM8P6PCT96</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Bangkok, Bangkok, TH, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Taguig City, Metro Manila, PH, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services (Lisbon, Lisboa, PT, Branch)</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>RBC Investor Services Trust</custodianName>
            <custodianLei>5493002MUOV04NSPT571</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic IBTC Bank PLC</custodianName>
            <custodianLei>549300NIVXF92ZIOVW61</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Itau Uruguay S.A.</custodianName>
            <custodianLei>549300HU8OQS1VTVXN55</custodianLei>
            <custodianCountry>UY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Jakarta, Jakarta, ID, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, National Association</shareholderServiceAgentName>
            <shareholderServiceAgentLei>2549001YYB62BVMSAO13</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>AllianceBernstein L.P.</adminName>
            <adminLei>0JK55UGWSWNF3X7KLQ85</adminLei>
            <adminStateCountry adminState="US-TN" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Sanford C. Bernstein &amp; Co., LLC</brokerDealerName>
            <brokerDealerFileNo>8-52942</brokerDealerFileNo>
            <brokerDealerCrdNo>000104474</brokerDealerCrdNo>
            <brokerDealerLei>549300I7JYZHT7D5CO04</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Sanford C. Bernstein Limited</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>54930049G8WQ5OOUSD19</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Barclays Capital Inc.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>278.68000000</grossCommission>
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      </managementInvestmentQuestion>
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        <securityRelatedItem>
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</DOCUMENT>
<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>2
<FILENAME>NCEN_811-07732_58912508_0323.htm
<TEXT>

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<HEAD>
   <TITLE>abfunds-auditcommitteecharte.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:176.05pt;margin-right:0in;margin-top:3.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Approved
as Amended and Restated November 1-3, 2022</font></p>

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

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

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

<h1 align=center style="margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:11.45pt;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">AUDIT
COMMITTEE CHARTER</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.5pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:22.0pt;margin-right:128.85pt;margin-top:0in;text-align:justify;text-indent:122.9pt;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:186%;">The AB Funds (each, a &#8220;Company&#8221;) </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:186%;">Committee
Membership</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:186%;">:</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.6pt;margin-top:.1pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">The</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">composed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">at</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">least</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">three</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">directors</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">satisfy the independence requirements of
Rule 10A-3 under the Securities Exchange Act of 1934 (the &#8220;1934 Act&#8221;).</font><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:98%;">1 </font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">The
terms &#8220;directors&#8221; and &#8220;Board of Directors&#8221; shall mean &#8220;trustees&#8221; and &#8220;Trustees&#8221;
in the case of Companies that are organized as trusts.</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Board of Directors (the &#8220;Board&#8221;) shall determine that each
Audit Committee member is &#8220;financially literate,&#8221; and that one member of the
Audit Committee has &#8220;accounting or related financial management expertise,&#8221; as
such qualifications are interpreted by the Board in its business judgment, and
whether any member of the Audit Committee is an &#8220;audit committee financial
expert,&#8221; as defined by the Securities and Exchange Commission (the &#8220;SEC&#8221;). If
the Board has determined that a member of the Audit Committee is an audit
committee financial expert, it may presume that such member has accounting or
related financial management expertise. The designation of a person as an audit
committee financial expert shall not impose any greater responsibility or
liability on that person than the responsibility or liability imposed on such
person as a member of the Committee.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No director may serve as a member of the Audit Committee if
such director</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">serves on</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">committees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">more</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">than</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">two</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">public</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">companies</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">unless</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board determines that such simultaneous
service would not impair the ability of such director to serve effectively on
the Audit Committee. The Board has determined that service on the Audit
Committee of the Company and the audit committees of any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">registered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">investment</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AllianceBernstein</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Complex</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">should be considered service on a single public company audit committee
for purpose of the three-audit committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">limitation.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Members of the Audit Committee shall be appointed by the Board
and shall serve at</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pleasure</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">term</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">terms</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">determine.
One or more members of the Audit Committee may be designated by the Board as
its chairman or co-chairmen, as the case may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be.</font></p>

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

<p style="margin:0in;margin-top:.1pt;"><font face="Times New Roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:8.5pt;margin-top:2.9pt;text-indent:-.5in;"><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In
order to satisfy Rule 10A-3 of the 1934 Act, a member of the Audit Committee
may not (1) accept directly or indirectly any consulting, advisory or other
compensatory fee from the Company other than (a) director&#8217;s fees and (b) any
other regular benefits that other directors receive, or (2) be an &#8220;interested
person&#8221; of the Company as such term is defined in section 2(a)(19) of the
Investment Company Act of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:58.0pt;margin-right:0in;margin-top:4.5pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">I.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Purposes:</font></u></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:58.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The purposes of the Audit Committee are to:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:94.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">1.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">assist the Board, in its oversight
of the accounting and financial reporting policies and practices of the
Company,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">including:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.6pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(i)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the quality and integrity of the
Company&#8217;s financial statements and the independent audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">thereof;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Company&#8217;s compliance with
legal and regulatory requirements, particularly those that relate to the Fund&#8217;s
accounting, financial reporting, internal controls over financial reporting,
and independent audits;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.9pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the retention, independence, qualifications
and performance of the independent accountants;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.75pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iv)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">meeting with representatives of
the internal audit department of AllianceBernstein L.P. regarding such
department&#8217;s activities relating to the Funds;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.65pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(v)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Company&#8217;s compliance with
applicable laws by receiving reports from counsel who believe they have
credible evidence of a material violation of law by the Company or by someone
owing a fiduciary or other duty to the Company (or that such a violation is occurring
or is about to occur), including reports made pursuant to the SEC&#8217;s Standards
of Professional Conduct for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Attorneys.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:94.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">2.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">prepare an audit committee report
for inclusion in the Company&#8217;s annual proxy statement, if such proxy statement
is required by applicable SEC rules.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The function of the Audit Committee is oversight. The
management of the Company, including contractually obligated service providers,
are responsible for the preparation, presentation and integrity of the
Company&#8217;s financial statements. Management and applicable service providers are
responsible for maintaining appropriate accounting and financial reporting
principles and policies and internal control over financial reporting and other
procedures that provide for compliance with accounting standards and applicable
laws and regulations. The independent accountants are responsible for planning
and carrying out a proper audit of the Company&#8217;s annual financial statements,
and providing such other services to the Company as may be agreed to from time
to time. In fulfilling their responsibilities hereunder, it is recognized that
the members of the Audit Committee are not full- time</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">employees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">are</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">do</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">represent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">themselves</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be performing the functions of accountants
or auditors, including in respect of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">auditor</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:4.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independence. As such, in fulfilling their oversight duties
under this Charter, it is neither the duty nor the responsibility of the Audit
Committee or its members to conduct</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;field</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">work&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">types</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">auditing</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accounting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reviews</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">procedures or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">set</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">auditor</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independence</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">standards,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">member</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">entitled</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">rely</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">on</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">integrity</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">those</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">persons</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">organizations</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">within and outside the Company from which
it receives information, (ii) the accuracy of the financial and other
information provided to the Audit Committee by such persons or organizations
absent actual knowledge to the contrary (which shall be promptly reported to
the Board) and (iii) representations made by management or the independent
accountants as to any non-audit services provided by the independent
accountants to the Company, AllianceBernstein L.P., the Company&#8217;s investment
adviser (the &#8220;Adviser&#8221;), and any entity controlling, controlled by or under
common control with the Adviser which provides services to the Company
(collectively, the &#8220;Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Entities&#8221;).</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The independent accountants for the Company shall report directly
to the Audit Committee.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The independent accountants shall submit to the Audit
Committee annually a formal written statement (the &#8220;Auditors&#8217; Statement&#8221;)
describing: the independent accountants&#8217; internal quality-control procedures;
any material issues raised by the most recent internal quality-control review
or peer review of the independent accountants, or by any inquiry or
investigation by governmental or professional authorities, within the preceding
five years, respecting one or more independent audits carried out by the
independent accountants, and any steps taken to deal</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.85pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with any such issues; and (to assess the auditors&#8217;
independence) all relationships between</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c) any entity in a control relationship with the Adviser,
whether or not it provides services to the Company, including at least the
information required by relevant Public Company Accounting Oversight Board
rules, standards and pronouncements. The description of the relationships
should include a description of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">non-audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">including</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">associated</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">therewith,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">were</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre- approved by the Company&#8217;s Audit
Committee. The Auditor&#8217;s Statement shall also confirm that the independent
accountants are duly registered with the Public Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accounting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Oversight</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(&#8220;PCAOB&#8221;).</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Auditors&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Statement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may be in more than one document, and a portion of the required
information may be provided by the Adviser to the extent permitted by
applicable law and other requirements.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The independent accountants shall submit to the Audit
Committee annually a formal written statement of the fees billed in each of the
last two fiscal years for each of the following categories of services rendered
by the independent accountants: (i) the audit of the Company&#8217;s annual financial
statements and any reviews of the financial statements included in any
regulatory filings of the Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">are</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">normally</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:4.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">connection</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statutory</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">regulatory</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">filings</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">engagements;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">assurance</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and related services not included in
clause (i) that are reasonably related to the performance of the audit or
review of the Company&#8217;s financial statements, in the aggregate and by each
service; (iii) tax compliance, tax advice and tax planning services, in the
aggregate and by each service; and (iv) all other products and services
rendered by the independent accountants to the Company, the Adviser or the
Adviser Entities, in the aggregate and by each service. The statement as to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii),</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii) and (iv) should include (and separately disclose) fees
billed in each of the last two</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fiscal</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">years</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">indicated</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-left:57.95pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c) the Adviser Entities. This statement may also be provided
by the Adviser.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:58.0pt;margin-right:0in;margin-top:.05pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">II.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee Structure and</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Operations:</font></u></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.75pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee shall meet semi-annually, or more
frequently if circumstances dictate, to discuss with management and the
independent accountants the annual audited financial statements and to address
the matters set forth in Article IV. The Audit Committee should meet separately
at least annually with each of management and the independent accountants to
discuss any matters that the Audit Committee or any of these persons or firms
believes should be discussed privately. The Audit Committee may request any
officer or employee of the Company or of any service provider, outside counsel
to the Company or to the independent directors, or representatives of the
Company&#8217;s independent accountants to attend a meeting of the Audit Committee or
to meet with any members of, or consultants to, the Audit Committee. Members of
the Audit Committee may participate in a meeting of the Audit Committee by means
of conference call or similar communications equipment by which all persons
participating in the meeting can hear each other. The Audit Committee may adopt
such procedures or rules as it deems appropriate with respect to its meetings
and conduct in accordance with this charter, subject to the requirements of the
Company&#8217;s Bylaws.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:58.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">III.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee Duties and</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Powers:</font></u></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">To</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">carry</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">out</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">its</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">purposes,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">have</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">following</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">duties</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and responsibilities:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:94.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">1.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with respect to the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants,</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(i)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to be directly responsible for the
appointment, compensation, retention, termination and oversight of the work of
the independent accountants (including the resolution of disagreements between
management and the independent accountants regarding financial reporting) and,
in connection therewith, to review and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">evaluate</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:130.0pt;margin-right:8.5pt;margin-top:5.05pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:95%;">matters
potentially affecting the independence and capabilities of the independent
accountants;</font><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:95%;">2</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.8pt;margin-top:12.1pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to be directly responsible for the
appointment, compensation, retention and oversight of the work of any other
registered public accounting firm engaged for the purpose of preparing or
issuing an audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">report</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">perform</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">review</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">attestation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which firm shall also report directly to the Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to pre-approve, in accordance with
the Policies and Procedures for the Pre-Approval of Services to be Performed by
the Company&#8217;s Independent Accountant (the &#8220;Pre-Approval Policies and
Procedures&#8221;) attached hereto as Annex A, all audit and non-audit services
provided by the independent accountants to the Company as well as any
applicable non-audit services provided by the independent accountants to the
Adviser or any Adviser Entities</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.85pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that
provide ongoing services to the Company that relate directly to the operations
and financial reporting of the Company (the &#8220;Related Services&#8221;);</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iv)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">obtain</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">assurances</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">from</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit
was</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">conducted</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">manner</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">consistent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10A</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1934 Act;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(v)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to obtain from the independent
accountants in connection with any audit a timely report relating to the
Company&#8217;s annual audited financial statements describing all critical
accounting policies and practices used, all alternative treatments within
accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for
policies and practices related to material items that have been discussed with
management, ramifications of the use of such alternative disclosures and
treatments, and the treatment preferred by the independent accountants, and any
material written communications between the independent accountants and
management, such as any &#8220;management&#8221; letter or schedule of unadjusted</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">differences;</font></p>

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

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

<p style="margin:0in;margin-top:.05pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:9.55pt;margin-top:2.9pt;text-indent:-.5in;"><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Note
that this requirement does not preclude the Audit Committee from obtaining the
input of management, but these responsibilities must not be delegated to
management. The Investment Company Act of 1940 requires that the independent
accountants be selected by the vote, cast in person, of a majority of the
independent directors. This can be accomplished by Board ratification of the
appointment by the Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.75pt;margin-top:4.5pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(vi)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to ensure that the independent
accountants prepare and deliver annually an Auditors&#8217; Statement (it being
understood that the independent accountants are responsible for the accuracy
and completeness</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">this</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Statement),</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">relationships</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">disclosed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">this</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Statement that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">impact</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">objectivity</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independence</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company&#8217;s independent accountants;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(vii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss with the independent
auditors any deficiencies identified in the most recent PCAOB inspection of the
independent auditors, to the extent relevant to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(viii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review and evaluate the qualifications, performance
and independence of the independent accountants, as well as the lead partner of
the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.7pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ix)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss with management the
timing and process for implementing the rotation of the lead audit partner, the
concurring partner and any other active audit engagement team partner and
consider</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">whether</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">there</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">should</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">regular</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">rotation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">firm itself;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(x)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to take into account the opinions
of management in assessing the independent accountants&#8217; qualifications, performance
and independence.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:93.95pt;margin-right:5.95pt;margin-top:.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">2.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with respect to accounting
principles and policies, financial reporting and internal control over
financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reporting,</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(i)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to advise management, the relevant
service providers and the independent accountants that they are expected to
provide or cause to be provided to the Audit Committee a timely analysis of
significant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">issues</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">practices</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">relating</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accounting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">principles</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and policies, financial reporting and internal control over
financial reporting,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">including,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">without</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">limitation,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">issues</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discussed with the national office respecting auditing or accounting
issues presented by the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">engagement;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to consider any reports or
communications (and management&#8217;s and/or applicable service providers&#8217; responses
thereto) submitted</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.9pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">required</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or referred to in applicable PCAOB or
other standards, including, as applicable, reports and communications related</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to:</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.75pt;margin-top:.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the overall audit strategy,
including the timing of the audit, significant risks the independent auditors
identified,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.95pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">changes</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">planned</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">strategy</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">identified risks;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">deficiencies, including
significant deficiencies or material weaknesses, in internal control identified
during the audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or other matters
relating to internal control over financial reporting;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:166.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">consideration of fraud in a
financial statement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:11.95pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">detection of illegal</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">acts;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:12.0pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the independent accountants&#8217;
responsibility under</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GAAS;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:11.9pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any restrictions on audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">scope;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:11.95pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant accounting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">policies;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.75pt;margin-top:12.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">difficult or contentious matters
for which the independent auditors have consulted outside the engagement team
and that the auditor reasonably determined are relevant to the audit
committee&#8217;s oversight of the financial reporting process;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:166.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management judgments and
accounting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">estimates;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:11.95pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any accounting adjustments arising
from the audit that were noted or proposed by the accountants but were passed
(as immaterial or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">otherwise);</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the responsibility of the independent
accountants for other information in documents containing audited financial
statements;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:.05pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">disagreements with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.8pt;margin-top:11.9pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">consultation by management with
other independent accountants;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">information about other persons
performing audit procedures, and the basis upon which the independent auditors
can serve as principal auditor if significant parts of the audit will be
performed by affiliates of other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">auditors;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">major issues discussed with
management prior to retention of the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.2pt;"><font face="Times New Roman" lang=EN-US style="font-size:13.5pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.85pt;margin-top:5.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">difficulties</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">encountered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">performing</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the audit;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the independent accountants&#8217;
judgments about the quality</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of the
Company&#8217;s accounting principles, and of any changes thereto;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reviews, if any, of interim
financial information conducted in accordance with GAAS by the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant transactions that are
outside the ordinary course of business or unusual;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other matters arising out of the
audit that are significant to the oversight of the company&#8217;s financial
reporting process, including complaints or concerns regarding accounting or
auditing matters that have come to the independent accountants&#8217; attention;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:5.7pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to meet with management, the
independent accountants and, if appropriate, the relevant service</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">providers:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">scope</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">annual</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">review of interim
financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statements;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">review</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">annual</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audited</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statements and,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">case</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">is</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">closed-end</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">investment company listed on the New York
Stock Exchange, other periodic financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statements;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.7pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review the following
disclosures required to be made to the Audit Committee by the independent
accountants in accordance</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Item</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9(e)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Schedule</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14A</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1934</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Act:</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:202.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.4pt;">(a)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.4pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the percentage of audit-related
services, tax services and all other services that were approved by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Audit Committee pursuant to the
Pre-Approval Policies and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Procedures;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:202.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.4pt;">(b)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.4pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">aggregate</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">non-audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">billed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company&#8217;s accountant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">rendered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Adviser
and the Adviser Entities for the last two fiscal years of the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:202.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.4pt;">(c)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.4pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">billed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">rendered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">and, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">separately,
fees for Related</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Services;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.2pt;"><font face="Times New Roman" lang=EN-US style="font-size:13.5pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:5.0pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss any significant matters
arising from any audit or report or communication referred to in item 2(ii)
above, whether raised by management or the independent accountants,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">relating</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company&#8217;s</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statements;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review the effects of alternative
GAAP methods on the financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">statements;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss any problems or
difficulties the independent accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">encountered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">course</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">including any
restrictions on their activities or access to requested information and
management&#8217;s response to such problems or difficulties, and to resolve
significant disagreements between management and the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss any &#8220;management&#8221; or
&#8220;internal control&#8221; letter issued, or proposed to be issued, by the independent
accountants to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.9pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review the opinion rendered, or
the form of opinion the independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">propose</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">render,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">and </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">shareholders;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">communications</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">between</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit
team and the independent accountant&#8217;s national office respecting auditing or
accounting issues presented by the engagement;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss, as appropriate: (a)
any major issues regarding accounting principles and financial statement
presentations, including any significant changes in the Company&#8217;s selection or
application of accounting principles, and major issues</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">adequacy</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company&#8217;s</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">internal</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">controls and any
special audit steps adopted in light of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">material
control deficiencies; (b) analyses prepared by management and/or the
independent accountants setting forth significant financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reporting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">issues</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">judgments</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">made</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">connection with the preparation of the
financial statements, including analyses of the effects of alternative GAAP
methods on the financial statements; and (c) the effect of regulatory and
accounting initiatives on the financial statements of the Company;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">allocations</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">expenses</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">between</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">entities</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">applicable,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">among</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">different</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">series</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:166.0pt;margin-right:0in;margin-top:4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company and among different
classes of shares of the Company;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss the Company&#8217;s
compliance with Subchapter M and, if applicable, Subchapter L, of the Internal
Revenue Code of 1986, as amended;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss the Company&#8217;s
compliance with Rule 2a-7 of the Investment Company Act of 1940, to the extent
that such Rule applies to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:166.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss with management and the
independent accountants their respective procedures to assess the
appropriateness of securities prices provided by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">external pricing</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.75pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">discuss</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">their</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">conclusions</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as to the reasonableness of procedures employed to determine the
fair value of securities for which market quotations are not readily available,
management&#8217;s adherence to such procedures and the adequacy of supporting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">documentation;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss with management and the
independent accountants any reports issued by independent accountants regarding
the Company&#8217;s transfer, custody and accounting agents;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss the report of the
independent accountants on the Company&#8217;s system of internal accounting controls
required to be filed with the Company&#8217;s Form</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">N-SAR;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss significant changes to
the Company&#8217;s accounting principles, policies, controls, procedures and
practices proposed or contemplated by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:165.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss significant changes to
auditing principles and to auditing policies, controls, procedures and
practices implemented or expected to be implemented by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the independent accountants; and</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.7pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iv)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to discuss with the Company and
its legal advisors any significant legal matters that may have a material
effect on the Company&#8217;s business, financial statements or compliance policies,
including material notices to any inquiries received from governmental
agencies.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:94.0pt;margin-right:5.65pt;margin-top:4.5pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">3.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with respect to authority and
responsibilities of the Audit Committee upon receipt</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">report</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">from</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">counsel</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">directors concerning (i) a material
violation of law by the Company or by someone with a fiduciary or other duty to
the Company or (ii) a material violation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of
the Code of Ethics (the &#8220;Code&#8221;) by the Company&#8217;s Principal Executive Officer,
Principal Financial and Accounting Officer and Controller (&#8220;Covered</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Officers&#8221;),</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(i)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to initiate a reasonable inquiry
into the evidence presented to determine</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">whether</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">material</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">violation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">law</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Code</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fact
has occurred, is occurring or is about to occur, which may include an
investigation by the Company&#8217;s chief legal officer or outside attorneys;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if the Audit Committee upon
investigation reasonably determines that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">no</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">violation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">law</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Code</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">exists,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">notify</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reporting
counsel of the basis for that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">determination;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if the Audit Committee determines
upon investigation that a violation of law does or may exist, to take all
reasonable steps to adopt an appropriate response (which may include referral
of the matter to the Board) and to advise the reporting counsel (and, to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the extent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">believes</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">appropriate</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">required,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">others, such as the chief legal officer
and chief executive officer) of that response;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.85pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iv)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if the Audit Committee determines
upon investigation that a violation of the Code does or may exist, to inform
and make a recommendation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">who</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">will</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">consider</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">appropriate</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">action;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(v)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to make the determinations
required by the foregoing by majority vote and to ensure that no member shall
act in contravention of any such majority determination;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.65pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(vi)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to consult with the Company&#8217;s
chief legal officer in fulfilling their responsibilities hereunder (unless the
circumstances reasonably dictate that such consultation would not be
appropriate) and to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.9pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">have reasonable
access at the Company&#8217;s expense to consult or retain legal counsel or other
expert</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">assistance.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:94.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">4.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with respect to reporting,
recommendations and other</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">matters,</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(i)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to provide advice to the Board in
electing the principal accounting officer of the Company;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:5.75pt;margin-top:4.5pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(ii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review with the Company&#8217;s
principal executive officer and/or principal financial officer, in connection
with their certifications on Form</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">N-CSR,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">significant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">deficiencies</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">material</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">weaknesses</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the Company&#8217;s ability
to record, process and summarize and report financial information and as to the
existence of any fraud, whether or not material, that involves management or
other employees who have a significant role in the Company&#8217;s internal control
over financial reporting;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.75pt;margin-top:.05pt;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to establish procedures for the
receipt, retention and treatment of complaints received by the Company
regarding accounting,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">internal
accounting controls, or auditing matters, and for the confidential, anonymous
submission by employees of the Company or the Adviser or employees of any
service provider that provides accounting related services to the Company, of
concerns regarding questionable accounting or auditing matters, and to address
reports from attorneys or accountants about possible breaches of federal or
state securities laws or fiduciary</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">duty;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:7.45pt;margin-top:.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">(iv)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to investigate or initiate an
investigation of reports of improprieties or suspected improprieties in
connection with the Company&#8217;s accounting or financial reporting and to retain
independent counsel, accountants or others to advise the Audit Committee or
assist in the conduct of an investigation, as it deems necessary or
appropriate, without seeking approval of the Board or management;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.5pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:19.7pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:95%;">(v)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;line-height:95%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:95%;">to prepare any
report or other disclosures required by the SEC</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;line-height:95%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:95%;">to be included in the Company&#8217;s annual proxy</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;line-height:95%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:95%;">statement;</font><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:95%;">3</font></font></p>

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

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

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

<p style="margin:0in;margin-top:.05pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:10.9pt;margin-top:2.9pt;text-indent:-.5in;"><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Closed-end
investment companies must include in their proxy statements relating to the
election of directors a signed report of the Audit Committee in which the Audit
Committee states whether it has (i) reviewed and discussed the audited
financial statements, (ii) discussed the matters to be discussed under SAS 61</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:57.95pt;margin-right:17.65pt;margin-top:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">received from and discussed with
the independent accountants their Statement as to Independence. The report must
also include a statement as to whether, based on these three items, the Audit
Committee recommended to the Board of Directors the inclusion of the audited
financial statements in the Company&#8217;s annual report required by &#167;30(e) of the
Investment Company Act of 1940.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:24.0pt;margin-top:4.5pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">(vi)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to grant waivers, as appropriate,
to the Code sought by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Covered
Officers;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:20.6pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">(vii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to prepare and issue the
evaluation required under &#8220;Performance Evaluation&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">below;</font></p>

<p style="margin:0in;margin-top:.05pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.5pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:7.1pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:98%;">(viii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:98%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">to review the
reports submitted by the Adviser relating to issues arising under the Adviser&#8217;s
Code of Ethics that relate to the Adviser&#8217;s investment company business,
including all violations of the Code, which reports are to be provided at least
quarterly (more frequently if the Audit Committee so</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;line-height:98%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:98%;">instructs);</font><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:98%;">4</font></font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:18.3pt;margin-top:12.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:97%;">(ix)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:97%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:97%;">to review the reports
submitted by the Adviser&#8217;s Internal Compliance Controls Committee relating to
internal compliance matters, which reports are to be provided at least
quarterly (more frequently if the Audit Committee so</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;line-height:97%;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:97%;">instructs);</font><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:97%;">4</font></font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:9.3pt;margin-top:12.1pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">(x)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to review policies of the Adviser,
the Adviser Affiliates and any other entity within the Company&#8217;s Investment
Company Complex, as such term is defined in Rule 2-01(f)(14) of Regulation S-X,
for hiring employees or former employees of the independent accountants whose
responsibilities are to include an accounting role or financial reporting
oversight role with respect to the Company;</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:19.6pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">(xi)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to report its activities to the
full Board on a regular basis and to make such recommendations with respect to
the above and other matters as the Audit Committee may deem necessary or
appropriate;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:129.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">(xii)</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to perform such other functions
and to have such powers as may be necessary or appropriate in the efficient and
lawful discharge of the foregoing.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:58.0pt;margin-right:0in;margin-top:.05pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">IV.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Delegation to</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subcommittee:</font></u></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee may, in its discretion, delegate all or a
portion of its duties and responsibilities to a subcommittee of the Audit
Committee. The Board and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.95pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Audit
Committee have authorized the Chairman of the Audit Committee (or any other
Audit Committee member to whom this responsibility has been delegated)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to pre-approve any audit or non-audit
services to be performed by the independent accountants,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approvals</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">are</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">made</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accordance</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">with</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre-</font></p>

<p style="margin:0in;margin-top:.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:6.9pt;margin-top:2.9pt;text-indent:-.5in;"><font style="position:relative;top:-4.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These
reports may be provided to the members of the Audit Committee during the course
of Board of Directors</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">meetings.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.85pt;margin-top:4.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approval procedures set forth on Annex A and are presented to
the Audit Committee at its next scheduled meeting.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:58.0pt;text-align:justify;text-justify:inter-ideograph;"><i><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Performance Evaluation</font></u></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee shall ensure that an annual performance
evaluation of the Audit Committee is conducted each year. Such evaluations
shall be conducted in such</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">manner</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">deems</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">appropriate,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:2.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">coordinated
by the Chairman of the Governance and Nominating Committee (the &#8220;G&amp;N
Committee Chairman&#8221;) in the context of the annual self-evaluations of the Board
and each committee of the Board. The report to the Board may take the form of&#160;
an oral report by the G&amp;N Committee Chairman. The independence of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee members and satisfaction of
the requirements to serve on the Committee shall be affirmed annually by the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:58.0pt;margin-right:0in;margin-top:.05pt;text-align:left;text-indent:-36.05pt;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">V.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Resources and Authority of the
Audit</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font></u><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee:</font></u></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee shall have the resources and authority
appropriate to discharge its duties and responsibilities, including the
authority to select, retain, terminate, and approve the fees and other
retention terms of special or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent
counsel, accountants or other experts and advisors, as it deems necessary or
appropriate, without seeking approval of the Board or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management.</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Company shall provide for appropriate funding, as
determined by the Audit Committee, in its capacity as a committee of the Board,
for payment of:</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:94.0pt;margin-right:17.6pt;margin-top:.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">1.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Compensation to the independent
accountants and any other public accounting firm engaged for the purpose of
preparing or issuing an audit report or performing other audit, review or
attest services for the Company;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:94.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">2.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Compensation to any advisors
employed by the Audit Committee;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:94.0pt;margin-right:48.5pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font color=#010000 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">3.</font><font color=#010000 face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Ordinary administrative expenses
of the Audit Committee that are necessary or appropriate in carrying out its</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">duties.</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-top:.35pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:4.5pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-
14 -</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:3.0pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANNEX A</font></u></b></p>

<p style="margin:0in;margin-top:.1pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:124.1pt;margin-right:107.1pt;margin-top:4.5pt;text-indent:44.25pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">P</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">OLICIES
AND </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">P</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">ROCEDURES </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">E</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">STABLISHED BY THE </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">UDIT </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">C</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">OMMITTEES
OF</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.5pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">THE </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AB </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">FUNDS</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.4pt;margin-right:47.55pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">EACH</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">A </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;C</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">OMPANY</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">FOR THE </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">P</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">RE</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">-A</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">PPROVAL OF </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">S</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">ERVICES</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">TO BE </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">P</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">ERFORMED BY THE </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">C</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">OMPANIES</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8217;</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.85pt;"> </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">NDEPENDENT </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:9.5pt;">CCOUNTANTS</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.95pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In accordance with the Sarbanes-Oxley Act of
2002 and the rules of the Securities and Exchange Commission (the &#8220;SEC&#8221;), and
as contemplated by the charter of the Audit Committee, the Audit Committee has
established and approved the following policies and procedures for the
pre-approval of audit and non-audit services to be provided by the Company&#8217;s
independent public accounting firm (the &#8220;Independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accountant&#8221;).</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.95pt;margin-right:5.55pt;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Statement of Purpose</font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Approval
by the Audit Committee of engagements of the Independent Accountant to provide
non-audit services shall be designed to ensure that the Independent
Accountant&#8217;s independence is not impaired by performing the services contemplated
by the engagement.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:21.95pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">Required Approval of Audit and Non-Audit
Services.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.85pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">All engagements of the Independent Accountant by the Company
to provide audit or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">non-audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">specifically</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approved</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">before the Independent Accountant is engaged to provide such service
(either directly or through delegated authority as provided</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">below).</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.65pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Engagements of the Independent Accountant for non-audit
services by AllianceBernstein L.P., the Company&#8217;s investment adviser (the
&#8220;Adviser&#8221;), or any entity controlling, controlled by or under common control
with the Adviser which provides ongoing services to the Company (the &#8220;Adviser
Entities&#8221;) shall also be approved by the Audit Committee before the Independent
Accountant commences providing such service if the engagement relates directly
to the operations and financial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reporting</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(hereinafter</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">referred</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Related</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Service&#8221;). If it is unclear whether an
engagement is a Related Service, such engagement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.95pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">must be approved by the Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee.</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:.0001pt;margin-left:21.95pt;margin-right:0in;margin-top:.05pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Pre-Approval of Audit and Non-Audit Services.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If the Audit Committee pre-approves a specific service to be
provided by the Independent Accountant, the amount of time between the time of
pre-approval</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and the time at which
the Independent Accountant is engaged shall be considered carefully</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.85pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Generally,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">should</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">not</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre- approve a service more than 12 months
prior to the time at which it is anticipated that the Independent Accountant
will be engaged to provide the service. In implementing these policies and
procedures, the Audit Committee will be mindful of those prohibited non-audit
services, listed in Section 201 of the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sarbanes-Oxley</font></p>

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

<p style="margin:0in;margin-top:.2pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:4.5pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A-1</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.9pt;margin-top:3.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Act</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2002</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">set</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">forth</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">detail</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#167; 201.2-01(c)(4)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Regulation</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">S-X,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">are identified in Appendix</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">Pre-Approval Policies and Procedures.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These pre-approval policies and procedures have been
established by the Audit Committee in order to (1) detail the procedure for
pre-approval of audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and permitted
non-audit services for which the Independent Accountant may be engaged,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ensure</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">that</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">is</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">promptly</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">informed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">each</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">service and (3) ensure that the Audit Committee&#8217;s responsibilities
under the 1934 Act are not delegated to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">management.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">Delegation.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.55pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Chairman of the Audit Committee and the Chairman of the
Board have each been designated by the Audit Committee to pre-approve any audit
service or permissible non-audit service to be provided by the Independent
Accountant, or particular types of services, and to approve changes to the
scope of pre-approved engagements and to the maximum estimated fees therefor.
When either exercises such delegated authority such person must report at the
next scheduled meeting of the Audit Committee any services that were
pre-approved under this delegated authority since the date of the last
scheduled meeting.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:.05pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Pre-approval.</font></b></h1>

<p style="margin:0in;margin-top:.45pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.65pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subject to compliance with these Policies and Procedures, the
Audit Committee may evidence its pre-approval of engagements of the Independent
Accountant by adopting an appropriate resolution and the Chairman of the Board
or the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.9pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chairman of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">evidence</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre-approval</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">person</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.6pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">engagements of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accountants</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reasonable</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">manner,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">including</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e-mail</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">oral approval (so long as
any such oral approval is promptly confirmed in writing, including by e-mail)
so long as such method involves a specific description of the engagement and of
the maximum estimated fees therefor. The Audit Committee may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approve</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">changes</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">scope</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">engagements</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">maximum</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">estimated</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees from time to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">time.</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:.0001pt;margin-left:21.95pt;margin-right:0in;margin-top:.05pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Limitations on Engagement Fees and Expenses.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fee levels or budgeted amounts for all services to be provided
by the Independent Accountant will be established at least annually by the
Audit Committee after considering, among other things, the audit and non-audit
services expected to be provided and the amounts expended for such services in
the prior year. Separate amounts shall be specified for the Company and for the
Adviser and the Adviser Entities. The Audit Committee shall be mindful of the
overall relationship of fees for</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">non-audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">paid</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Entities compared to the fees paid by the
Company and other investment</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.9pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">companies
managed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">determining</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">whether</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre-approve</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services.</font></p>








<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:3.0pt;">&nbsp;</h1>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:3.0pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Engagement Letters.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Non-audit services to be provided to the Company pursuant to
these Policies and Procedures shall be provided by the Independent Accountant
pursuant to an engagement letter with the Company that satisfies the following
requirements:</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:93.95pt;margin-right:5.9pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.5pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the engagement letter shall be in
writing and signed by the Independent Accountant or one of its authorized</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">representatives;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:93.95pt;margin-right:5.85pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.5pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the engagement letter shall set
forth the particular non-audit services to be provided by the Independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accountant;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:93.95pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.5pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">engagement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">letter</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">set</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">forth</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">total</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">estimated</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.4pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">fees</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.35pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">expenses</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to be paid to the Independent Accountant for the non-audit services and
shall acknowledge</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">receipt</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">schedule</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pre-approved</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">non-audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.65pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and estimated fees
therefor approved by the Audit Committee;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:93.95pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.5pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-1.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the engagement letter shall
include a confirmation by the Independent Accountant that such non-audit
services are not within a category of services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provision</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">which</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">would</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">impair</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Independent</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accountant&#8217;s independence with respect to
the Company under applicable SEC regulations and generally accepted auditing</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">standards.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:57.95pt;margin-right:5.8pt;margin-top:.05pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Related</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Services</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Entities</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pursuant</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to these Policies and
Procedures shall be provided by the Independent Accountant pursuant to an engagement
letter with the Adviser or the particular Adviser Entity that satisfies the
above requirements and that is copied to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.7pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company.</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:.05pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Timely Reporting to the Audit Committee.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.75pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Company shall provide reports to the Audit Committee of
each service approved pursuant to these Policies and Procedures with such
frequency as the Audit Committee shall require. Each report to the Audit
Committee shall include a description of each particular service and the fees
and expenses therefor. All engagement letters entered into pursuant to these
Policies and Procedures shall be made available to the Audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committee.</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:.05pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">No Delegation.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.7pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Nothing in these Policies and Procedures shall be interpreted
as a delegation of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-1.75pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Audit
Committee&#8217;s responsibilities to the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Company.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;">Disclosure.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:58.0pt;margin-right:5.8pt;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These Policies and Procedures shall be disclosed by the
Company in its periodic reports and proxy statements in accordance with the
rules of the SEC.</font></p>








<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:3.0pt;">&nbsp;</h1>
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<h1 style="margin-bottom:0in;margin-left:22.0pt;margin-right:0in;margin-top:3.0pt;"><b><font face="Times New Roman" style="font-size:12.0pt;">Annual Review.</font></b></h1>

<p style="margin:0in;margin-top:.5pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-left:58.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Audit Committee shall
review and reassess the adequacy of these Policies and Procedures on an annual
basis.</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-top:.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.55pt;margin-top:4.5pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A-4</font></p>









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<p style="margin:0in;margin-top:.15pt;"><font face="Times New Roman" lang=EN-US style="font-size:14.0pt;">&nbsp;</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.45pt;margin-top:4.5pt;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">APPENDIX A</font></b></h1>

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

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:63.45pt;margin-right:47.4pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Prohibited Non-Audit Services</font></b></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:10.95pt;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Bookkeeping or other services
related to the accounting records or financial statements of the audit</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">client</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Financial information systems
design and</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">implementation</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:130.0pt;margin-right:14.6pt;margin-top:11.95pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Appraisal or valuation services,
fairness opinions or contribution- in-kind</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">reports</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:.05pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Actuarial</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:11.9pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Internal audit outsourcing</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:11.95pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Management</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">functions</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:12.0pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Human</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">resources</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:11.95pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Broker-dealer, investment advisor
or investment banking</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font></p>

<p align=left style="margin-bottom:0in;margin-left:130.0pt;margin-right:0in;margin-top:11.95pt;text-align:left;text-indent:-.5in;text-justify:inter-ideograph;"><font face=symbol lang=EN-US style="font-size:12.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Legal</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services</font></p>

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<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_811-07732_97202617_0323.htm
<TEXT>

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   <TITLE>abglobalhighincomen-cen.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Report of Independent Registered Public
Accounting Firm</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">To the Shareholders and Board of Directors of
AllianceBernstein Global High Income Fund, Inc.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">In planning and performing our audit of the financial
statements of Alliance Bernstein Global High Income Fund, Inc. (the &#8220;Fund&#8221;) as
of and for the year ended March 31, 2023, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Fund&#8217;s internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal
control over financial reporting. Accordingly, we express no such opinion.&#160; </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">The management of the Fund is responsible for establishing
and maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A fund&#8217;s
internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with U.S.
generally accepted accounting principles. A fund&#8217;s internal control over
financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with U.S. generally
accepted accounting principles, and that receipts and expenditures of the fund are
being made only in accordance with authorizations of management and directors
of the fund; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of a fund&#8217;s assets
that could have a material effect on the financial statements.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate. </font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a
material misstatement of the Fund&#8217;s annual or interim financial statements will
not be prevented or detected on a timely basis.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>




<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">Our consideration
of the Fund&#8217;s internal control over financial reporting was for the limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in the Fund&#8217;s
internal control over financial reporting and its operation, including controls
over safeguarding securities that we consider to be a material weakness as
defined above as of March 31, 2023.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">This report is intended solely for the information and
use of management and the Board of Directors of AllianceBernstein Global High
Income Fund, Inc.
and
the Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p align=right style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:115%;">/s/ Ernst &amp; Young LLP</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">New York, New York</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:12.0pt;line-height:normal;">May 26, 2023 </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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