<SEC-DOCUMENT>0001072613-20-000194.txt : 20200522
<SEC-HEADER>0001072613-20-000194.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200522094837
ACCESSION NUMBER:		0001072613-20-000194
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200522
DATE AS OF CHANGE:		20200522
EFFECTIVENESS DATE:		20200522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	814-00733
		FILM NUMBER:		20903906

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>bond.htm
<DESCRIPTION>BARINGS BDC FIDELITY BOND
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">May 22, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt; text-align: left">Re:</TD><TD STYLE="text-align: justify">Fidelity Bond Filing Pursuant to Rule 17g-1</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Barings BDC, Inc. (the
&#8220;Company&#8221;)</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">File No. <FONT STYLE="letter-spacing: -0.1pt">814-00733</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding-left: 0; text-align: left; text-indent: 60pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;<FONT STYLE="letter-spacing: -0.1pt">Dear
Sir or Madam:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to Rule 17g-1 under the Investment
Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), on behalf of the Company, enclosed please find a copy of (i) the
Company&#8217;s current Financial Institution Bond, No. 64-MGU-19-A48107, in the amount of $1,250,000 (the &#8220;Bond&#8221;);
and (ii) a Secretary&#8217;s Certificate certifying the resolutions adopted by the Board of Directors of the Company, including
those directors who are not &#8220;interested persons,&#8221; as defined under the 1940 Act, of the Company, approving the amount,
type, form and coverage of the Bond consistent with Rule 17g-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Please be advised that the Bond premium
has been paid to cover the November 4, 2019 to November 4, 2020 policy year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">If
you have any questions, please do not hesitate to contact me at (617) 761-3808.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 12pt; text-align: justify"><IMG SRC="image_006.jpg" ALT="" STYLE="height: 59px; width: 176px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Janice
M. Bishop</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Secretary,
Barings BDC, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 13pt 95.95pt 0 104.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FINANCIAL
INSTITUTION BOND</B></FONT></P>

<P STYLE="text-align: center; font: 18pt Arial, Helvetica, Sans-Serif; margin-top: 0.25pt; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Standard
Form No. 14, Revised to October, 1987</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96pt 0 104.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 104.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Bond
No.</B> 64-MGU-19-A48107&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96pt 0 104.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96pt 0 104.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>U.S.
Specialty Insurance Company</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 96.25pt 0 104.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Herein
called Underwriter)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="3" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DECLARATIONS</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Item 1.&nbsp;&nbsp;&nbsp;</B>&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name of
                    Insured (herein called Insured)</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Barings
                    BDC, Inc.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Address</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">350 South Tryon Street, Suite 2500</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Charlotte, NC 28202</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Item 2.</B></FONT></TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bond Period:
                    &nbsp;&nbsp;&nbsp;&nbsp;From 12:01 a.m. on 11/4/2019 to 12:01 a.m. on 11/4/2020 standard time</FONT></P>
                    <P STYLE="text-indent: 140pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(MONTH
                    DAY YEAR)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MONTH
                    DAY YEAR)</FONT></P>
                    <P STYLE="text-indent: 140pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"></P>

<TABLE CELLPADDING="3" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Item
    3.</B></FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Aggregate Liability of the Underwriter during the Bond Period shall be:</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,250,000</FONT></P>

</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Item
    4.</B>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Subject
                                         to Sections 4 and 11 hereof, <BR></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the Single Loss Limit of Liability
is $1,250,000</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and the Single Loss Deductible
is $10,000</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; text-transform: none; letter-spacing: normal; word-spacing: 0px">Provided,
however, that if any amounts are inserted below opposite specified Insuring Agreements of Coverage, those amounts shall be controlling.
Any amount set forth below shall be part of and not in addition to amounts set forth above (if an Insuring Agreement or Coverage
is to be deleted, insert "Not Covered".)</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.15pt 0 2.9pt"></P>

</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Amount
    applicable to</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Single
                                         Loss</U></FONT></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Limit
                                         of Liability</U></FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Single
                                         Loss</U></FONT></P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Deductible</U></FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%; text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Basic
    Coverage (A, B, C)</FONT></TD><TD STYLE="width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; width: 11%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; width: 11%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;(D) - Forgery
    or Alteration</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;(E) - Securities</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;(F) - Counterfeit
    Currency</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Facsimile Signature</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Computer Systems
    Fraud</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Voice Initiated
    Transfer Fraud</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Telefacsimile
    Transfer Fraud</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Unauthorized
    Signature</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Stop Payment
    Liability</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Claims Expense</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;Audit Expense</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="text-decoration: initial initial initial; font-style: normal; font-weight: 400; text-transform: none; letter-spacing: normal; word-spacing: 0px">If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted therefrom</FONT></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="vertical-align: middle; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Item 5.</B></FONT></TD>
    <TD COLSPAN="10" STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The liability
    of the Underwriter is subject to the terms of the following riders attached hereto:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; text-decoration: initial initial; color: (error); text-transform: none; letter-spacing: normal; word-spacing: 0px">FB0127&nbsp;&nbsp;
    Fl14-1013&nbsp;&nbsp; SR 6318&nbsp;&nbsp; SR 6169b&nbsp;&nbsp; FB0008&nbsp; &nbsp;FB0009&nbsp; &nbsp; FB0014&nbsp; &nbsp;FB0032&nbsp;
    &nbsp;FB0041&nbsp; &nbsp;FB0074&nbsp;&nbsp; FB0079&nbsp; &nbsp;FB0081&nbsp;&nbsp; FB0088&nbsp;&nbsp; FB0106&nbsp;&nbsp;&nbsp;
    FB0107</FONT></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
    6.</B></FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: left; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="font-style: normal; font-weight: 400; text-decoration: initial initial; color: (error); text-transform: none; letter-spacing: normal; word-spacing: 0px">The
                                         Insured by acceptance of this bond gives notice to the Underwriter terminating or canceling
                                         prior bond(s) or policy(ies) No.(s) 64-MGU-18-A45591</FONT></FONT></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; text-transform: none; letter-spacing: normal; word-spacing: 0px">&nbsp;such
                                         termination or cancelation to be effective as of the time this bond becomes effective
                                         11/4/2019.</FONT></P></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: left; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400; text-transform: none; letter-spacing: normal; word-spacing: 0px">TSB
    5062b</FONT></TD>
    <TD STYLE="width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Printed
                           in U.S.A. <BR>
                           Copyright, The Surety Association of America, 1997</FONT></P>



</TD>
    <TD STYLE="text-align: right; width: 33%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: 400; text-transform: none; letter-spacing: normal; word-spacing: 0px">Page
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<P STYLE="text-align: center"><FONT STYLE="font-size: 20pt">U.S. SPECIALTY INSURANCE COMPANY</FONT></P>


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<P STYLE="font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Financial
Institution Bond <BR>
Standard Form No. 14</FONT></P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;<IMG SRC="image_004.jpg" ALT=""></TD>
    <TD STYLE="width: 34%"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; width: 33%"><P><B>D&amp;O Group</B><BR>
                           8 Forest Park Drive, Farmington, Connecticut 06032<BR>
main 860 674 1900 facsimile 860 676 1737</P>

</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center">Copyright, The Surety Association of America, 1997</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; text-align: justify; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter in consideration of an agreed premium and in reliance upon all statements made and information furnished to the Underwriter
by the Insured in applying for this bond and subject to the Declarations Insuring Agreements General Agreements Conditions and
Limitations and other terms hereof agrees to indemnify the Insured for</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="text-align: center; font-style: normal; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURING
AGREEMENTS</B></FONT></P>


<P STYLE="text-align: center; font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FIDELITY</FONT></P>


<P STYLE="text-align: justify; margin-bottom: 6; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)
Loss resulting directly from dishonest or fraudulent acts committed by an Employee acting alone or in collusion with others</FONT></P>

<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6; text-indent: 20pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Such
dishonest or fraudulent acts must be committed by the Employee with the manifest intent</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
cause the Insured to sustain such loss and</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
obtain financial benefit for the Employee and which in fact </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">result
in obtaining such benefit</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; text-align: justify; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 0pt; margin-bottom: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
used in this Insuring Agreement financial benefit does not include any employee benefits earned in the normal course of employment
including salaries commissions fees bonuses promotions awards profit sharing or pensions</FONT></P>


<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ON PREMISES</FONT></P>


<P STYLE="margin-bottom: 6; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(B) &nbsp;(1) &nbsp;Loss
of Property resulting directly from</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">robbery
burglary, misplacement mysterious unexplainable disappearance and damage thereto or destruction thereof or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">theft,
false pretenses common law or statutory larceny </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">committed by a
person present in an office or on the <FONT STYLE="font-size: 10pt">premises of the Insured </FONT>while the Property is lodged
or deposited within offices or <FONT STYLE="font-size: 10pt">premises located anywhere </FONT></FONT></TD>
</TR></TABLE>

<P STYLE="margin-bottom: 6; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt">(2) &nbsp;&nbsp;Loss of or damage to</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">furnishings,
fixtures, supplies or equipment within an office of the Insured covered under this bond resulting </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">directly
from larceny or theft in or by burglary or robbery of, such office, or attempt thereat or by vandalism or malicious mischief,
or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">such
office resulting from larceny or theft in or by <FONT STYLE="font-size: 10pt">burglary or robbery of such office or attempt thereat
or to the interior of such office by vandalism or malicious mischief provided that</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
Insured is the owner of such furnishings fixtures </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">supplies, equipment
or office or is liable for such loss or damage and</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 20pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">the loss is not caused by fire</TD>
</TR></TABLE>

<P STYLE="margin-top: 12pt; text-align: center; font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;IN
TRANSIT</FONT></P>

<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(C) Loss of
Property resulting directly from robbery common-law or statutory larceny theft misplacement mysterious unexplainable disappearance
being lost or made away with and damage thereto or destruction thereof while the Property is in transit anywhere in the custody
of</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
natural person acting as a messenger of the Insured (or another natural person acting as messenger or custodian during an emergency
arising from the incapacity of the original messenger) or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
Transportation Company and being transported in an armored motor vehicle, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
Transportation Company and being transported in a conveyance other than an armored motor vehicle provided that covered Property
transported in such manner is limited to the following</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">records
whether recorded in writing or electronically and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Certificated
Securities issued in registered form and not endorsed or with restrictive endorsements and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Negotiable
Instruments not payable to bearer or not endorsed or with restrictive endorsements</FONT></TD>
</TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 12pt; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coverage under this Insuring Agreement begins immediately upon the receipt of such Property by the natural person or Transportation
Company and ends immediately upon delivery to the designated recipient or its agent</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FORGERY OR ALTERATION</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6pt; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(D) &nbsp;Loss resulting
directly from</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Forgery or alteration of on or in any Negotiable Instrument (except an Evidence of Debt) Acceptance Withdrawal Order receipt for the withdrawal of Property Certificate of Deposit or Letter of Credit</FONT></P>



<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; text-align: justify; margin-top: 6pt; margin-bottom: 0pt"> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">transferring paying or delivering any funds or Property or establishing any credit or giving any value on the faith of any written instructions or advices directed to the Insured and authorizing or acknowledging the transfer, payment delivery or receipt of funds or Property which instructions or advices purport to have been signed or endorsed by any customer of the Insured or by any financial institution but which instructions or advices either bear a signature which is a Forgery or have been altered without the knowledge and consent of such customer or financial institution</FONT></P>



<P STYLE="text-align: justify; margin-top: 6pt; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT>A mechanically reproduced facsimile signature is treated the same as a handwritten signature</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SECURITIES</FONT></P>


<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0pt; margin-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(E)&nbsp;&nbsp;Loss resulting
directly from the Insured having in good faith for its own account or for the account of others</FONT></P>

<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin-top: 0pt; margin-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1) acquired, sold or delivered
or given value extended credit or assumed liability, on the faith of any original</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Certificated
Security</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">deed
mortgage or other instrument conveying title to or <FONT STYLE="font-size: 10pt">creating or discharging a lien upon real property</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence
of Debt</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Instruction
to a Federal Reserve Bank of the United States or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Statement
of Uncertificated Security of any Federal </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Reserve Bank of the United
States <FONT STYLE="font-size: 10pt">which</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">bears
a signature of any maker drawer issuer </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">endorser assignor, lessee
transfer agent registrar acceptor, surety, guarantor, or of any person signing in any other capacity which is a Forgery or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
altered or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
lost or stolen</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT>(2) guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney Guarantee
or any items listed in (a) through (c) above</FONT></P>

<P STYLE="text-align: justify; margin-top: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3) acquired
sold or delivered or given value extended credit or assumed liability on the faith of any item listed in (a) and (b) above which
is a Counterfeit</FONT></P>

<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0pt; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">A mechanically reproduced facsimile signature is treated the same as a handwritten
signature</FONT></FONT></P>


<P STYLE="margin-top: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">COUNTERFEIT
CURRENCY</FONT></P>


<P STYLE="text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0pt; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(F)
Loss resulting directly from the receipt by the Insured, in good faith of any Counterfeit Money of the United States of America
Canada or of any other country in which the Insured maintains a branch office</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: normal 10pt Arial, Helvetica, Sans-Serif"><B>GENERAL AGREEMENTS</B></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NOMINEES</FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0; text-align: justify; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A &nbsp;&nbsp;&nbsp;Loss sustained
by any nominee organized by the Insured for the purpose of handling certain of its business transactions and composed exclusively
of its Employees shall for all the purposes of this bond and whether or not any partner of such nominee is implicated in such
loss be deemed to be loss sustained by the Insured</FONT></P>


<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ADDITIONAL OFFICES
OR EMPLOYEES &ndash; CONSOLIDATION MERGER OR PURCHASE OF ASSETS &ndash; NOTICE</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0; text-align: justify; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B
&nbsp;&nbsp;&nbsp;If the Insured shall while this bond is in force establish any additional offices, other than by consolidation or merger with
or purchase or acquisition of assets or liabilities of another institution such offices shall be automatically covered hereunder
from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium
for the remainder of the premium period</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; text-indent: 20pt; margin-top: 0; text-align: justify; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If the Insured
shall while this bond is in force consolidate or merge with or purchase or acquire assets or liabilities of another institution
the Insured shall not have such coverage as is afforded under this bond for loss which</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has
occurred or will occur in offices or premises or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">has
been caused or will be caused by an employee or employees of such institution or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">has
arisen or will arise out of the assets or liabilities acquired by the Insured as a result of such consolidation merger or purchase
or acquisition of assets or liabilities unless the Insured shall</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">give
the Underwriter written notice of the proposed consolidation merger or purchase or acquisition of assets or liabilities prior
to the proposed effective date of such action and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtain
the written consent of the Underwriter to extend the coverage provided by this bond to such additional offices or premises Employees
and other exposures and</FONT></TD>
</TR></TABLE>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: normal 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Copyright,
The Surety Association of America, 1997</FONT></P>

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<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon
obtaining such consent, pay to the Underwriter an additional premium</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 12pt; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CHANGE
OF CONTROL &ndash; NOTICE</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C
&nbsp;&nbsp;&nbsp;When the Insured learns of a change in control it shall give written notice to the Underwriter</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
used in this General Agreement control means the power to determine the management or policy of a controlling holding company
or the Insured by virtue of voting stock ownership. A change in ownership of voting stock which results in direct or indirect
ownership by a stockholder or an affiliated group of stockholders of ten percent (10%) or more of such stock shall be presumed
to result in a change of control for the purpose of the required notice.</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure
to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective upon
the date of the stock transfer</FONT></P>

<P STYLE="margin-top: 12pt; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPRESENTATION
OF INSURED</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D
&nbsp;&nbsp;&nbsp;The Insured represents that the information furnished in the application for this bond is complete, true and correct. Such application
constitutes part of this bond</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any
misrepresentation, omission concealment or incorrect statement of a material fact, in the application or otherwise, shall be grounds
for the recission of this bond</FONT></P>

<P STYLE="margin-top: 12pt; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JOINT
INSURED</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E
&nbsp;&nbsp;&nbsp;If two or more Insureds are covered under this bond, the first named Insured shall act for all Insureds. Payment by the Underwriter
to the first named Insured of loss sustained by any Insured shall fully release the Underwriter on account of such loss. If the
first named Insured ceases to be covered under this bond, the Insured next named shall thereafter be considered as the first named
Insured. Knowledge possessed or discovery made by all Insureds for all purposes of this bond. The liability of the Underwriter
for loss or losses sustained by all Insureds shall not exceed the amount for which the Underwriter would have been liable had
all such loss or losses been sustained by one Insured</FONT></P>

<P STYLE="margin-top: 12pt; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOTICE
OF LEGAL PROCEEDINGS AGAINST INSURED &ndash; ELECTION TO DEFEND</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">F &nbsp;&nbsp;&nbsp;The Insured shall notify the Underwriter at the earliest practicable
moment, not to exceed 30 days after notice thereof of any legal proceeding brought to determine the Insureds liability for any
loss claim or damage which, if established would constitute a collectible loss under this bond Concurrently, the Insured shall
furnish copies of all pleadings and pertinent papers to the Underwriter</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter at its sole option, may elect to conduct the defense of such legal proceeding in whole or in part. The defense by
the Underwriter shall be in the Insured&rsquo;s name through attorneys selected by the Underwriter. The Insured shall provide
all reasonable information and assistance required by the Underwriter for such defense</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Underwriter elects to defend the Insured in whole or in part any judgment against the Insured on those counts or causes of
action which the Underwriter defended on behalf of the Insured or any settlement in which the Underwriter participates and all
attorneys&rsquo; fees, costs and expenses incurred by the Underwriter in the defense of the litigation shall be a loss covered
by this bond</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Insured does not give the notices required in subsection (a) of Section 5 of this bond and in the first paragraph of this
General Agreement or if the Underwriter elects not to defend any causes of action, neither a judgment against the Insured nor
a settlement of any legal proceeding by the Insured, shall determine the existence extent or amount of coverage under this bond
for loss sustained by the Insured and the Underwriter shall not be liable for any attorneys fees costs and expenses incurred by
the Insured</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With
respect to this General Agreement subsections (b) and (d) of Section 5 of this bond apply upon the entry of such judgment or the
occurrence of such settlement instead of upon discovery of loss. In addition, the Insured must notify the Underwriter within 30
days after such judgment is entered against it or after the Insured settles such legal proceeding, and, subject to subsection
(e) of Section 5 the Insured may not bring legal proceedings for the recovery of such loss after the expiration of 24 months from
the date of such final judgment or settlement</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6">&nbsp;</P>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CONDITIONS
AND LIMITATIONS</B></FONT></P>


<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 6">DEFINITIONS</P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
1 As used in this bond</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)
Acceptance means a draft which the drawee has by signature written thereon, engaged to honor as presented</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)
Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of Money with an engagement to
repay it</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)
Certificated Security means a share participation or other interest in property of or an enterprise of the issuer or an obligation
of the issuer which is</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">represented
by an instrument issued in bearer or registered form,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt
in as a medium for investment, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either
one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)
Counterfeit means an imitation of an actual valid original which is intended to deceive and to be taken as the original</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)
Employee means</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
natural person in the service of the Insured at any of the Insured&rsquo;s offices or premises covered hereunder whom the Insured
compensates directly by salary or commissions and whom the Insured has the right to direct and control while performing services
for the Insured,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
attorney retained by the Insured and an employee of such attorney while either is performing legal services for the Insured,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
person provided by an employment contractor to perform employee duties for the Insured under the Insured&rsquo;s supervision at
any of the Insured&rsquo;s offices or premises covered hereunder, and a guest student pursuing studies or duties in any of said
offices or premises</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
employee of an institution merged or consolidated with the Insured prior to the effective date of this bond</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each
natural person, partnership or corporation authorized by the Insured to perform services as data processor of checks or other
accounting records of the Insured (not including preparation or modification of computer software or programs), herein called
Processor (Each such Processor and the partners officers and employees of such Processor shall collectively be deemed to be one
Employee for all the purposes of this bond excepting however, the second paragraph of Section 12 A Federal Reserve Bank or clearing
house shall not be construed to be a processor) and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
Partner of the Insured, unless not covered as stated in Item 4 of the Declarations</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)
Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a customer of the Insured and held by the
Insured which in the regular course of business is treated as evidencing the customer&rsquo;s debt to the Insured</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)
Financial Interest in the Insured of the Insured&rsquo;s general partner(s) or limited partner(s) committing dishonest or fraudulent
acts covered by this bond or concerned or implicated therein means</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as
respects general partners the value of all right, title and interest of such general partner(s) determined as of the close of
business on the date of discovery of loss covered by this bond in the aggregate of</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
&ldquo;net worth&rdquo; of the Insured, which for the purposes of this bond shall be deemed to be the excess of its total assets
over its total liabilities, without adjustment to give effect to loss covered by this bond (except that credit balances and equities
in proprietary accounts of the Insured which shall include capital accounts of partners investment and trading accounts of the
Insured, participations of the Insured in joint accounts, and accounts of partners which are covered by agreements providing for
the inclusion of equities therein as partnership property, shall not be considered as liabilities) with securities, spot commodities
commodity future contracts in such proprietary accounts and all other assets marked to market or fair value and with adjustment
for profits and losses at the market of contractual commitments for such proprietary accounts of the Insured, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
value of all other Money, securities and property belonging to such general partner(s) or in which such general partner(s) have
a pecuniary interest, held by or in the custody of and legally available to the Insured as set off against loss covered by this
bond</FONT></TD>
</TR></TABLE>

<P STYLE="margin-left: 60pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided,
however that if such &ldquo;net worth&rdquo; adjusted to give effect to loss covered by this bond and such value of all other
Money securities and property as set forth in (g)(1)(b) preceding, plus the amount of coverage afforded by this bond on account
of such loss, is not sufficient to enable the</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copyright,
The Surety Association of America, 1997</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: justify; margin-bottom: 6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-left: 60pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insured
to meet its obligations, including its obligations to its partners other than to such general partner(s), then the Financial Interest
in the Insured, as above defined, of such general partner(s) shall be reduced in an amount necessary, or eliminated if need be,
in order to enable the Insured upon payment of loss under this bond to meet such obligations, to the extent that such payment
will enable the Insured to meet such obligations, without any benefit accruing to such general partner(s) from such payment, and</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as
respects limited partners the value of such limited partner(s) investment in the Insured</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)
Forgery means the signing of the name of another person or organization with intent to deceive, it does not mean a signature which
consists in whole or in part of one&rsquo;s own name signed with or without authority, in any capacity, for any purpose</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)
Guarantee means a written undertaking obligating the signer to pay the debt of another to the Insured or its assignee or to a
financial institution from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with
its terms</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)
Instruction means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge, or release
from pledge of the Uncertificated Security specified be registered</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)
Letter of Credit means an engagement in writing by a bank or other person made at the request of a customer that the bank or other
person will honor drafts or other demands for payment upon compliance with the conditions specified in the Letter of Credit</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)
Money means a medium of exchange in current use authorized or adopted by a domestic or foreign government as a part of its currency</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)
Negotiable Instrument means any writing</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">signed
by the maker or drawer, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">containing
any unconditional promise or order to pay a sum certain in Money and no other promise, order, obligation or power given by the
maker or drawer, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
payable on demand or at a definite time, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
payable to order or bearer</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)
Partner means a natural person who</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
a general partner of the Insured, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
a limited partner and an Employee (as defined in Section 1(e)
(1) of the bond) of the Insured</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)
Property means Money, Certificated Securities, Uncertificated Securities of any Federal Reserve Bank of the United States, Negotiable
Instruments, Certificates of Deposit, documents of title, Acceptances, Evidences of Debt, security agreements, Withdrawal Orders,
certificates of origin or title, Letters of Credit, insurance policies, abstracts of title, deeds and mortgages on real estate,
revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether recorded in writing
or electronically, gems, jewelry, precious metals of all kinds and in any form, and tangible items of personal property which
are not herein before enumerated</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(p)
Statement of Uncertificated Security means a written statement of the issuer of an Uncertificated Security containing</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
description of the Issue of which the Uncertificated Security is a part,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
number of shares or units</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transferred
to the registered owner,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pledged
by the registered owner to the registered pledgee,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">released
from pledge by the registered pledgee,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered
in the name of the registered owner on the date of the statement, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject
to pledge on the date of the statement,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
name and address of the registered owner and registered pledgee,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
notation of any liens and restrictions of the issuer and any adverse claims to which the Uncertificated Security is or may be
subject or a statement that there are none of those liens, restrictions or adverse claims, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
date</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
transfer of the shares or units to the new registered owner of the shares or units was registered,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
pledge of the registered pledgee was registered, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
the statement, if it is a periodic or annual statement</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(q)
Transportation Company means any organization which provides its own or leased vehicles for transportation or which provides freight
forwarding or air express services</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(r)
Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation
of the issuer, which is</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not
represented by an instrument and the transfer of which is registered upon books maintained for that purpose by or on behalf of
the issuer,</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
a type commonly dealt in on securities exchanges or markets, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either
one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)
Withdrawal Order means a non-negotiable instrument, other than an Instruction signed by a customer of the Insured authorizing
the Insured to debit the customer&rsquo;s account in the amount of funds stated therein</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXCLUSIONS</FONT></P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
2 This bond does not cover</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)
loss resulting directly or indirectly from forgery or alteration, except when covered under Insuring Agreements (A), (D), or (E),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)
loss due to riot or civil commotion outside the United States of America and Canada, or loss due to military, naval or usurped
power, war or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (C), and unless,
when such transit was initiated, there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or
insurrection on the part of any person acting for the Insured in initiating such transit,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)
loss resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity, provided, however, that
this paragraph shall not apply to loss resulting from industrial uses of nuclear energy,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)
loss resulting from any act or acts of any person who is a member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also an Employee or an elected official of the Insured in some
other capacity, nor, in any event, loss resulting from the act or acts of any person while acting in the capacity of a member
of such Board or equivalent body,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)
loss resulting directly or indirectly from the complete or partial nonpayment of, or default upon, any loan or transaction involving
the Insured as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false
or genuine accounts, invoices, notes, agreements or Evidences of Debt, whether such loan, transaction or extension was procured
in good faith or through trick, artifice, fraud or false pretenses, except when covered under Insuring Agreements (A), (D) or
(E),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)
loss resulting from any violation by the Insured or by any Employee</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
law regulating (i) the issuance, purchase or sale of securities, (ii) securities transactions upon security exchanges or over
the counter market, (iii) investment companies, or (iv) investment advisers, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
any rule or regulation made pursuant to any such law, unless it is established by the Insured that the act or acts which caused
the said loss involved fraudulent or dishonest conduct which would have caused a loss to the Insured in a similar amount in the
absence of such laws, rules or regulations,</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)
loss resulting directly or indirectly from the failure of a financial or depository institution, or its receiver or liquidator,
to pay or deliver, on demand of the Insured, funds or Property of the Insured held by it in any capacity, except when covered
under Insuring Agreements (A) or (B)(1)(a),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)
loss caused by an Employee, except when covered under Insuring Agreement (A) or when covered under Insuring Agreement (B) or (C)
and resulting directly from misplacement, mysterious unexplainable disappearance or destruction of or damage to Property,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)
loss resulting directly or indirectly from transactions in a customer&rsquo;s account, whether authorized or unauthorized, except
the unlawful withdrawal and conversion of Money, securities or precious metals, directly from a customer&rsquo;s account by an
Employee provided such unlawful withdrawal and conversion is covered under Insuring Agreement (A),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)
damages resulting from any civil, criminal or other legal proceeding in which the Insured is alleged to have engaged in racketeering
activity except when the Insured establishes that the act or acts giving rise to such damages were committed by an Employee under
circumstances which result directly in a loss to the Insured covered by Insuring Agreement (A) For the purposes of this exclusion,
&ldquo;racketeering activity&rdquo; is defined in 18 United States Code 1961 et seq , as amended,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)
loss resulting directly or indirectly from the use or purported use of credit, debit, charge, access, convenience, identification,
cash management or other cards</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
obtaining credit or funds, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
gaining access to automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks,
drafts or similar written instruments or make credit card loans, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
gaining access to point of sale terminals, customer-bank communication terminals, or similar electronic terminals of electronic
funds transfer systems, whether such cards were issued, or purport to have been issued, by the Insured or by anyone other than
the Insured, except when covered under Insuring Agreement (A),</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)
loss involving automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts
or similar written instruments or make credit card loans, except when covered under Insuring Agreement (A),</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copyright,
The Surety Association of America, 1997</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

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<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)
loss through the surrender of Property away from an office of the Insured as a result of a threat</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
do bodily harm to any person, except loss of Property in transit in the custody of any person acting as messenger provided that
when such transit was initiated there was no knowledge by the Insured of any such threat, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
do damage to the premises or property of the Insured, except when covered under Insuring Agreement (A),</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)
loss resulting directly or indirectly from payments made or withdrawals from a depositor&rsquo;s or customer&rsquo;s account involving
erroneous credits to such account, unless such payments or withdrawals are physically received by such depositor or customer or
representative of such depositor or customer who is within the office of the Insured at the time of such payment or withdrawal,
or except when covered under Insuring Agreement (A),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)
loss involving items of deposit which are not finally paid for any reason, including but not limited to Forgery or any other fraud,
except when covered under Insuring Agreement (A),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(p)
loss resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreements (A), (E) or (F),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(q)
loss of any tangible item of personal property which is not specifically enumerated in the paragraph defining Property if such
property is specifically insured by other insurance of any kind and in any amount obtained by the Insured, and in any event, loss
of such property occurring more than 60 days after the Insured takes possession of such property, except when covered under Insuring
Agreements (A) or (B)(2),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(r)
loss of Property while</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
the mail, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
the custody of any Transportation Company, unless covered under Insuring Agreement (C), except when covered under Insuring Agreement
(A),</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)
potential income, including but not limited to interest and dividends, not realized by the Insured or by any customer of the Insured,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(t)
damages of any type for which the Insured is legally liable, except compensatory damages, but not multiples thereof, arising directly
from a loss covered under this bond,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(u)
all fees, costs and expenses incurred by the Insured</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
establishing the existence of or amount of loss covered under this bond, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as
a party to any legal proceeding whether or not such legal proceeding exposes the Insured to loss covered by this bond,</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)
indirect or consequential loss of any nature,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(w)
loss involving any Uncertificated Security except an Uncertificated Security of any Federal Reserve Bank of the United States
or when covered under Insuring Agreement (A),</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)
loss resulting directly or indirectly from any dishonest or fraudulent act or acts committed by any non-Employee who is a securities,
commodities, money, mortgage, real estate, loan, insurance, property management, investment banking broker, agent or other representative
of the same general character;</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(y)
loss caused directly or indirectly by a Partner of the Insured unless the amount of such loss exceeds the Financial Interest in
the Insured of such Partner and the Deductible Amount applicable to this bond, and then for the excess only,</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)
loss resulting directly or indirectly from any actual or alleged representation, advice, warranty or guarantee as to the performance
of any investments;</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)
loss due to liability imposed upon the Insured as a result of the unlawful disclosure of non-public material information by the
Insured or any Employee, or as a result of any Employee acting upon such information, whether authorized or unauthorized</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCOVERY</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
3 This bond applies to loss discovered by the Insured during the Bond Period Discovery occurs when the Insured first becomes aware
of facts which would cause a reasonable person to assume that a loss of a type covered by this bond has been or will be incurred,
regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of loss
may not then be known</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
also occurs when the Insured receives notice of an actual or potential claim in which it is alleged that the Insured is liable
to a third party under circumstances which, if true, would constitute a loss under this bond</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIMIT
OF LIABILITY</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
4</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aggregate
Limit of Liability</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter&rsquo;s total liability for all losses discovered during the Bond Period shown in Item 2 of the Declarations shall
not exceed the Aggregate Limit of Liability shown in Item 3 of the Declarations. The Aggregate Limit of Liability shall be reduced
by the amount of any payment made under the terms of this bond</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon
exhaustion of the Aggregate Limit of Liability by such payments</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter shall have no further liability for loss or losses regardless of when discovered and whether or not previously reported
to the Underwriter, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter shall have no obligation under General Agreement F to continue the defense of the Insured, and upon notice by the
Underwriter to the Insured that the Aggregate Limit of Liability has been exhausted, the Insured shall assume all responsibility
for its defense at its own cost</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Aggregate Limit of Liability shall not be increased or reinstated by any recovery made and applied in accordance with subsections
(a), (b) and (c) of Section 7 In the event that a loss of Property is settled by the Underwriter through the use of a lost instrument
bond, such loss shall not reduce the Aggregate Limit of Liability</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Single
Loss Limit of Liability</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject
to the Aggregate Limit of Liability, the Underwriter&rsquo;s liability for each Single Loss shall not exceed the applicable Single
Loss Limit of Liability shown in Item 4 of the Declarations If a Single Loss is covered under more than one Insuring Agreement
or Coverage, the maximum payable shall not exceed the largest applicable Single Loss Limit of Liability</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Single
Loss Defined</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Single
Loss means all covered loss, including court costs and attorneys&rsquo; fees incurred by the Underwriter under General Agreement
F, resulting from</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
one act or series of related acts of burglary, robbery or attempt thereat, in which no employee is implicated, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an Employee or not)
resulting in damage to or destruction or misplacement of Property, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all
acts or omissions other than those specified in (a) and (b) preceding, caused by any person (whether an Employee or not) or in
which such person is implicated, or</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
one casualty or event not specified in (a), (b) or (c) preceding</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOTICE/PROOF
&ndash; LEGAL PROCEEDINGS AGAINST UNDERWRITER</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
5</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)
At the earliest practicable moment, not to exceed 30 days, after discovery of loss, the Insured shall give the Underwriter notice
thereof.</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)
Within 6 months after such discovery, the Insured shall furnish to the Underwriter proof of loss, duly sworn to, with full particulars</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)
Lost Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers if such securities were
issued therewith</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)
Legal proceedings for the recovery of any loss hereunder shall not be brought prior to the expiration of 60 days after the original
proof of loss is filed with the Underwriter or after the expiration of 24 months from the discovery of such loss</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)
If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, such limitation shall be
deemed to be amended so as to equal the minimum period of limitation provided by such law</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)
This bond affords coverage only in favor of the Insured No suit, action or legal proceedings shall be brought hereunder by any
one other than the named Insured</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
6 Any loss of Money, or loss payable in Money, shall be paid, at the option of the Insured, in the Money of the country in which
the loss was sustained or in the United States of America dollar equivalent thereof determined at the rate of exchange at the
time of payment of such loss</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Underwriter shall settle in kind its liability under this bond on account of a loss of any securities or, at the option of the
Insured, shall pay to the Insured the cost of replacing such securities, determined by the market value thereof at the time of
such settlement. However, if prior to such settlement the Insured shall be compelled by the demands of a third party or by market
rules to purchase equivalent securities, and given written notification of this to the Underwriter, the cost incurred by the Insured
shall be taken as the value of those securities In case of a loss of subscription, conversion or redemption privileges through
the misplacement or loss of securities, the amount of such loss shall be the value of such privileges immediately preceding the
expiration thereof If such securities cannot be replaced or have no quoted market value, or if such privileges have no quoted
market value, their value shall be determined by agreement or arbitration</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the applicable coverage of this bond is subject to a Deductible Amount and/or is not sufficient in amount to indemnify the Insured
in full for the loss of securities for which claim is made hereunder, the liability of the Underwriter under this bond is limited
to the payment for, or the duplication of, so much of such securities as has a value equal to the amount of such applicable coverage</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copyright,
The Surety Association of America, 1997</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Books
of Account and Other Records</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
case of loss of or damage to any books of account or other records used by the Insured in its business the Underwriter shall be
liable under this bond only if such books or records are actually reproduced and then for not more than the cost of the blank
books blank pages or other materials plus the cost of labor for the actual transcription or copying of data which shall have been
furnished by the Insured in order to reproduce such books and other records</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property
other than Money, Securities or Records</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
case of loss of or damage to any Property other than Money securities, books of account or other records or damage covered under
Insuring Agreement (B)(2) the Underwriter shall not be liable for more than the actual cash value of such Property, or of items
covered under Insuring Agreement (B)(2) The Underwriter may, at its election, pay the actual cash value of replace or repair such
property Disagreement between the Underwriter and the Insured as to the cash value or as to the adequacy of repair or replacement
shall be resolved by arbitration</FONT></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Set-Off</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any
loss covered under this bond shall be reduced by a set off consisting of any amount owed to the Employee causing the loss if such
loss is covered under Insuring Agreement (A)</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSIGNMENT
&ndash; SUBROGATION &ndash; RECOVERY &ndash; COOPERATION</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
7</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)
In the event of payment under this bond the Insured shall deliver, if so requested by the Underwriter an assignment of such of
the Insured&rsquo;s rights title and interest and causes of action as it has against any person or entity to the extent of the
loss payment</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)
In the event of payment under this bond the Underwriter shall be subrogated to all of the Insured&rsquo;s rights of recovery therefor
against any person or entity to the extent of such payment</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)
Recoveries whether effected by the Underwriter or by the Insured, shall be applied net of the expense of such recovery first to
the satisfaction of the Insured&rsquo;s loss which would otherwise have been paid but for the fact that it is in excess of either
the Single or Aggregate Limit of Liability, secondly, to the Underwriter as reimbursement of amounts paid in settlement of the
Insured&rsquo;s claim, and thirdly to the Insured in satisfaction of any Deductible Amount Recovery on account of loss of securities
as set forth in the second paragraph of Section 6 or recovery from reinsurance and/or indemnity of the Underwriter shall not be
deemed a recovery as used herein</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)
Upon the Underwriter&rsquo;s request and at reasonable times and places designated by the Underwriter the Insured shall</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">submit
to examination by the Underwriter and subscribe to the same under oath, and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">produce
for the Underwriter&rsquo;s examination all pertinent records and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cooperate
with the Underwriter in all matters pertaining to the loss</FONT></TD>
</TR></TABLE>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)
The Insured shall execute all papers and render assistance to secure to the Underwriter the rights and causes of action provided
for herein The Insured shall do nothing after discovery of loss to prejudice such rights or causes of action</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LIMIT
OF LIABILITY UNDER THIS BOND AND PRIOR INSURANCE</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
8 With respect to any loss set forth in sub section (c) of Section 4 of this bond which is recoverable or recovered in whole or
in part under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured
and terminated or canceled or allowed to expire and in which the period for discovery has not expired at the time any such loss
thereunder is discovered the total liability of the Underwriter under this bond and under such other bonds or policies shall not
exceed, in the aggregate the amount carried hereunder on such loss or the amount available to the Insured under such other bonds
or policies as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the coverage of this bond supersedes in whole or in part the coverage of any other bond or policy of insurance issued by an Insurer
other than the Underwriter and terminated canceled or allowed to expire the Underwriter, with respect to any loss sustained prior
to such termination cancelation or expiration and discovered within the period permitted under such other bond or policy for the
discovery of loss thereunder shall be liable under this bond only for that part of such loss covered by this bond as is in excess
of the amount recoverable or recovered on account of such loss under such other bond or policy anything to the contrary in such
other bond or policy notwithstanding</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OTHER
INSURANCE OR INDEMNITY</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
9 Coverage afforded hereunder shall apply only as excess over any valid and collectible insurance or indemnity obtained by the
Insured or by one other than the Insured on Property subject to exclusion (q) or by a Transportation Company, or by another entity
on whose premises the loss occurred or which employed the person causing the loss or the messenger conveying the Property involved</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OWNERSHIP</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
10 This bond shall apply to loss of Property (1) owned by the Insured (2) held by the Insured in any capacity or (3) for which
the Insured is legally liable. This bond shall be for the sole use and benefit of the Insured named in the Declarations</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DEDUCTIBLE
AMOUNT</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
11 The Underwriter shall be liable hereunder only for the amount by which any single loss as defined in Section 4, exceeds the
Single Loss Deductible amount for the Insuring Agreement or Coverage applicable to such loss, subject to the Aggregate Limit of
Liability and the applicable Single Loss Limit of Liability</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured shall, in the time and in the manner prescribed in this bond give the Underwriter notice of any loss of the kind covered
by the terms of this bond, whether or not the Underwriter is liable therefor, and upon the request of the Underwriter shall file
with it a brief statement giving the particulars concerning such loss</FONT></P>

<P STYLE="margin-top: 12; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TERMINATION
OR CANCELATION</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Section
12 This bond terminates as an entirety upon occurrence of any of the following &ndash; (a) 60 days after the receipt by the Insured
of a written notice from the Underwriter of its desire to cancel this bond, or (b) immediately upon the receipt by the Underwriter
of a written notice from the Insured of its desire to cancel this bond, or (c) immediately upon the taking over of the Insured
by a receiver or other liquidator or by State or Federal officials, or (d) immediately upon the taking over of the Insured by
another institution, or (e) immediately upon exhaustion of the Aggregate Limit of Liability or (f) immediately upon expiration
of the Bond Period as set forth in Item 2 of the Declarations</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond terminates as to any Employee or any partner, officer or employee of any Processor &ndash; (a) as soon as any Insured or
any director or officer is not in collusion with such person, learns of any dishonest or fraudulent act committed by such person
at any time, whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement
(A), against the Insured or any other person or entity, without prejudice to the loss of any Property then in transit in the custody
of such person, or (b) 15 days after the receipt by the Insured of a written notice from the Underwriter of its desire to cancel
this bond as to such person</FONT></P>

<P STYLE="text-indent: 20pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination
of the bond as to any Insured terminates liability for any loss sustained by such Insured which is discovered after the effective
date of such termination</FONT></P>


<P STYLE="text-indent: 0pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
witness whereof, the Underwriter has caused this bond to be executed on the Declarations page</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="margin-top: 0; text-align: center; font-style: normal; font-weight: normal; margin-bottom: 6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copyright,
The Surety Association of America, 1997</FONT></P>


<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

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<P STYLE="margin-top: 0; text-align: justify; font-style: normal; font-weight: normal; margin-bottom: 6"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P>&nbsp;</P>

<P></P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">1</TD></TR>
</TABLE>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>COVERAGE TERRITORY RIDER/ENDORSEMENT</B></FONT></P>

<P>Payment of loss under this bond/policy shall
only be made in full compliance with all United States of America economic or trade sanction laws or regulations, including,
but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of
Foreign Assets Control ("OFAC").</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P><B>FB0127</B> - For use with<BR>
Forms 14, 15, 24, 25 and Computer Crime</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">FB0127</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center"></P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">2</TD></TR>
</TABLE>
<P STYLE="text-align: center"></P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center"><B>NOTICE TO UNDERWRITER</B></P>

<P STYLE="margin-top: 20; text-align: left">Any notice required to be given to the Underwriter pursuant to the terms and conditions of
this bond shall be given by mail or electronic mail to the following address:</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">HCC Global Financial
Products, LLC</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">8 Forest Park Drive</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">Farmington, CT 06032</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">Attention: Claims Manager</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">usclaims@tmhcc.com</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS
AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">FI14-1013</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">3</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 20pt">To be attached to and form part of Financial Institution Bond, Standard Form No. 14, No. 64-MGU-19-A48107 in favor of Barings
BDC, Inc.</P>

<P>&nbsp;</P>

<P STYLE="margin-left: 20pt">It is agreed that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 30pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The attached bond is amended by deleting subsection (aa)
of Section 2, Exclusions and by replacing it with the following:</TD>
</TR></TABLE>

<P STYLE="margin-left: 50pt">&ldquo;loss resulting directly or indirectly from the theft, disappearance, destruction or disclosure
of confidential information including, but not limited to, trade secrets, personal customer information, customer lists, a
customer&rsquo;s personally identifiable financial or medical information and intellectual property, whether such confidential
information is owned by the insured or held by the insured in any capacity including concurrently with another person.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 30pt; text-align: left">2.</TD><TD STYLE="text-align: justify">The following Section is added to the Conditions and Limitations
of this bond:</TD>
</TR></TABLE>

<P STYLE="margin-left: 50pt">&ldquo;As used in this bond, loss does not
include expenses arising from a data security breach, including, but not limited to, forensic audit expenses, fines, penalties,
expenses to comply with federal and state laws and Payment Card Industry Data Security Standards (if applicable) and expenses
related to notifying affected individuals when the affected individuals&rsquo; personally identifiable financial or medical
information was stolen, accessed, downloaded or misappropriated while in the insured&rsquo;s care, custody or control.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 30pt; text-align: left">3.</TD><TD STYLE="text-align: justify">This rider shall become effective as of 12:01 a.m. on 11/4/2019.</TD>
</TR></TABLE>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>AMEND EXCLUSIONS</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">FOR USE WITH THE FINANCIAL INSTITUTION BOND</P>

<P STYLE="margin-top: 0; margin-bottom: 0">STANDARD FORM NO. 14</P>

<P STYLE="margin-top: 0; margin-bottom: 0">ADOPTED JULY 2013</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%">SR 6318</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Copyright The Surety &amp; Fidelity Association of America, 2013</TD>
    <TD STYLE="text-align: right; width: 20%">Page 1 of 1</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">4</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>
</P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-left: 20pt">To be attached to and form part of Financial Institution Bond, Standard Form No, 14 in favor of Barings BDC, Inc.</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="margin-left: 20pt">It is
agreed that: subsection (d) of Section 5 of the Bond or subsection (g) of the Policy is deleted and replaced by the following</P>

<P></P>

<P STYLE="margin-left: 60pt; text-indent: 0pt">Legal proceedings for the recovery of any loss hereunder shall not be brought prior to the expiration of 60 days after the
original proof of loss is filed with the Underwriter/Company or after the expiration of 36 months from the discovery of such
loss</P>

<P STYLE="margin-left: 30pt; text-indent: 0pt"></P>

<P STYLE="margin-left: 20pt">This rider is effective as of the time the attached bond/policy becomes effective 11/4/2019</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-left: 40pt; margin-top: 0; margin-bottom: 0"><B>NORTH CAROLINA REQUREMENTS</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">FOR USE WITH FINANCIAL INSTITUTION BONDS, STANDARD</P>

<P STYLE="margin-top: 0; margin-bottom: 0">FORMS NOS 14, 15. 24, 25, EXCESS BANK EMPLOYEE
DISHONESTY</P>

<P STYLE="margin-top: 0; margin-bottom: 0">BOND STANDARD FORM NO 28 AND COMPUTER CRIME POLICY</P>

<P STYLE="margin-top: 0; margin-bottom: 0">FOR FINANCIAL INSTITUTIONS TO COMPLY WITH STATUTORY</P>

<P STYLE="margin-top: 0; margin-bottom: 0">REQUIREMENTS</P>

<P STYLE="margin-top: 0; margin-bottom: 0">REVISED TO DECEMBER, 1993</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>SR 6169b</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">5</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><B>DESTRUCTION OF DATA OR PROGRAMS BY VIRUS</B></P>

<P>In consideration of the premium charged, it is hereby understood and agreed the bond is hereby amended as follows:</P>

<P>The
attached bond is hereby amended by adding the following Insuring Agreement to the bond as follows:</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center">DESTRUCTION OF DATA OR PROGRAMS BY VIRUS</P>


<P STYLE="font-style: normal; font-weight: normal">"(K) Loss resulting directly from the malicious destruction of, or damage to,
Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer
System covered under the terms of the Computer Systems Insuring Agreement attached to this bond if such destruction or damage
was caused by a computer program or similar instruction which was written or altered to incorporate a hidden instruction designed
to destroy or damage Electronic Data or Computer Programs in the Computer System in which the computer program or instruction
so written or so altered is used.</P>

<P STYLE="font-style: normal; font-weight: normal">The liability of the Underwriter shall be limited to the cost of duplication of such Electronic
Data or Computer Programs from other Electronic Data or Computer Programs which shall have been furnished by the Insured.</P>

<P STYLE="font-style: normal; font-weight: normal">In the
event, however, that destroyed or damaged Computer Programs cannot be duplicated from other Computer Programs, the Underwriter
will pay the cost incurred for computer time, computer programmers, consultants or other technical specialists as is reasonably
necessary to restore the Computer Programs to substantially the previous level of operational capability.</P>

<P STYLE="font-style: normal; font-weight: normal">With respect to this
Insuring Agreement, the following Definitions are added: "Computer Programs," "Computer Systems" and "Electronic Data" and are
as defined in the Computer Systems Insuring Agreement attached to this bond."</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0008</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0008</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">6</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="text-align: center"><B>AMEND DEFINITION OF EMPLOYEE</B></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-bottom: 12">In consideration of the premium charged, it is hereby understood and agreed the bond is hereby amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 12; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 30pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The Definition of Employee, Section 1(e), is amended by
adding the following subsection(s):</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 12; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 30pt; text-align: left">(7)</TD><TD STYLE="text-align: justify">any Employee on an approved leave of absence;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 12; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 30pt; text-align: left">(8)</TD><TD STYLE="text-align: justify">former Employees for up to sixty (60) days after termination
provided termination was not the result of a loss covered by this policy;</TD>
</TR></TABLE>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0009</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0009</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">7</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><B>AMEND &ldquo;RICO&rdquo; EXCLUSION</B></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 12">In consideration of the premium charged, it is understood and agreed the bond is hereby amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 30pt; text-align: left">1.</TD><TD STYLE="text-align: justify">EXCLUSIONS, Section 2.(j), is deleted in its entirety and
replaced with the following:</TD>
</TR></TABLE>

<P STYLE="margin-left: 80pt; margin-top: 12">&ldquo;(j) damages resulting from any civil, criminal
or other legal proceeding in which the Insured is adjudicated to have engaged in Racketeering Activity except when the Insured
establishes that the act or acts giving rise to such damages were committed by an Employee under circumstances which result
directly in a loss to the Insured covered by Insuring Agreement (A). For the purposes of this exclusion, "racketeering activity"
is defined in 18 United States Code 1961 et seq., as amended.&rdquo;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND
REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0014</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P></P>

<P>FB0014</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font-style: normal; font-weight: normal"><FONT STYLE="font-size: 14pt"><B>U.S.
SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">8</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<P>&nbsp;</P>

<P STYLE="text-align: center"><B>ADD AUDIT EXPENSE</B></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 12">In consideration of the premium charged, it is understood and agreed the bond is hereby amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 50pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The following paragraph is added to Insuring Agreement
(A) FIDELITY:</TD>
</TR></TABLE>

<P STYLE="margin-left: 50pt; margin-top: 12">&ldquo;Audit Expense Coverage $5,000 in the aggregate, which is part
of, and not in addition to, the Aggregate Limit of Liability shown on the Declaration Page of this Bond.</P>

<P STYLE="margin-left: 50pt; margin-top: 12">Expense incurred
by the Insured for that part of the cost of audits or examinations required by State or Federal supervisory authorities to
be conducted either by such authorities or by independent accountants by reason of the discovery of loss sustained by the
Insured through dishonest or fraudulent acts of any of the Employees, provided such loss exceeds the Single Loss Deductible
for Insuring Agreement (A) stated in Item 4. of the Declarations. The total liability of the Underwriter for such expense
by reason of all such acts of any Employee or in which such Employee is concerned or implicated or with respect to all such
audits or examinations is limited to the amount stated opposite "Audit Expense Coverage"; it being understood, however, that
such expense shall be deemed to be loss sustained by the Insured through dishonest or fraudulent acts of one or more of the
Employees and the liability of the Underwriter under this paragraph of Insuring Agreement (A) shall be part of, and not in
addition to, the Single Loss Limit of Liability stated in Item 4. of the Declarations.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 50pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Item (u) of EXCLUSIONS, Section 2. is deleted in its entirety
and replaced with the following:</TD>
</TR></TABLE>

<P STYLE="margin-left: 50pt; margin-top: 12">(u) all fees, costs and expenses incurred by the Insured:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">in establishing the existence of or amount of loss covered
under this bond, except to the extent covered under the portion of Insuring Agreement (A) entitled Audit Expense; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">as a party to any legal proceeding whether or not such
legal proceeding exposes the Insured to loss covered by this bond.</TD>
</TR></TABLE>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>
</P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0032</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0032</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">9</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center">ADD COMPUTER SYSTEMS FRAUD</P>

<P>In consideration of the premium charged, it is understood and agreed the bond is hereby amended
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The following additional Insuring Agreement is added to
the bond:</TD>
</TR></TABLE>

<P STYLE="margin-top: 9pt; text-align: center">COMPUTER SYSTEMS FRAUD</P>

<P STYLE="margin-left: 40pt">Loss resulting directly
from a fraudulent</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">entry of Electronic Data or Computer Program into, or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">change of Electronic Data or Computer Program within any
Computer System operated or used by the Insured; provided that the entry or change causes</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">Property to be transferred, paid or delivered,</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">an account of the Insured, or of its customer, to be added,
deleted, debited or credited, or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">an unauthorized account or a fictitious account to be debited
or credited.</TD>
</TR></TABLE>

<P STYLE="margin-bottom: 0; margin-top: 9; margin-left: 40pt">In this Insuring Agreement, fraudulent entry or
change shall include such entry or change made by an Employee of the Insured acting in good faith</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">on an instruction from a software contractor who has a
written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement,
or</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">on an instruction transmitted by Tested telex or similar
means of Tested communication (except a Telefacsimile Device) purportedly sent by a customer, financial institution or automated
clearing house.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD STYLE="text-align: justify">In addition to the Conditions and Limitations in the bond,
the following, applicable to the Computer Systems Fraud Insuring Agreement, are added:</TD>
</TR></TABLE>

<P STYLE="text-align: center; font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="text-align: center; font-style: normal; font-weight: normal">DEFINITIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(A.)</TD><TD STYLE="text-align: justify">Computer Program means a set of related electronic instructions
which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive,
process, store or send Electronic Data;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(B.)</TD><TD STYLE="text-align: justify">Computer System means</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">computers with related peripheral components, including
storage components wherever located,</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">systems and applications software,</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">terminal devices, andPleae</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; font-weight: normal; font-style: normal; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">related communication networks, including the Internet,
by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved;</TD>
</TR></TABLE>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0041</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1 of 3</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">9</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(C)</TD><TD STYLE="text-align: justify">Electronic Data means facts or information converted to
a form usable in a Computer System by Computer Programs, and which is stored on magnetic tapes or disks, or optical storage disks
or other bulk media;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(D)</TD><TD STYLE="text-align: justify">Telefacsimile Device means a machine capable of sending
or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces
the duplicate image on paper;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(E)</TD><TD STYLE="text-align: justify">Tested means a method of authenticating the contents of
a communication by placing a valid test key on it which has been agreed upon between the Insured and a customer, automated clearing
house, or another financial institution for the purpose of protecting the integrity of the communication in the ordinary course
of business.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(F)</TD><TD STYLE="text-align: justify">Internet means the worldwide public network of computers,
which are commonly referred to as the "internet."</TD>
</TR></TABLE>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">EXCLUSIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(A)</TD><TD STYLE="text-align: justify">loss resulting directly or indirectly from the assumption
of liability by the Insured by contract unless the liability arises from a loss covered by the Computer Systems Fraud Insuring
Agreement and would be imposed on the Insured regardless of the existence of the contract;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(B)</TD><TD STYLE="text-align: justify">loss resulting directly or indirectly from negotiable instruments,
securities, documents or other written instruments which bear a forged signature, or are counterfeit, altered or otherwise fraudulent
and which are used as source documentation in the preparation of Electronic Data or manually keyed into a data terminal;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(C)</TD><TD STYLE="text-align: justify">loss resulting directly or indirectly from</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">mechanical failure, faulty construction, error in design,
latent defect, fire, wear or tear, gradual deterioration, electrical disturbance or electrical surge which affects a Computer
System, or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">failure or breakdown of electronic data processing media,
or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">error or omission in programming or processing;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(D)</TD><TD STYLE="text-align: justify">loss resulting directly or indirectly from the input of
Electronic Data into a Computer System terminal device either on the premises of a customer of the Insured or under the control
of such a customer by a person who had authorized access to the customer's authentication mechanism;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(E)</TD><TD STYLE="text-align: justify">loss resulting directly or indirectly from the theft of
confidential information.</TD>
</TR></TABLE>

<P>&nbsp;</P>

<P STYLE="text-align: center">SERIES OF
LOSSES</P>

<P STYLE="margin-left: 40pt">All loss or series of losses involving the fraudulent acts of one individual, or involving fraudulent acts in which
one individual is implicated, whether or not that individual is specifically identified, shall be treated as a Single Loss
and subject to the Single Loss Limit of Liability. A series of losses involving unidentified individuals but arising from
the same method of operation shall be deemed to involve the same individual and in that event shall be treated as a Single
Loss and subject to the Single Loss Limit of Liability.</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0041</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 2 of 3</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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<P STYLE="font-style: normal; font-weight: normal"><P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">9</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>
</P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD STYLE="text-align: justify">The exclusion below, found in financial institution bonds
forms 14, 24 and 25, does not apply to the Computer Systems Fraud Insuring Agreement.</TD>
</TR></TABLE>

<P STYLE="margin-left: 40pt">&nbsp;</P>

<P STYLE="margin-left: 40pt">loss involving any Uncertificated Security except an Uncertificated Security of any Federal Reserve
Bank of the United States or when covered under Insuring Agreement (A);</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE
BOND REMAIN UNCHANGED.</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0041</B> &ndash; For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0041</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 3  of 3</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

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<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">10</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><B>ADD STOP PAYMENT LIABILITY</B></P>

<P STYLE="text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin-left: 20pt">In consideration of the premium charged, it is understood and agreed the bond is hereby amended
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The following Insuring Agreement is added to the bond:</TD>
</TR></TABLE>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">STOP PAYMENT LIABILITY</P>

<P STYLE="margin-left: 80pt">All sums which the Insured shall
become obligated to pay by reason of the liability imposed upon the Insured by law for damages:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">for having either complied with or failed to comply with
any written notice of any depositor of the Insured or any authorized representative of such depositor to stop payment of any check
or draft made or drawn upon or against the Insured by such depositor or any authorized representative of such depositor; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">for having refused to pay any check or draft made or drawn
upon or against the Insured by any depositor of the Insured or any authorized representative of such depositor.&rdquo;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Solely for the purpose of the coverage provided by this
Insuring Agreement, this bond does not cover:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">liability assumed by the Insured under any contract, unless
such liability would have attached to the Insured even in the absence of such agreement;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">loss arising directly or indirectly out of:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">libel, slander, wrongful entry, eviction, defamation, false
arrest, false imprisonment, malicious prosecution, assault or battery;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">sickness, disease, physical bodily harm, mental or emotional
distress or anguish, or death of any person; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">discrimination.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD STYLE="text-align: justify">The Underwriter's aggregate liability for all loss under
this Insuring Agreement is $100,000, which is part of, and not in addition to, the Aggregate Limit of Liability shown on the Declarations
of this bond; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">4.</TD><TD STYLE="text-align: justify">A Single Loss Deductible of $5,000 applies to each and
every loss.</TD>
</TR></TABLE>

<P>&nbsp;&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS
OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="margin-top: 0; font-style: normal; font-weight: normal; margin-bottom: 0"><B>FB0074</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0074</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<!-- Field: Page; Sequence: 20 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">11</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><B>ADD UNAUTHORIZED SIGNATURES</B></P>

<P STYLE="text-align: center">&nbsp;</P>

<P>In consideration of the premium charged, it is understood and agreed the bond is hereby amended
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The following Insuring Agreement is added to the bond:</TD>
</TR></TABLE>

<P>&nbsp;</P>

<P STYLE="text-align: center">&ldquo;UNAUTHORIZED SIGNATURES</P>

<P STYLE="margin-left: 80pt">Loss resulting directly
from the Insured having accepted, paid or cashed any check or Withdrawal Order made or drawn on a customer's account which
bears the signature or endorsement of one other than a person whose name and signature is on file with the Insured as an authorized
signatory on such account.</P>

<P STYLE="margin-left: 80pt">It shall be a condition precedent to the Insured's right of recovery under this Insuring Agreement
that the Insured shall have on file signatures of all persons who are authorized signatories on such account.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD STYLE="text-align: justify">The Underwriter's aggregate liability for all loss under
this Insuring Agreement is $100,000, which is part of, and not in addition to, the Aggregate Limit of Liability shown on the Declarations
of this bond; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD STYLE="text-align: justify">A Single Loss Deductible of $5,000 applies to each and
every loss.</TD>
</TR></TABLE>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0079</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 24</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0079</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<!-- Field: Page; Sequence: 21 -->
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    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">12</TD></TR>
</TABLE>
</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P>&nbsp;</P>

<P STYLE="text-align: center"><B>VOICE INITIATED TRANSFER FRAUD</B></P>

<P>&nbsp;</P>

<P STYLE="margin-top: 9; margin-bottom: 12">In consideration of the premium charged, it is hereby understood and agreed the bond is
hereby amended as follows:</P>

<P STYLE="text-align: center; margin-top: 9; margin-bottom: 12"><B>I.</B></P>

<P STYLE="margin-top: 9; margin-bottom: 12">The attached bond is amended by adding the following Insuring Agreement Voice Initiated Transfer
Fraud as follows:</P>

<P STYLE="text-align: center; margin-top: 12pt; margin-bottom: 12">VOICE INITIATED TRANSFER FRAUD</P>

<P STYLE="margin-top: 9; margin-bottom: 12">"Loss resulting directly from the Insured having, in good faith, transferred
Funds from a Customer's account through a Computer System covered under the terms of the Computer System Fraud Insuring Agreement
in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1)</TD><TD STYLE="text-align: justify">an officer, director, partner or employee of a Customer
of the Insured who was authorized by the Customer to instruct the Insured to make such transfer; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2)</TD><TD STYLE="text-align: justify">an individual person who is a Customer of the Insured;
or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3)</TD><TD STYLE="text-align: justify">an Employee of the Insured in another office of the Insured
who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds, and was received by an Employee
of the Insured specifically designated to receive and act upon such instructions; but the voice instruction was not from a person
described in (1), (2) or (3) above, provided that</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">such voice instruction was electronically recorded by the
Insured and required password(s) or code words(s) given; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">if the transfer was in excess of $10,000, the voice instruction
was verified by a call-back according to a prearranged procedure.</TD>
</TR></TABLE>

<P STYLE="text-align: center; margin-top: 9; margin-bottom: 12">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 9; margin-bottom: 12"><B>II.</B></P>

<P STYLE="margin-top: 9; margin-bottom: 12">Solely for the purpose of the coverage provided by this
Insuring Agreement, the following Definitions shall apply:</P>

<P STYLE="margin-top: 9; margin-bottom: 12">"Customer" means an entity or individual which has a written agreement
with the Insured authorizing the Insured to rely on voice instructions to make transfers and which has provided the Insured
with the names of persons authorized to initiate such transfers and with which the Insured has established an instruction
verification mechanism.</P>

<P STYLE="margin-top: 9; margin-bottom: 12">"Funds" means Money on deposit in an account.</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0081</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 2</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">12</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><B>III.</B></P>

<P>Solely for the purpose of the coverage provided by this Insuring Agreement, this Insuring Agreement does not cover
loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises
from a loss covered by this Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract.</P>

<P>Proof of loss for claim(s) under this Insuring Agreement must include electronic recordings of such voice instructions and
the verification call-back, if such call was required."</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0081</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="margin-top: 0; font-style: normal; font-weight: normal; margin-bottom: 0"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0081</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 2  of 2</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<!-- Field: Page; Sequence: 23 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">13</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><B>ADD TELEFACSIMILE TRANSFER FRAUD</B></P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 9; margin-bottom: 12">In consideration of the premium charged, it is understood and agreed the bond is hereby amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The following Insuring Agreement is added to the bond:</TD>
</TR></TABLE>

<P STYLE="text-align: center; margin-top: 9; margin-bottom: 12">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 9; margin-bottom: 12">&ldquo;TELEFACSIMILE TRANSFER FRAUD</P>

<P STYLE="margin-left: 80pt; margin-top: 9; margin-bottom: 12">Loss resulting directly from the Insured having,
in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System
covered under the terms of the Computer Systems Fraud Insuring Agreement in reliance upon a fraudulent instruction received
through a Telefacsimile Device, and which instruction</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">purports and reasonably appears to have originated from</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">a Customer of the Insured,</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">another financial institution, or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 40pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">another office of the Insured</TD>
</TR></TABLE>

<P STYLE="margin-left: 80pt; margin-top: 12pt; margin-bottom: 12">but, in fact, was not originated by
the Customer or entity whose identification it bears; and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">contains a valid test code which proves to have been used
by a person who was not authorized to make use of it; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">contains the name of a person authorized to initiate such
transfer; and</TD>
</TR></TABLE>

<P STYLE="margin-left: 80pt; margin-top: 12; margin-bottom: 12">provided that, if the transfer, was in excess of $10,000, the instruction was verified by a callback according to a prearranged
procedure.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Solely for the purpose of the coverage provided by this
Insuring Agreement, the following Definitions shall apply:</TD>
</TR></TABLE>

<P STYLE="margin-left: 80pt; margin-top: 12; margin-bottom: 12">Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured
to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons
authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.</P>

<P STYLE="margin-left: 80pt; margin-top: 9; margin-bottom: 12">Funds
means Money on deposit in an account.</P>

<P STYLE="margin-left: 80pt; margin-top: 9; margin-bottom: 12">Telefacsimile Device means a machine capable of sending or receiving a duplicate image
of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image
on paper.</P>


<P STYLE="margin-top: 9; font-style: normal; font-weight: normal; margin-bottom: 12"></P>

<P STYLE="margin-top: 9; font-style: normal; font-weight: normal; margin-bottom: 12">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0088</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 2</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">13</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 12; font-style: normal; font-weight: normal; margin-bottom: 9"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD STYLE="text-align: justify">In addition to the Conditions and Limitation in the bond
and the Computer Systems Fraud Insuring Agreement Rider, the following provisions are applicable to the Telefacsimile Transfer
Fraud Insuring Agreement:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">This Insuring Agreement does not cover loss resulting directly
or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by the
Telefacsimile Transfer Fraud Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">Proof of loss for claim under the Telefacsimile Transfer
Fraud Insuring Agreement must include a copy of the document reproduced by the Telefacsimile Device.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 9; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">4.</TD><TD STYLE="text-align: justify">Item &ldquo;(w)&rdquo;of EXCLUSIONS, Section 2. is deleted
in its entirety and replaced with the following:</TD>
</TR></TABLE>

<P STYLE="margin-left: 40pt; margin-top: 16; margin-bottom: 9">&ldquo;(w) loss involving any Uncertificated Security except an
Uncertificated Security of any Federal Reserve Bank of the United States or when covered under Insuring Agreement (A) or the
Telefacsimile Transfer Fraud Insuring Agreement;&rdquo;</P>

<P>&nbsp;</P>

<P></P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0088</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0088</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 2  of 2</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">14</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><B>AMEND TERMINATION OR CANCELATION</B></P>

<P>&nbsp;</P>

<P>In consideration of the premium charged, it is understood and agreed that the bond is
hereby amended as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 12; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD STYLE="text-align: justify">Subsection (a) in the first paragraph of TERMINATION OR
CANCELATION, Section 12, is amended by deleting the words "60 days" and replacing them with the words "90 days."</TD>
</TR></TABLE>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P></P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF
THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0106</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>FB0106</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: 14pt"><B>U.S. SPECIALTY INSURANCE COMPANY</B></FONT></P>

<P STYLE="text-align: center">Houston, Texas</P>

<P STYLE="text-align: center">&nbsp;</P>

<TABLE CELLPADDING="7" CELLSPACING="0" BORDER="1" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider Effective Date</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Holder</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Bond Number</TD>
    <TD STYLE="text-align: center; width: 25%; vertical-align: middle">Rider</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">11/4/2019</TD>
    <TD STYLE="text-align: center; vertical-align: middle">Barings BDC,
Inc.</TD>
    <TD STYLE="text-align: center; vertical-align: middle">64-MGU-19-A48107</TD>
    <TD STYLE="text-align: center; vertical-align: middle">15</TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><B>ADD CLAIMS EXPENSE</B></P>

<P STYLE="text-align: center"><B>&nbsp;</B></P>

<P>In consideration of the premium charged, it is understood and agreed the bond is hereby amended as follows:</P>

<P>1. The following Insuring Agreement is added to the bond:</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">&ldquo;CLAIMS EXPENSE</P>

<P>Reasonable expenses incurred and paid by the
Insured, with the prior approval of the Underwriter, in preparing any valid claim for loss under this bond, which loss exceeds
the Single Loss Deductible amount shown in Item 4. of the Declarations. The Underwriter's aggregate liability for all such
expenses paid by the Insured in preparing all such claims shall be $5,000 which is part of, and not in addition to, the Aggregate
Limit of Liability stated in Item 3. of the Declarations.&rdquo;</P>

<P>2. Solely with respect to the coverage afforded by this Insuring
Agreement, EXCLUSIONS, Section 2.(u) is amended by deleting item (1) thereof in its entirety and replacing it with the following:</P>

<P>&ldquo;(1) in establishing the existence of or amount of loss covered under this bond, except when covered under the Claims
Expense Insuring Agreement, or&rdquo;</P>

<P>&nbsp;</P>

<P>&nbsp;</P>

<P STYLE="text-align: center">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THE BOND REMAIN UNCHANGED</P>


<P STYLE="font-style: normal; font-weight: normal"><FONT STYLE="font-size: 10pt"></FONT></P>


<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>FB0107</B> - For use with</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Forms 14, 15, 24, 25</P>


<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%"><P>&nbsp;FB0107</P>


</TD>
    <TD STYLE="text-align: center; width: 60%; vertical-align: bottom">Page 1  of 1</TD>
    <TD STYLE="text-align: right; width: 20%"></TD></TR>
</TABLE>
<P STYLE="font-style: normal; font-weight: normal"></P>

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-style: normal; font-weight: normal">&nbsp;</P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SECRETARY&#8217;S CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">I, Janice Bishop,
Secretary of Barings BDC, Inc. (the &#8220;Company&#8221; or &#8220;BBDC&#8221;), hereby certify that the following resolutions
were duly adopted by the Board of Directors of the Company, including a majority of the Directors who are not &#8220;interested
persons,&#8221; as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), of the Company on October
29, 2019 and remain in full force and effect:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">Section 17(g) and Rule 17g-1 of the Investment Company Act of 1940, as amended, require that BBDC
provide and maintain a fidelity bond issued by a reputable fidelity insurance company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The Risk Management Department of Massachusetts Mutual Life Insurance Company (&#8220;MassMutual&#8221;)
surveyed the availability of appropriate fidelity bonds from Great American Insurance Company (&#8220;Great American&#8221;), Tokio
Marine and other insurers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The carrier for coverage is Tokio Marine, a general insurance organization that currently carries
an A.M. Best rating of A;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The minimum amount of coverage for BBDC under the U.S. Securities and Exchange Commission (the
&#8220;SEC&#8221;) rules is $1,250,000;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The proposed premium for the fidelity bond coverage is expected to be approximately $4,000; it
is therefore:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the appropriate officers of the Company be, and each hereby is, authorized and directed to
take and/or ratify all necessary action for the Company to purchase the Fidelity Bond with Tokio Marine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">FURTHER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That it is the finding of the Board of the Company that the Fidelity Bond covering, among others,
officers and employees of the Company in accordance with the requirements of Rule 17g-l under the 1940 Act, is reasonable in form
and amount, after having given due consideration to, among other things, the value of the aggregate assets of the Company to which
any person covered under the Fidelity Bond may have access, the type and terms of the arrangements made for the custody and safekeeping
of the Company&#8217;s assets and the nature of the securities in the Company&#8217;s portfolio;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">FURTHER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the Fidelity Bond be, and hereby is, approved by a vote of the Board, and separately by a
majority of the Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FURTHER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the premium be, and it hereby is, approved by the Board, and separately by the Independent
Directors of the Company; after having found the amount of the Fidelity Bond to be reasonable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FURTHER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the appropriate officers of the Company be, and each of them hereby is, authorized and empowered
to obtain and bind the aforementioned Fidelity Bond coverage for the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FURTHER</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the Secretary or any Assistant Secretary of the Company shall file, or arrange for the filing
of, the Fidelity Bond with the SEC and give, or arrange for the giving of, the notices required under paragraph (g) of Rule 17g-1
under the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">IN WITNESS WHEREOF, I have hereunto
set my hand this 22<SUP>nd</SUP> day of May 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_005.jpg" ALT="" STYLE="height: 59px; width: 176px"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Janice M. Bishop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; margin-top: 0; margin-bottom: 0; text-align: left">Secretary, Barings
BDC, Inc.</P>
&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify">&nbsp;</P>



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