<SEC-DOCUMENT>0001072613-25-000631.txt : 20250815
<SEC-HEADER>0001072613-25-000631.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250815110955
ACCESSION NUMBER:		0001072613-25-000631
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20250815
DATE AS OF CHANGE:		20250815
EFFECTIVENESS DATE:		20250815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		ORGANIZATION NAME:           	
		EIN:				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:		251223095

	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>baringsbdc.htm
<DESCRIPTION>BARINGS BDC, INC.
<TEXT>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.15pt 0 0; text-align: center"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">August 15, 2025</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, N.E.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Washington, DC 20549</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify"></FONT><TD STYLE="text-align: right; width: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="width: 20pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
                                            Insured Fidelity Bond for Investment Companies &#8211; SEC Rule 17g-1</B></FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Barings
                                            BDC, Inc. (File No. 814-00733)</B></FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to
SEC Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), enclosed herewith for filing on behalf
of Barings BDC, Inc. (the &ldquo;Company&rdquo;) are the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 97%; margin-left: 20pt"><TR STYLE="vertical-align: top; text-align: justify"><TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copy of the Company&rsquo;s current Investment Company Bond, No. 108322000,
in the amount of $6,250,000 (the &ldquo;Bond&rdquo;);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 97%; margin-left: 20pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary&rsquo;s
                                            Certificate certifying the resolutions adopted by the Board of Directors of the Company,
                                            including those Directors who are not &ldquo;interested persons&rdquo; of the Company as
                                            defined under the 1940 Act, approving the amount, type, form and coverage of the Bond consistent
                                            with Rule 17g-1 under the 1940 Act; and</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 97%; margin-left: 20pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Copy of the agreement effective August 2, 2025 between the Company, Barings
Capital Investment Corporation, and Barings Private Credit Corporation entered into pursuant to Rule 17g-1.</FONT></TD></TR>
                                                         </TABLE>






<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Company would have provided and maintained a single bond in the amount
of $2,500,000, if it was not named as an insured under a joint insured bond. Please be advised that the Bond premium of $12,084 has been
paid through August 2, 2026, the expiration date of the Bond.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">If you have
any questions, please do not hesitate to contact me at (980) 417-5576.</FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ Alexandra Pacini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</U></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Secretary, Barings
BDC, Inc.</FONT></P>

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



<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0"></P></TD></TR></FONT></TD></TR></P>

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



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

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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_006.jpg" ALT="" STYLE="height: 34px; width: 169px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.2pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PO
Box 2950 </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.2pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford,
CT 06104-2950</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.2pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.2pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5.8pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July
31, 2025</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barings
BDC, Inc.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300
S TRYON ST STE 2500</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6.75pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CHARLOTTE,
NC 28202-0135</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 5.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Re:
Important Information about <B><U>Claims Information Line</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.4pt 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3.35pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear
Barings BDC, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travelers
Bond &amp; Specialty Insurance is pleased to announce its <B>1-800-842-8496</B> Claims Information Line. This line is designed to provide
insureds with an additional resource on how to report claims or those circumstances or events which may become claims.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policyholders
will be able to obtain assistance on the following topics from the Claims Information Line:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 12.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            information that needs to be included with the claim notice </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 12.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            address, electronic mail address and/or facsimile number to which the policyholder can send
                                            claims related information</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 12.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Get
                                            questions on the claim process answered </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Declarations Page of your policy sets forth where you should report claims and claims related information. You should also review the
policy's reporting requirements to be aware of how much time you have to report a claim to Travelers. The sooner Travelers is notified,
the sooner we can become involved in the process and offer assistance to our policyholder. A delay in reporting may result in all or
part of a matter to fall outside of the coverage provided.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Claims Information Line should streamline the claim reporting process and allow policyholders to ask questions on what information is
needed as well as other questions which will assist them in working with Travelers. While the Claims Information Line provides policyholders
a valuable resource by answering questions and providing information, the line does not replace the reporting requirements contained
in the Policy.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.45pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
hope this improvement to customer service is something our policyholders will find helps them understand the claim process</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 199.75pt 1.2pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
provides them a resource for reporting.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: -0.5pt"></P>

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Ed.
06-09&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2009 The Travelers Indemnity Company. All rights reserved.</FONT></P>


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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt 486.55pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt 0.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_007.jpg" ALT="" STYLE="height: 29px; width: 144px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.2pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.O.
Box 2950</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 7.8pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford,
CT 06104-2950</B></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">07/31/2025</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barings
BDC, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300
S TRYON ST STE 2500</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CHARLOTTE,
NC 28202-0135</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5pt 0pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RE:
Risk Management PLUS+ Online &reg; from Travelers Bond &amp; Specialty Insurance </B>(<FONT STYLE="color: blue">www.rmplusonline.com</FONT>)</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0.65pt 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a Travelers Bond &amp; Specialty Insured you receive risk management services, at no cost, to help protect you and your business.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk
Management PLUS+ Online, is a robust website to assist you in the mitigation of risk relative to employment practices, directors and
officers, fiduciary liability, cyber, crime, kidnap &amp; ransom, and identity fraud exposures.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Highlights
of Risk Management PLUS+ Online include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.3pt"></TD><TD STYLE="width: 15.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thousands
                                            of articles on a variety of risk management topics</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.3pt"></TD><TD STYLE="width: 15.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Topical
                                            webinars and podcasts on current issues</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.3pt"></TD><TD STYLE="width: 15.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Checklists
                                            to assist in managing risk</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.3pt"></TD><TD STYLE="width: 15.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Web
                                            based training</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.3pt"></TD><TD STYLE="width: 15.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
                                            Employee Handbook, including policies and forms for downloading or printing that reduce risks
                                            in the workplace.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9.25pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following Risk Management PLUS+ Online Registration Instructions contain easy, step-by-step instructions to register for this valuable
tool. For more information, call 1-888-712-7667 and ask for your Risk Management PLUS+ Online representative. It&#8217;s that simple.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 11.95pt 9.25pt 0; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thank
you for choosing Travelers Bond &amp; Specialty Insurance for your insurance needs. Travelers is a market leader in providing management
liability and crime coverages that are specifically customized for your organization.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 11.95pt 9.25pt 0; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Instructions for Registration &amp; Orientation
to Risk Management PLUS+ Online</U><SUP>&reg;</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Registration
for Site Administrators:</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9.25pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Site Administrator is the person in your organization who will oversee Risk Management PLUS+ Online for the organization. The Site Administrator
is typically a person who leads human resources and/or financial functions or is responsible for legal matters pertaining to personnel.
The Site Administrator may add other Site Administrators later to assist with their responsibilities. To register:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt">1.</TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Go
                                            to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt">2.</TD><TD STYLE="width: 5pt">&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
                                            the Sign-In box, click <B>Register</B><I>.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt">3.</TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enter
                                            the password/passcode: &lt;TRVP300100 for Insurance Companies&gt; &lt;TRVP300400 for Banks
                                            and Diversified&gt; &lt;TRVP300300 for Asset Management&gt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt">4.</TD><TD STYLE="width: 5pt">&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fill
                                            in the Registration Information and click <B>Submit</B><I>.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt">5.</TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Your
                                            organization is registered, and you are registered as Site Administrator.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Learning
to Navigate the Site:</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Go
to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>. On each page, you will see a box outlined in blue that contains the instructions
for use of that page.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If you have
any questions, just click on <B>Contact Us</B> on the front page<I>.</I> Enter your question in the form provided, and the System Administrator
will get back to you quickly with the answer.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">You can also schedule
a live walk-through of the site by sending a request for a walk-through via the contact link on the front page.</FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LTR-4107
Rev. 06-18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2018 The Travelers Indemnity Company. All rights reserved.</FONT>&nbsp;</P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<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: justify; width: 39%">This
notice provides no coverage, nor does it change any policy terms. To determine the scope of coverage and the insured&#8217;s rights
and duties under the policy, read the entire policy carefully. For more information about the content of this notice, the insured
should contact their agent or broker. If there is any conflict between the policy and this notice, the terms of the policy
prevail.</TD>
  <TD STYLE="width: 28%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 33%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>Independent
                                            Agent And Broker</B></FONT></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>Compensation Notice</B></FONT></P></TD></TR>
</TABLE>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="padding: 0pt; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.3pt 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
information on how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0pt 5.75pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Or
write:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 29.8pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Travelers,
Agency Compensation </B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 29.8pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>One
Tower Square </B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 29.8pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford,
CT 06183 </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 477.95pt 30.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 9.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NTC-19036
Rev. 04-25 &#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page 1 of 1</FONT></P>

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2025 The Travelers Indemnity Company. All rights reserved.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<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="width: 50%"><IMG SRC="image_010.jpg" ALT="" STYLE="height: 25.55pt; width: 108pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><B>&nbsp;<IMG SRC="image_008.jpg" ALT="" STYLE="height: 14.5pt; width: 84.3pt"></B><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt; text-align: right; text-indent: -0.4pt"><B><I>Investment
                                            Company Bond</I></B></P>

<P STYLE="padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: right; text-indent: -0.4pt"><B><I>Declarations</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: right; text-indent: -0.4pt"><B>BOND NO.</B>
108322000</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; padding-bottom: 8pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 90%; padding-top: 1.05pt; padding-right: 25.75pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 15.7pt 14.45pt 0; text-align: right; text-indent: 0in"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Travelers
    Casualty and Surety Company of America</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford,
    Connecticut </B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A
    Stock Insurance Company, herein called the Company)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
    1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.05pt; padding-right: 25.75pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED:</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.75pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barings
    BDC, Inc.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal
    Address:</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300
    S TRYON ST STE 2500</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CHARLOTTE,
    NC 28202-0135</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter,
    &#8220;Insured&#8221;)</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
    2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.05pt; padding-right: 25.75pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>POLICY
                                            PERIOD: </B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.35pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception
    Date: August 02, 2025&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Expiration Date: August 02, 2026</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12:01
    A.M. local time as to both dates at the Principal Address stated in ITEM 1.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.4pt; text-align: left; text-indent: 0in"><B>ITEM
    3</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.05pt; padding-right: 25.75pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ALL
                                            NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR MAIL AS SET
                                            FORTH BELOW:</B></FONT></P>
                                                                                            <P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0.35pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email:
BSIclaims@travelers.com</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 10.25pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fax:
1-888-460-6622</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mail:
Travelers Bond &amp; Specialty Insurance Claim</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0.4pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;P.O.
Box 2989</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 19.2pt 0pt; text-align: justify; text-indent: -0.4pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hartford,
CT 06104-2989</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Overnight
Mail: Travelers Bond &amp; Specialty Insurance Claim</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0.4pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;One
Tower Square, MN06</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 7pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Hartford,
CT 06183</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
questions related to claim reporting or handling, please call 1-800-842-8496.</FONT></P>
&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
    4</B></FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    &#8220;<I>Not Covered</I>&#8221; is inserted opposite any specified Insuring Agreement below, or if no amount is included in the
    Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is deemed to be deleted from this bond.</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -66.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 11.5pt 57.95pt; text-align: justify; text-indent: -57.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD></TD></TR></TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 59.4pt; text-align: justify; text-indent: -59.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding-left: 72pt; text-align: left; text-indent: 0in"><B>INSURING AGREEMENT</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>SINGLE LOSS<BR>
    LIMIT OF<BR>
    INSURANCE</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>SINGLE LOSS<BR>
                                            DEDUCTIBLE<BR>
                                            AMOUNT</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left; text-indent: 0in"><P STYLE="margin: 0"></P>

<P STYLE="font-weight: bold; text-align: left; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.
&#8239;&#8239;&#8239;&#8239;FIDELITY</B></FONT></P>
</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in">Coverage A.1.&nbsp;&nbsp;&nbsp;&nbsp;Larceny or Embezzlement</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">6,250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in">Coverage A.2.&nbsp;&nbsp;&nbsp;&nbsp;Restoration Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0"></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-15001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 1 of 3</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.&nbsp;&nbsp;&#8239;&#8239;&#8239;ON
    PREMISES</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 0.1pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.&nbsp;&nbsp;&#8239;&#8239;&#8239;IN
                                            TRANSIT</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 0.05pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.&nbsp;&nbsp;&#8239;&#8239;&#8239;FORGERY
                                            OR ALTERATION</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; text-align: left"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 15.05pt; text-indent: -15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                 <P STYLE="padding-bottom: 0pt; font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.&nbsp;&nbsp;
                                 &#8239;&#8239;SECURITIES</FONT></P></TD><TD></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 0.05pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&#8239;
                                            COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: left; text-indent: -16.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                 <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">G.&nbsp;&nbsp;&nbsp;
                                 CLAIM EXPENSE</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                 <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">H.&nbsp;&nbsp;&nbsp;
                                 STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                   <P STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;COMPUTER SYSTEMS</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
    I.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Fraud</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
    I.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fraudulent Instructions</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 94pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
    I.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Restoration Expense</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Covered</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: 0in; padding-left: 72pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.&nbsp;&nbsp;&#8239;&#8239;&#8239;&#8239;UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"></P>

<P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
5 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;PREVIOUS BONDS
OR POLICIES:</B></FONT></P>



<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured, by acceptance of this bond, gives notice to the Company canceling or terminating prior bond or policy numbers:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
Applicable</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such
cancellation or termination to be effective as of the time this bond becomes effective.</FONT></P>

<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: left; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: left; text-indent: 0in"></P>

<P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
6 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;DISCOVERY PERIOD:</B></FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
Premium Percentage:&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;100%
of the annualized premium</FONT></P>

<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Months: &#9;
&#9; &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;12
months</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 73pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(If
exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)</FONT></P>

<P STYLE="padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: left; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: left; text-indent: 0in"></P>

<P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
7 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;FORMS AND ENDORSEMENTS
ATTACHED AT ISSUANCE:</B></FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 74pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001-0116;
IVBB-19002-0116; IVBB-19005-0116; IVBB-19010-0116; IVBB-19044-0518;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 74pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19045-0319;
IVBB-19046-0919; IVBB-19038-0422; IVBB-17015-0116; IVBB-18020-0116</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0.7pt 57.95pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0.7pt 57.95pt; text-align: justify; text-indent: -0.4pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0.7pt 57.95pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 12.6pt 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PRODUCER
INFORMATION:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WTW
NORTHEAST INC</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75
ARLINGTON ST FL 2</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BOSTON,
MA 02116</FONT></P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-15001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 2 of 3</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; margin: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="image_054.gif" ALT="" STYLE="height: 1px; width: 252px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 28.3pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Countersigned
By</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 6.5pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company has caused this bond to be signed by its authorized officers.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.65pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.65pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<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: center; width: 33%">&nbsp;<IMG SRC="image_020.jpg" ALT="" STYLE="height: 56px; width: 250px"></TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 33%"><IMG SRC="image_021.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center">President</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.65pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-15001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 3 of 3</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P>

</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" 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: 50%"><IMG SRC="image_010.jpg" ALT="" STYLE="height: 25.55pt; width: 108pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt; text-align: right; text-indent: -0.4pt"><B><I>Investment
                                            Company Bond</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt; margin: 0pt; text-align: right; text-indent: -0.4pt"><B><I>Table
of Contents</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: Silver">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 14.55pt; text-align: left; text-indent: 0in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; width: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.
    &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;CONSIDERATION CLAUSE</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">II.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;INSURING AGREEMENTS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;FIDELITY</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            A.1. Larceny or Embezzlement</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            A.2. Restoration Expenses</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;ON PREMISES</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;IN TRANSIT</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;FORGERY OR ALTERATION</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;SECURITIES</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">G.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;CLAIM EXPENSE</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">H.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;COMPUTER SYSTEMS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            I.1.&nbsp;&nbsp;&nbsp; Computer Fraud</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            I.2.&nbsp;&nbsp;&nbsp; Fraudulent Instructions</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="vertical-align: middle; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                               <P STYLE="margin-left: 51pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            I.3.&nbsp;&nbsp;&nbsp; Restoration Expenses</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">III.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;GENERAL AGREEMENTS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;ORGANIC GROWTH</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;REPRESENTATION OF INSURED</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;JOINT INSURED</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS
                                            - ELECTION TO DEFEND</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IV.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;DEFINITIONS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">V.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;EXCLUSIONS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VI.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;CONDITIONS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;ADDITIONAL COMPANIES INCLUDED AS INSURED</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;DISCOVERY</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;BOND PERIOD</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;SINGLE LOSS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;SINGLE LOSS LIMIT OF INSURANCE</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;DEDUCTIBLE</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">G.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;NON-ACCUMULATION OF LIMITS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">H.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 1  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P>

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

<!-- Field: Page; Sequence: 8 -->
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 0pt; padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;I.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;VALUATION</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0">&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;ASSIGNMENT</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0in 0pt 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">K.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;SUBROGATION</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></P>
                                                                               <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;L. &#8239;&#8239;&#8239;&#8239;RECOVERIES</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;COOPERATION</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;ANTI-BUNDLING</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">O.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">P.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;OTHER INSURANCE OR INDEMNITY</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;COVERED PROPERTY</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;CANCELATION, TERMINATION, CHANGE OR MODIFICATION</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;DISCOVERY PERIOD</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-align: left; text-indent: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                 <P STYLE="margin-left: 27pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T.
                                            &#8239;&#8239;&#8239;&#8239;&#8239;HEADINGS</FONT></P></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 2  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" 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: 50%"><IMG SRC="image_010.jpg" ALT="" STYLE="height: 25.55pt; width: 108pt">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 50%"><P STYLE="padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0pt 0pt; text-align: right; text-indent: -0.4pt"><B><I>Investment
                                            Company Bond</I></B></P>
                                            <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 0pt; margin: 0pt; text-align: right; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>with
Extended Coverages</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%; background-color: Silver">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 22.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSIDERATION CLAUSE</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9.1pt 21.95pt 27pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IN
CONSIDERATION</B> of the payment of an agreed premium and subject to the Declarations and pursuant to all the terms, conditions, exclusions
and limitations of this bond, the Company agrees to indemnify the Insured as set forth in ITEM 1 of the Declarations (herein called Insured)
for:</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">II.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSURING AGREEMENTS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
&#9;&#8239;&#8239;&#8239;&#8239;FIDELITY</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
A.1. &#8239;&#8239;&#8239;&#8239;Larceny or Embezzlement</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from <B>Larceny or Embezzlement</B> committed by an <B>Employee</B> acting alone or in collusion with others.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
A.2. &#8239;&#8239;&#8239;&#8239;Restoration Expenses</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration
Expenses</B> incurred by the Insured and resulting directly from a <B>Computer Violation</B> by an <B>Employee</B>.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.
&#9;&#8239;&#8239;&#8239;&#8239;ON PREMISES</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
                                            of <B>Property</B> resulting directly from:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">robbery,
                                            burglary, mysterious unexplainable disappearance or misplacement and damage or destruction;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">theft,
                                            false pretenses, or common law or statutory larceny, committed by a person physically present
                                            in an office of, or on the premises of, the Insured at the time the <B>Property</B> was surrendered,
                                            </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">while
the <B>Property</B> is lodged or deposited within offices or premises located anywhere. The premises of a <B>Depository</B> will be deemed
premises of the Insured, but solely as respects loss of <B>Certificated Securities</B>. Coverage for <B>Certificated Securities</B> held
by such <B>Depository</B> is limited to the extent of the Insured&#8217;s interest therein as effected by the making of appropriate entries
on the books and records of such <B>Depository</B>. The Company will not be liable under Insuring Agreement B for loss in connection
with the central handling of securities within the systems established and maintained by any <B>Depository</B> unless the amount of such
loss exceeds the amount recoverable or recovered under any bond or policy or participants&#8217; fund insuring the <B>Depository</B>
against such loss.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond does not afford any coverage in favor of any <B>Depository</B> or exchange or any nominee in whose name is registered any security
included within the <B>Depository&#8217;s</B> systems.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Direct
                                            loss, through any hazard specified in Insuring Agreement B.1. of any <B>Property</B> while
                                            such <B>Property</B> is within any of the Insured's or an <B>Investment Adviser&#8217;s</B>
                                            offices and in the possession of any customer of the Insured, any representative of such
                                            customer or any <B>Employee</B> whether or not the Insured is liable for the loss thereof,
                                            and provided such loss, at the option of the Insured, is included in the Insured's proof
                                            of loss, but excluding, in any event, loss caused by such customer, any representative of
                                            such customer, or any <B>Employee</B>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 3  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
&#8239;&#8239;&#8239;&#8239;&#9;IN TRANSIT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
of <B>Property</B> (occurring with or without negligence or violence) resulting directly from robbery, larceny, theft, holdup, mysterious
unexplainable disappearance, misplacement, being lost or otherwise made away with, damage thereto or destruction thereof, and loss of
subscription, conversion, redemption or deposit privileges through the misplacement or loss of <B>Property</B>, while the <B>Property</B>
is in transit anywhere in the custody of any person or persons acting as <B>Messenger</B>, except while in the mail or with a carrier
for hire other than an armored motor vehicle company, for the purpose of transportation, such transit to begin immediately upon receipt
of such <B>Property</B> by the transporting person or persons, and to end immediately upon delivery thereof at destination, but only
while the <B>Property</B> is being conveyed.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
&#8239;&#8239;&#8239;&#8239;&#9;FORGERY OR ALTERATION</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from the Insured having, in good faith, paid or transferred any <B>Property</B> in reliance on any <B>Written, Original</B>:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Negotiable
                                            Instrument</B> (except an <B>Evidence of Debt</B>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate
                                            of Deposit</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Letter
                                            of Credit</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Withdrawal
                                            Order</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Acceptance</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">receipt
                                            for the withdrawal of <B>Property</B>; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">instruction
                                            or advice directed to the Insured or an <B>Investment Adviser</B> and purportedly signed
                                            by a <B>Customer</B> of the Insured or by a <B>Financial Institution</B>,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">which
(a) bears a handwritten signature which is a <B>Forgery</B>; or (b) is altered, but only to the extent the <B>Forgery</B> or alteration
causes the loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actual
physical possession of the items listed in 1. through 7. above by the Insured is a condition precedent to the Insured&#8217;s having
relied on the items.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
&#8239;&#8239;&#8239;&#8239;&#9;SECURITIES</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from the Insured having, in good faith, for its own account or for the account of others:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">acquired,
                                            sold, delivered, or given value, extended credit or assumed liability, on the faith of any
                                            <B>Original Written</B> document that is a (an): </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificated
                                            Security;</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Document
                                            of Title;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">deed,
                                            mortgage, or other instrument conveying title to, or creating or discharging a lien on, real
                                            property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate
                                            of Origin or Title;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate
                                            of Deposit;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Evidence
                                            of Debt;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">corporate,
                                            partnership, or personal <B>Guarantee</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Security
                                            Agreement;</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 4  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Instruction;</B></FONT></TD></TR>
</TABLE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
                                            of Uncertificated Security,</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 124pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">bears
                                            a handwritten signature material to the validity or enforceability of the <B>Original Written</B>
                                            document that is a <B>Forgery</B>, but only to the extent the <B>Forgery</B> causes the loss;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 124pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
                                            altered, but only to the extent the alteration causes the loss; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 124pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
                                            lost or stolen;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guaranteed
                                            in writing or witnessed any handwritten signature upon any transfer, assignment, bill of
                                            sale, power of attorney,<B> Guarantee</B>, endorsement, or any items listed in items 1.a.
                                            through 1.i. above; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">acquired,
                                            sold or delivered, given value, extended credit or assumed liability, on the faith of any
                                            item listed in 1.a. through 1.d. above, that is a <B>Counterfeit</B>, but only to the extent
                                            the <B>Counterfeit</B> causes the loss.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actual
physical possession, and continued actual physical possession if taken as collateral, of the items listed in 1.a. through 1.j. above
by the Insured, an <B>Investment Adviser</B>, a <B>Custodian</B>, or a Federal or State chartered deposit institution of the Insured
is a condition precedent to the Insured's having relied on the faith of such items. Release or return of such collateral is an acknowledgment
by the Insured that it no longer relies on such collateral.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F.
&#9;&#8239;&#8239;&#8239;&#8239;COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from the receipt by the Insured, in good faith, of any <B>Counterfeit Money</B> of the United States of America and
its territories and possessions, Canada or any other country, or of <B>Counterfeit</B> money orders denominated in United States or Canadian
currency.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">G.
&#9;&#8239;&#8239;&#8239;&#8239;CLAIM EXPENSE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reasonable
expenses necessarily incurred and paid by the Insured in preparing any covered claim for loss under any Insuring Agreement covered under
this bond, which loss exceeds the Single Loss Deductible Amount applicable to such Insuring Agreement. Such expenses include costs incurred
(including necessary wages of <B>Employees</B>) for that part of audits or examinations performed, whether or not required by State or
Federal supervisory authorities and conducted either by such authorities or by independent accountants, by reason of the discovery of
loss sustained by the Insured.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">H.
&#9;&#8239;&#8239;&#8239;&#8239;STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Damages
that the Insured becomes legally liable to pay its customers resulting directly from the Insured or an <B>Investment Adviser</B> having:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">failed
                                            to comply with any notice of any customer of the Insured or any authorized representative
                                            of such customer to stop payment on any check or draft made or drawn by such customer; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wrongfully
                                            dishonored or wrongfully failed to certify any check or draft made or drawn by the customer
                                            of the Insured or any authorized representative of such customer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding
any other provision of this bond, damages under paragraph 2. above do not include the amount of any check or draft in question, or any
amounts paid to the payee, endorser, or accommodation party of such check or draft.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 5   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;COMPUTER SYSTEMS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
I.1. &#8239;&#8239;&#8239;&#8239;&#8239;Computer Fraud</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from <B>Computer Fraud</B>.</FONT><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt">Coverage
I.2. &#8239;&#8239;&#8239;&#8239;&#8239;Fraudulent Instructions</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from the Insured or an <B>Investment Adviser</B> having, in good faith, caused a transfer of funds as a result of
a <B>Fraudulent Instruction</B> when the Insured or an <B>Investment Adviser</B>, prior to causing the transfer of the funds, used its
best efforts to verify the identity of the person transmitting the instruction; provided that if the instruction is purported to be from
a <B>Customer</B>, the Insured, or an <B>Investment Adviser</B>:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 124pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">performed
                                            a <B>Callback Verification</B> with respect to such instruction; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 124pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">followed
                                            commercially reasonable <B>Security Procedures</B> applicable to the transaction and instruction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such
<B>Fraudulent Instruction</B> received and, if applicable, <B>Callback Verification</B> performed, must be either recorded, logged, or
documented by the Insured or an <B>Investment Adviser</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
I.3. &#8239;&#8239;&#8239;&#8239;&#8239;Restoration Expenses</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 87pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration
Expenses</B> incurred by the Insured or an <B>Investment Adviser</B> and resulting from a <B>Computer Violation</B> by someone other
than an <B>Employee</B>.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss,
including dividends and interest accrued not to exceed 15% of the value of each <B>Item of Deposit</B> that is deposited, resulting directly
from the Insured or <B>Investment Adviser</B> having credited an account of a customer, shareholder or subscriber on the faith of any
<B>Items of Deposit</B> that prove to be uncollectible, provided that the crediting of such account causes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">redemptions
                                            or withdrawals to be permitted;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shares
                                            to be issued; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dividends
                                            to be paid.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
is a condition precedent to coverage under this Insuring Agreement that the Insured or <B>Investment Adviser</B> hold funds represented
in <B>Items of Deposit</B> for the maximum number of days allowable under Regulation CC before permitting any redemptions or withdrawals,
or issuing any shares or paying any dividends with respect to such <B>Items of Deposit</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Items
of Deposit</B> will not be deemed to be uncollectible until the Insured&#8217;s or <B>Investment Adviser&#8217;s</B> standard collection
procedures have failed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
Insuring Agreement applies to Insureds with exchange privileges if all funds in the exchange program are insured by the Company for <B>Uncollectible
Items of Deposit</B>. Regardless of the number of transactions between funds, the maximum number of days allowable under Regulation CC
begins from the date a deposit was first credited to any fund in the exchange program.</FONT>&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">III.
&nbsp;&nbsp;&nbsp;&nbsp;GENERAL AGREEMENTS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.4pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
&#9;&#8239;&#8239;&#8239;&#8239;ORGANIC GROWTH</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
an Insured or <B>Investment Adviser</B>, while this bond is in force, adds additional <B>Employees</B> other than by consolidation or
merger with, or purchase or acquisition of the assets, assets under management or liabilities of, another institution, such <B>Employees</B>
will automatically be covered hereunder from the date of such addition without the requirement of notice to the Company or the payment
of additional premium for the remainder of the Policy Period as set forth in ITEM 2 of the Declarations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 6  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.&#8239;&#8239;&#8239;&#8239;
&#9;CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Insured or an <B>Investment Adviser</B>, while this bond is in force, consolidates or merges with, or purchases or acquires assets,
assets under management or liabilities of, or purchases or acquires more than 50% voting stock ownership of another institution (hereinafter
referred to as a &#8220;Transaction&#8221;), coverage under this bond for loss which:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has
                                            occurred or will occur in the offices or premises of such institution;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has
                                            been caused or will be caused by any employee or employees of such institution; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has
                                            arisen or will arise out of the assets, assets under management or liabilities acquired by
                                            the Insured as a result of such Transaction,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
provided as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Automatic
                                            Loss Sustained Coverage</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt 7.7pt 124pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
a Transaction involves assets, assets under management and liabilities in an amount that is more than 25% of the consolidated assets
of all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects
the Transaction will be afforded for a Single Loss that is both discovered and for which the acts giving rise to the loss occur in their
entirety on or after the effective date of the Transaction. This coverage terminates 60 days after the Transaction date, or the termination
date of the bond, whichever comes earlier, unless the Insured provides notice to the Company and obtains the written consent of the Company
to extend such coverage beyond said date and, upon obtaining such consent, pays to the Company an additional premium, if required.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Automatic
                                            Discovery Coverage</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 9pt 10.25pt 124pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
a Transaction involves assets, assets under management and liabilities in an amount that is 25% or less of the consolidated assets of
all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects the
Transaction will be afforded for a Single Loss that is discovered on or after the effective date of the Transaction, for the remainder
of the Policy Period as set forth in ITEM 2 of the Declarations, without additional premium being charged and without notice to the Company
of the Transaction.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
&#9;&#8239;&#8239;&#8239;&#8239;REPRESENTATION OF INSURED</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No
statement made by or on behalf of the Insured, whether contained in the application or otherwise, is deemed to be a warranty of anything
except that it is true to the best of the knowledge and belief of the person making the statement.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
&#9;&#8239;&#8239;&#8239;&#8239;JOINT INSURED</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond does not indemnify or hold harmless any Insured for loss sustained by an <B>Investment Adviser</B>, or by a proprietorship, partnership
or corporation that is owned, controlled or operated by such Insured, and not named as an Insured hereunder, except as may be provided
on a limited basis within General Agreement B., but this paragraph does not apply to loss sustained by a nominee organized by an Insured
hereunder other than a holding company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
two or more Insureds are covered under this bond, the first named Insured will act for all Insureds. Payment by the Company to the
first named Insured of loss sustained by any Insured fully releases the Company on account of such loss. If the first named Insured
ceases to be covered under this bond, the Insured next named will thereafter be considered the first named Insured. In the absence
of an Insured</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 72.6pt; text-align: justify; text-indent: -0.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 7  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">being
specifically next named, the Insured entity having the greatest consolidated assets of all remaining Insureds then becomes the first
named Insured. Knowledge possessed or discovery made by any Insured or <B>Investment Adviser</B> constitutes knowledge or discovery by
all Insureds for all purposes of this bond. The liability of the Company for loss or losses sustained by all Insureds will not exceed
the amount for which the Company would have been liable had all such loss or losses been sustained by one Insured.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
&#9;&#8239;&#8239;&#8239;&#8239;COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company will indemnify the Insured against court costs and reasonable attorney&#8217;s fees incurred and paid by the Insured in defending
any suit or legal proceeding brought against the Insured to enforce the Insured's liability, or alleged liability, on account of any
loss, claim or damage that, if established against the Insured, would constitute a collectible loss under this bond in excess of any
Single Loss Deductible Amount, provided, however, that with respect to Insuring Agreement A this indemnity will apply only in the event
that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            <B>Employee</B> admits to being guilty of <B>Larceny or Embezzlement</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            <B>Employee</B> is adjudicated to be guilty of <B>Larceny or Embezzlement</B>; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed statement
                                            of facts, that an <B>Employee</B> would be found guilty of <B>Larceny or Embezzlement</B>
                                            if such <B>Employee</B> were prosecuted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such
indemnity is in addition to the Single Loss Limit of Insurance for the applicable Insuring Agreement or Coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured or an <B>Investment Adviser</B> must notify the Company promptly after notice thereof, of any such suit or legal proceeding and
at the request of the Company will furnish it with copies of all pleadings and other papers therein. At the Company's election the Insured
will permit the Company to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Company's
selection. In such event, the Insured and <B>Investment Adviser</B> will give all reasonable information and assistance, other than pecuniary,
that the Company deems necessary to the defense of such suit or legal proceeding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the amount of the Insured's liability or alleged liability is greater than the amount recoverable under this bond, or if a Single Loss
Deductible Amount is applicable, or both, then the liability of the Company under this General Agreement E. is limited to the proportion
of court costs and attorney&#8217;s fees incurred and paid by the Insured or by the Company that the amount recoverable under this bond
bears to the total amount of the Insured&#8217;s liability or alleged liability. Any amount not recoverable by reason of the Insured&#8217;s
liability or alleged liability being greater than the amount recoverable under any insuring agreement of this bond, does not serve to
reduce the Single Loss Deductible Amount applicable to such Insuring Agreement or Coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Company pays court costs and attorney&#8217;s fees in excess of its proportionate share of such costs and fees, the Insured will
promptly reimburse the Company for such excess.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IV.
&nbsp; &nbsp;DEFINITIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 26pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
used in this bond:</FONT></P>

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<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Acceptance</I></B>
                                            means a <B>Written</B> draft that the drawee has, by signature thereon, engaged to honor
                                            as presented.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Bond
                                            Period</I></B> has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Callback
                                            Verification</I></B> means a verbal conversation with the purported <B>Customer</B>, using
                                            a <B>Pre-Determined Telephone Number</B>, to verify the identity of the <B>Customer</B> and
                                            the authenticity of a funds transfer request.</FONT></TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 8  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificate
                                            of Deposit</I></B> means a <B>Written</B> acknowledgment by an Insured or a <B>Financial
                                            Institution</B> of receipt of <B>Money</B> with an engagement to repay it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificate
                                            of Origin</I> or Title</B> means a <B>Written</B> document issued by a manufacturer of personal
                                            property or a governmental agency evidencing the ownership of the personal property and by
                                            which ownership is transferred.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificated
                                            Security</I></B> means a share, participation or other interest in property of, or an enterprise
                                            of, the issuer or an obligation of the issuer, that is:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">represented
                                            by a <B>Written</B> instrument issued in bearer or registered form;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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>

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<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer
                                            Fraud</I></B> means an intentional, unauthorized, and fraudulent entry of data or computer
                                            instructions directly into, or change of data or computer instructions within, a <B>Computer
                                            System</B> by a natural person or entity other than an <B>Employee</B>, including any such
                                            entry or change made via the internet or a <B>Network</B>, provided that such entry or change
                                            causes:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Property</B>
                                            to be transferred, paid, or delivered;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            account of the Insured, or of its customer, to be added, deleted, debited or credited; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            unauthorized or fictitious account to be debited or credited.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer
                                            System</I></B> means:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            computer; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            input, output, processing, storage or communication device, or any related network, operating
                                            system or application software, that is connected to, or used in connection with, such computer,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that
is rented by, owned by, leased by, licensed to, or under the direct operational control of, the Insured or an <B>Investment Adviser</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer
                                            Violation</I></B> means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            introduction of a <B>Computer Virus</B> into a <B>Computer System</B>; or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage
                                            to, or destruction of, computer programs, software or other electronic data stored within
                                            a <B>Computer System</B> by a natural person, who has:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">gained
                                            unauthorized access to such <B>Computer System</B>; or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized
                                            access to such <B>Computer System</B> but uses such access to cause such damage or destruction.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer
                                            Virus</I></B> means any malicious code that could destroy, alter, contaminate, or degrade
                                            the integrity, quality, or performance of:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">electronic
                                            data used, or stored, in any <B>Computer System</B> or network; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            computer network, any computer application software, or a computer operating system or related
                                            network.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>K.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Counterfeit</I></B>
                                            means a <B>Written</B> imitation of an actual, valid, or verifiable <B>Original</B> that
                                            is intended to deceive and to be taken as the <B>Original</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 9   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>L.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Custodian</I></B>
                                            means an institution designated by an Insured or an <B>Investment Adviser</B> to maintain
                                            possession and control of the Insured&#8217;s assets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>M.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Customer</I></B>
                                            means, only with respect to Insuring Agreement I.2., an entity or natural person that has
                                            a <B>Funds Transfer Agreement</B> with the Insured or with an <B>Investment Adviser</B>. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 5.15pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 36pt"><B>N.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Depository</I></B>
                                            means a clearing corporation that is:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered
                                            with the Securities Exchange Commission as a clearing agency under section 17A of the Securities
                                            Exchange Act of 1934 (15 U.S.C. 78q-1); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.85pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            Federal Reserve Bank or other person or entity authorized to operate the federal book entry
                                            system described in the regulations of the Department of Treasury codified at 31 CFR 357,
                                            Subpart B, or book-entry systems operated pursuant to comparable regulations of other federal
                                            agencies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.85pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>O.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Document
                                            of Title</I></B> means a <B>Written</B> document that is a bill of lading, dock warrant,
                                            dock receipt, warehouse receipt or order for the delivery of goods, and also any other <B>Written</B>
                                            document that in the regular course of business or financing is treated as adequately evidencing
                                            that the person in possession of it is entitled to receive, hold and dispose of the document
                                            and the goods it covers and must purport to be issued by or addressed to a bailee and purport
                                            to cover goods in the bailee's possession that are either identified or are fungible portions
                                            of an identified mass.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Electronic
                                            Data Processor</I></B> means a natural person, partnership or corporation authorized in writing
                                            by the Insured or an <B>Investment Adviser</B> to perform services as a data processor of
                                            checks presented to the Insured by a customer or <B>Financial Institution</B>, but excluding
                                            any such processor who acts as a transfer agent or in any other agency capacity in issuing
                                            checks, drafts or securities for the Insured, A Federal Reserve Bank or clearinghouse will
                                            not be construed to be an <B>Electronic Data Processor</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Electronic
                                            Record</I></B> means information that is created, generated, sent, communicated, received,
                                            or stored by electronic means, and is retrievable in perceivable form.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.45pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Employee</I></B>
                                            means:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            officer, partner or other employee of the Insured, while such person is employed by and performing
                                            services for the Insured, and whom the Insured directly compensates by wages, salaries or
                                            commissions; or for 60 days after such individual&#8217;s termination of service, provided
                                            such termination is not due to employee fraud or dishonesty;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            guest student or intern pursuing studies or duties in any of the Insured&#8217;s or an <B>Investment
                                            Adviser&#8217;s</B> offices or premises covered hereunder, while such person is performing
                                            services for the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            attorney retained by the Insured or an <B>Investment Adviser</B>, and any employee of such
                                            attorney, but only while performing legal services for the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            natural person assigned to perform the usual duties of an employee within the premises of
                                            the Insured or an <B>Investment Adviser</B> and under the Insured&#8217;s supervision, by
                                            contract, including such persons provided by any employment agency furnishing temporary personnel
                                            to the Insured or an <B>Investment Adviser</B> on a contingent or part-time basis, and including
                                            a natural person who is leased to the Insured or an <B>Investment Adviser</B> under a written
                                            agreement between the Insured and a labor leasing firm to perform duties related to the conduct
                                            of the Insured&#8217;s business; (all such natural persons provided by a single employment
                                            agency or labor leasing firm will collectively be deemed to be one person for all the purposes
                                            of this bond, excepting, however, the last paragraph of Condition R.2.);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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, or, subject to General Agreement B., after the effective date of this
                                            bond, but only with respect to acts while an employee of such institution and which acts
                                            caused said institution to sustain a loss that was not known to the Insured or to the institution
                                            at the time of the merger or consolidation;</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 10   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each
                                            natural person, partnership, or corporation authorized by the Insured or an <B>Investment
                                            Adviser</B> to perform services as an <B>Electronic Data Processor</B> (each such <B>Electronic
                                            Data Processor</B>, and the partners, officers and employees of such <B>Electronic Data Processor</B>
                                            will collectively be deemed to be one <B>Employee</B> for all the purposes of this bond,
                                            except with respect to Condition R.2.);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            director or trustee of an Insured, <B>Investment Adviser</B>, underwriter (distributor),
                                            transfer agent, shareholder accounting record keeper, or administrator authorized by <B>Written</B>
                                            agreement with the Insured to keep financial or other required records, but only while performing
                                            acts coming within the scope of the usual duties of an officer or employee or while acting
                                            as a member of any committee duly elected or appointed to examine or audit or have custody
                                            of or access to the <B>Property</B> of the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            natural person who is a volunteer, while such person is subject to the Insured&#8217;s direction
                                            and control and is performing services for the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            natural person who is a former employee retained as a consultant, pursuant to a written agreement
                                            with the Insured, while that person is subject to the Insured&#8217;s direction and control
                                            and performing services for the Insured; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            officer, partner, or employee of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            <B>Investment Adviser</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            underwriter (distributor);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            transfer agent or shareholder accounting record-keeper; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            administrator authorized by written agreement to keep financial or other required records,
                                            for an Insured but only while performing acts coming within the scope of the usual duties
                                            of an officer or employee of the Insured, or while acting as a member of any committee duly
                                            elected or appointed to examine or audit or have custody of or access to the <B>Property</B>
                                            of any such Insured, provided that only employees or partners of a transfer agent, shareholder
                                            accounting record- keeper or administrator that is an affiliated person, as defined in the
                                            Investment Company Act of 1940, of an Insured or is an affiliated person of the <B>Investment
                                            Adviser</B>, underwriter or administrator of such Insured, and that is not a bank, will be
                                            included within the definition of Employee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee</B>
also means any natural person described above while such person is on medical, military, or other leave of absence. Coverage applies
to any such <B>Employee</B> while on leave, regardless of whether such person remains subject to the Insured&#8217;s direction and control
during the time of leave.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee</B>
does not mean any agent, broker, factor, commission merchant, consignee, independent contractor or representative or other person of
the same general character not specified above.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>S.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Evidence
                                            of Debt</I></B> means a <B>Written</B> instrument, including a <B>Negotiable Instrument</B>,
                                            executed, or purportedly executed, by a customer of the Insured and held by the Insured or
                                            an <B>Investment Adviser</B> that in the regular course of business is treated as evidencing
                                            the customer's debt to the Insured. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.5in"><B>T.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Financial
                                            Institution</I></B> means:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            bank, trust company, savings bank, credit union, savings and loan association, or similar
                                            thrift institution; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 11   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 36.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided
that <B>Financial Institution</B> does not include any such entity, institution or organization that is an Insured or an <B>Investment
Adviser</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>U.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Forgery</I></B>
                                            means signing the name of another person or organization with a handwritten signature directly
                                            applied to a <B>Written</B> document without authority, and with the intent to deceive.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
signature written on an electronic pad that captures the signature for purposes of creating an electronic digitized image of a handwritten
signature, or a reproduction of a handwritten signature, is treated the same as a handwritten signature. Any other form of electronic
signature or digital signature is not treated the same as a handwritten signature.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Forgery</B>
does not mean a signature that consists in whole or in part of one's own name signed with or without authority, in any capacity, for
any purpose.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Fraudulent
                                            Instruction</I></B> means an intentional, fraudulent and unauthorized instruction directed
                                            to the Insured or an <B>Investment Adviser</B>, that is:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted
                                            via telefacsimile, and:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purports
                                            and reasonably appears to be from a <B>Customer</B>, a <B>Financial Institution</B>, or another
                                            office of the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            in fact transmitted by someone other than a <B>Customer</B>, a <B>Financial Institution</B>,
                                            or another office of the Insured; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purports
                                            and reasonably appears to contain the handwritten signature of a person authorized to initiate
                                            such transfer that proves to have been used by an unauthorized person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted
                                            verbally, via telephone, and purports to be from:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            officer, director, partner or employee of a <B>Customer</B>, who is authorized by the <B>Customer</B>
                                            to instruct the Insured or an <B>Investment Adviser</B> to make such a transfer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            <B>Customer</B> who is a natural person; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            <B>Employee</B> in another office of the Insured who was authorized by the Insured to instruct
                                            other <B>Employees</B> to transfer funds on deposit in a <B>Customer&#8217;s</B> account;
                                            and was received by an <B>Employee</B> specifically designated to receive and act upon such
                                            instructions,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 13.5pt 108pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">but
was in fact transmitted by someone other than a person described in paragraph V.2.; or</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted
                                            via electronic mail and purports and reasonably appears to be from a <B>Customer</B> of the
                                            Insured, but was in fact transmitted by someone other than such <B>Customer</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fraudulent
Instruction</B> does not include any instruction that purports to be from a <B>Customer</B> unless the instruction is transmitted by
a method that is authorized in the <B>Funds Transfer Agreement</B> between the Insured and the <B>Customer</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>W.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Funds
                                            Transfer Agreement</I></B> means an agreement, signed by the <B>Customer</B>, that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizes
                                            the Insured or an <B>Investment Adviser</B> to rely on instructions transmitted by either
                                            voice, telefacsimile or electronic mail to make funds transfers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provides
                                            the Insured or an <B>Investment Adviser</B> with the names of persons authorized to initiate
                                            funds transfers.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 12   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>X.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Guarantee</I></B>
                                            means a <B>Written</B> undertaking obligating the signer to pay the debt of another to the
                                            Insured or its assignee or to a <B>Financial Institution</B> from which the Insured has purchased
                                            participation in the debt, if the debt is not paid in accordance with its terms.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Y.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Instruction</I></B>
                                            means a <B>Written</B> order to the issuer of an <B>Uncertificated Security</B> requesting
                                            that the transfer, pledge, or release from pledge of the <B>Uncertificated Security</B> specified
                                            be registered.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Z.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment
                                            Adviser</I></B> means any entity defined in &sect;202(a)(11) of, and registered under, the
                                            Investment Advisers Act of 1940, as amended, but only while acting on behalf of the Insured.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AA.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Item
                                            of Deposit</I></B> means any checks or drafts deposited into the account of a customer, shareholder
                                            or subscriber.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BB.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Larceny
                                            or Embezzlement</I></B> means larceny or embezzlement as defined in the Investment Company
                                            Act of 1940, &sect;37 as amended.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CC.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Letter
                                            of Credit</I></B> means an engagement in writing by a <B>Financial Institution</B> or other
                                            person made at the request of a customer that the <B>Financial Institution</B> or other person
                                            will honor drafts or other demands for payment upon compliance with the conditions specified
                                            in the <B>Letter of Credit</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DD.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Loan</I></B>
                                            means all extensions of credit by the Insured and all transactions creating a creditor relationship
                                            in favor of the Insured and all transactions by which the Insured assumes an existing creditor
                                            relationship.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EE.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Messenger</I></B>
                                            means an <B>Employee</B> while in possession of the Insured&#8217;s <B>Property</B> away
                                            from the Insured&#8217;s or <B>Investment Adviser&#8217;s</B> premises and any other natural
                                            person acting as custodian of the <B>Property</B> during an emergency arising from the incapacity
                                            of the original <B>Employee</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FF.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Money</I></B>
                                            means a medium of exchange in current use authorized or adopted by a domestic or foreign
                                            government as a part of its currency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GG.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Negotiable
                                            Instrument</I></B> means a <B>Written</B> document, that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
                                            signed by the maker or drawer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contains
                                            an unconditional promise or order to pay a sum certain in <B>Money</B> and no other promise,
                                            order, obligation or power given by the maker or drawer; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72.2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 36pt">3.</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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72.2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="width: 36pt">4.</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 72pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Negotiable
Instrument</B> also means a counterfeit check or <B>Substitute Check</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>HH.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Network</I></B>
                                            means any and all services provided by or through the facilities of any electronic or computer
                                            communication system, including Fedwire, Clearing House Interbank Payment System (CHIPS),
                                            Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Automated Clearing
                                            House Association (NACHA) and similar interbank payment or settlement systems, including
                                            any shared networks, internet access facilities, or other similar facilities for such systems
                                            in which the Insured participates, allowing the input, output, examination, or transfer of
                                            data or programs from one computer to a <B>Computer System</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Original</I></B>
                                            means the first rendering or archetype and does not include photocopies or electronic transmissions
                                            even if received and printed.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>JJ.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Pre-Determined
                                            Telephone Number</I></B> means a telephone number that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            provided by the <B>Customer</B> when the <B>Customer</B> opened the account with the Insured
                                            or an <B>Investment Adviser</B>;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 13  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            provided in person by the <B>Customer</B> after the <B>Customer</B> opened the account with
                                            the Insured or an <B>Investment Adviser</B>, while physically present on the Insured&#8217;s
                                            or <B>Investment Adviser&#8217;s</B> premises and while presenting a government-issued photo
                                            identification;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 10.2pt; text-align: center; text-indent: -0.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            provided in a <B>Funds Transfer Agreement</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced
                                            a telephone number previously provided for the <B>Customer&#8217;s</B> account, provided
                                            that confirmation of the legitimacy of the change was achieved through direct contact with
                                            the <B>Customer</B> at a telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced
                                            a telephone number previously provided for the <B>Customer&#8217;s</B> account and was received
                                            by the Insured or the <B>Investment Adviser</B> at least 30 days prior to the receipt of
                                            the <B>Fraudulent Instruction</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>KK.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Property</I></B>
                                            means <B>Money, Certificated Securities, Uncertificated Securities, Negotiable Instruments,
                                            Certificates of Deposit, Documents of Title, Acceptances, Evidences of Debt, Security Agreements,
                                            Withdrawal Orders, Certificates of Origin or Title, Letters of Credit</B>, 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 <B>Written</B> or
                                            recorded electronically, gems, jewelry, precious metals of all kinds and in any form, and
                                            tangible items of personal property that are not hereinbefore enumerated.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 7.95pt 36.4pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LL.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Restoration
                                            Expenses</I></B> means reasonable costs incurred by the Insured or an <B>Investment Adviser</B>,
                                            with the Company&#8217;s prior written consent, to restore, replace or reproduce damaged
                                            or destroyed computer programs, software or other electronic data stored within a <B>Computer
                                            System</B>, or that the Insured owns, holds or is responsible for, to the condition that
                                            existed immediately preceding a <B>Computer Violation</B>; provided that if it is determined
                                            by the Insured or <B>Investment Adviser</B> that such computer programs, software or other
                                            electronic data cannot reasonably be restored, replaced or reproduced, then <B>Restoration
                                            Expenses</B> means only the reasonable costs incurred by the Insured or an <B>Investment
                                            Adviser</B>, with the Company&#8217;s prior written consent, to reach such determination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 72pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration
Expenses</B> do not include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses
                                            incurred as a result of the reconstruction of computer programs, software, or other electronic
                                            data that the Insured did not have a license to use;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses
                                            incurred to restore, replace, or reproduce damaged or destroyed computer programs, software
                                            or other electronic data if such damage or destruction was caused by computer programs, software,
                                            or other electronic data that the Insured did not have a license to use;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses
                                            incurred to design, update, improve, or perfect the operation or performance of computer
                                            programs, software, or other electronic data; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses
                                            incurred to redo the work product, research, or analysis that was the basis of, or resulted
                                            in, any computer programs, software, or other electronic data stored.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MM.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Security
                                            Agreement</I></B> means a <B>Written</B> agreement that creates an interest in personal property
                                            or fixtures and that secures payment or performance of an obligation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NN.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Security
                                            Procedure</I></B> means the Insured&#8217;s or <B>Investment Adviser&#8217;s</B> established
                                            authentication process, other than voice recognition, that requires the use of algorithms
                                            or other codes, identifying words or numbers, encryption, or similar security devices or
                                            procedures. The following are not considered a Security Procedure:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            general statement that the Insured or <B>Investment Adviser</B> may establish security procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            statement that the Insured or <B>Investment Adviser</B> may perform a callback or other security
                                            procedure; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            statement that the Insured or <B>Investment Adviser</B> will only accept requests from persons
                                            named on the account.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 14  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OO.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Single
                                            Loss</I></B> has the meaning set forth in section VI. CONDITIONS, D. SINGLE LOSS.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PP.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Statement
                                            of Uncertificated Security</I></B> means a <B>Written</B> statement of the issuer of an <B>Uncertificated
                                            Security</B> containing:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            description of the issue of which the <B>Uncertificated Security</B> is a part;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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
                                            <B>Uncertificated Security</B> is or may be subject to, 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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            date:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 107.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QQ.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Substitute
                                            Check</I></B> means a paper reproduction of an <B>Original Written</B> check as defined in
                                            the Check Clearing for the 21<SUP>st</SUP> Century Act of 2003, as amended.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RR.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Transportation
                                            Company</I></B> means any organization that provides its own or leased vehicles for transportation
                                            or that provides freight forwarding or air express services.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SS.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Uncertificated
                                            Security</I></B> means a share, participation or other interest in property of, or an enterprise
                                            of, the issuer or an obligation of the issuer, that is:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not
                                            represented by a <B>Written</B> instrument issued in bearer or registered form 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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TT.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Withdrawal
                                            Order</I></B> means a non-negotiable <B>Written</B> instrument, other than an <B>Instruction</B>,
                                            signed by a customer of the Insured authorizing the Insured to debit the customer's account
                                            in the amount of funds stated therein.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UU.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Written</I></B>
                                            means expressed through letters or marks placed upon paper and visible to the eye. It does
                                            not include information contained in an <B>Electronic Record</B>, or only with respect to
                                            Insuring Agreement D, information communicated via telefacsimile.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 15   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>





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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">V.
&nbsp;&nbsp;&nbsp;&#8239;&nbsp;EXCLUSIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from forgery or alteration, except
                                            when covered under Insuring Agreement A, D, E, F or G.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss due to war, invasion, acts of foreign enemies, hostilities (whether
                                            war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped
                                            power, confiscation, nationalization, requisition, or destruction of, or damage to, property
                                            by or under the order of any government, public or local authority, 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 act or condition related to any of the foregoing
                                            on the part of any person acting for the Insured in initiating such transit.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from nuclear reaction, nuclear
                                            radiation, radioactive contamination, biological, or chemical contamination or to any related
                                            act or incident.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from any acts of any director or
                                            trustee of the Insured other than one employed as a salaried, pensioned, or elected official
                                            or an <B>Employee</B> of the Insured, except when performing acts coming within the scope
                                            of the usual duties of an <B>Employee</B>, or while acting as a member of any committee duly
                                            elected or appointed by resolution of the board of directors or trustees of the Insured to
                                            perform specific, as distinguished from general, directorial acts on behalf of the Insured.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from the complete or partial non-payment
                                            of, or default upon, any <B>Loan</B> 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 <B>Evidences of Debt</B>, whether
                                            such <B>Loan</B>, transaction or extension was procured in good faith or through trick, artifice,
                                            fraud, or false pretenses, except when covered under Insuring Agreement A or E.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6.65pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss caused by an <B>Employee</B>, except:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when
                                            covered under Insuring Agreement A.; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when
                                            covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable
                                            disappearance or misplacement, or unintentional destruction of or damage to <B>Property</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from the use or purported use of
                                            credit, debit, charge, access, convenience, identification cash management or other cards:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            obtaining credit or funds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            gaining access to any automated teller machine; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            gaining access to any point of sale terminal, customer-bank communication terminal, or similar
                                            electronic terminal of any electronic funds transfer system,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss through the surrender of <B>Property</B> away from an office of
                                            the Insured or an <B>Investment Adviser</B> as a result of a threat:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
                                            do bodily harm to any person, except loss of <B>Property</B> in transit in the custody of
                                            a <B>Messenger</B> 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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 16.2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 16  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from payments made or withdrawals
                                            from a customer's account involving erroneous credits to such account, unless such payments
                                            or withdrawals are physically received by such depositor or representative of such depositor
                                            who is within the office of the Insured or an <B>Investment Adviser</B> at the time of such
                                            payment or withdrawal, or except when covered under Insuring Agreement A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from payments made or withdrawals
                                            from a customer's account involving items of deposit that are not finally paid for any reason,
                                            including forgery or any other fraud, except when covered under Insuring Agreement A or J,
                                            however, this exclusion does not apply to United States Government checks or drafts that
                                            are returned to the Insured by the United States Government for any reason after the funds
                                            for said checks or drafts have been remitted to the Insured or credited to the Insured&#8217;s
                                            account.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>K.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from counterfeiting, except when
                                            covered under Insuring Agreement A, D, but only as respects <B>Negotiable Instruments</B>
                                            (except <B>Evidences of Debt</B> or <B>Substitute Checks</B>), E or F.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>L.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss of <B>Property</B> while:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            the mail;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
                                            the custody of any <B>Transportation Company</B>, unless covered under Insuring Agreement
                                            C provided however that non-negotiable instruments while in the possession and custody of
                                            any <B>Transportation Company</B> will be deemed to be covered under Insuring Agreement C;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">located
                                            on the premises of any Transportation Company, except when covered under Insuring Agreement
                                            A.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>M.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover potential income, including interest and dividends not realized by the
                                            Insured.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover damages of any type for which the Insured is legally liable, except direct
                                            compensatory damages, but not multiples thereof, arising directly from a loss covered under
                                            this bond.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>O.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover any fees, costs, or other expenses incurred by the Insured in establishing
                                            the existence of or amount of loss covered under this bond except when covered under Insuring
                                            Agreement G.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11.35pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover indirect or consequential loss of any nature.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting from any violation by the Insured or by any <B>Employee</B>:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
                                            any rule or regulation made pursuant to any such law,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unless
it is established by the Insured that the act or acts that caused said loss involved fraudulent or dishonest conduct that would have
caused a covered loss to the Insured in a similar amount in the absence of such laws, rules or regulations.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover 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 or an <B>Investment Adviser</B>, funds or <B>Property</B> of the Insured held
                                            by it in any capacity, except when covered under Insuring Agreement A or B.1.a.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 10.25pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>S.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss involving any <B>Uncertificated Security</B> except an <B>Uncertificated
                                            Security</B> of any Federal Reserve Bank of the United States or when covered under Insuring
                                            Agreement A, E or I.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 17  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>T.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover under Insuring Agreement I, in addition to all of the other exclusions,
                                            loss:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting
                                            directly or indirectly from entries or changes made by an individual authorized to have access
                                            to a <B>Computer System</B>, who acts in good faith on instructions or advices received by
                                            telegraph, teletype, human voice over a telephone, or by any other means, unless such instructions
                                            or advices are given to that individual by a software contractor (or by a partner, officer
                                            or employee thereof) authorized by the Insured or an <B>Investment Adviser</B> to design,
                                            develop, prepare, supply, service, write, or implement programs for the <B>Computer System</B>,
                                            except when covered under Insuring Agreement I.2.;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">caused
                                                                                                                                                 by an employee or director of an automated clearing house (including a Federal Reserve Bank), service bureau, electronic
                                                                                                                                                 communications systems (including Fedwire, CHIPS and<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> SWIFT)
                                                                                                                                                 or merchants who have contracted with the Insured to perform electronic funds transfer services; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 108.35pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting
                                            directly or indirectly from entries or changes made by an <B>Employee</B> acting in good
                                            faith on any electronic communication, unless such instructions are purportedly sent by a
                                            customer, <B>Financial Institution</B>, or automated clearing house, except when covered
                                            under Insuring Agreement I.2.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>U.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from <B>Computer Fraud</B> or mechanical
                                            breakdown or failure to function properly of any <B>Computer System</B>, except when covered
                                            under Insuring Agreement A, B, or I.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover under Insuring Agreement I.2., in addition to all of the other exclusions,
                                            loss resulting directly or indirectly from the Insured&#8217;s or an <B>Investment Adviser&#8217;s</B>
                                            assumption of liability by contract unless the liability arises from a loss covered by Insuring
                                            Agreement I.2. and would be imposed on the Insured regardless of the existence of the contract.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>W.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from theft, disappearance, destruction,
                                            or disclosure of intangible property or confidential information, including trade secrets,
                                            customer lists, customer&#8217;s intellectual property, confidential processing methods,
                                            formulas, patents, computer programs, negatives, drawings, manuscripts, prints and other
                                            records of a similar nature, whether such confidential information is owned by the Insured
                                            or an <B>Investment Adviser</B> or held by the Insured or <B>Investment Adviser</B> in any
                                            capacity including concurrently with another person.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>X.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover expenses arising from a data security breach or incident, including forensic
                                            audit expenses, fines, penalties, expenses to comply with federal and state laws, payment
                                            card industry data security standards (if applicable), or expenses related to notifying affected
                                            individuals when the affected individual&#8217;s personally identifiable customer, financial
                                            or medical information was stolen, accessed, downloaded, or misappropriated while in the
                                            Insured&#8217;s care, custody, or control.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Y.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover under Insuring Agreement A.1., in addition to all of the other exclusions,
                                            loss resulting directly or indirectly from the alleged or actual destruction of <B>Property</B>
                                            by an <B>Employee</B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Z.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss, costs, or expenses the Insured or an <B>Investment Adviser</B>
                                            agrees to incur, or incurs on behalf of another person or entity, when the Insured is not
                                            legally obligated to incur such loss, costs, or expenses under the Uniform Commercial Code
                                            or any other common, case, or tort law, statute, rule, or code anywhere in the world, including
                                            any rule or code of any clearing or similar organization; except when covered under Insuring
                                            Agreement I.2.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9.2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AA.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent
                                            acts of an <B>Employee</B> as to whom the bond has terminated pursuant to Condition R. Cancelation,
                                            Termination, Change or Modification, provided, however, that this exclusion does not apply
                                            to loss of any <B>Property</B> already in transit in the custody of such <B>Employee</B>
                                            at the time the bond terminated or to loss resulting directly from dishonest or fraudulent
                                            acts occurring prior to the time the bond terminated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0.35pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BB.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting from the unauthorized online <B>Network, Computer System</B>
                                            or internet access to a customer account maintained by the Insured, through the use of fraudulently
                                            obtained customer login, identification, password, or authentication information, except
                                            where such information has been obtained directly from unauthorized fraudulent access to
                                            a secure file containing such information on a <B>Computer System</B>, except when covered
                                            under Insuring Agreement I.2.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 6.3pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 18  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt; text-align: left; text-indent: 0in"></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.45pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CC.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover damages resulting from any civil, criminal, or other legal proceeding
                                            in which the Insured or <B>Investment Adviser</B> 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 <B>Employee</B> under circumstances that result directly in a loss to
                                            the Insured covered by Insuring Agreement A. For purposes of this exclusion, &quot;racketeering
                                            activity&quot; is defined in 18 U.S.C. 1961 et seq., as amended.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DD.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover any loss resulting directly or indirectly from a <B>Fraudulent Instruction</B>
                                            except when covered under Insuring Agreement I.2.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EE.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss or expenses due to liability imposed upon the Insured as a result
                                            of the unlawful disclosure of non-public information by the Insured, an <B>Investment Adviser</B>,
                                            or any <B>Employee</B>, or as a result of any <B>Employee</B> acting upon such information,
                                            whether or not authorized.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FF.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not cover loss resulting directly or indirectly from the input of an <B>Electronic
                                            Record</B> into a <B>Computer System</B>, either on the premises of a customer of the Insured
                                            or under the control of such a customer, by a customer or other person who had authorized
                                            access to the customer's authentication mechanism.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 21.7pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VI.
&nbsp;&nbsp;&nbsp;CONDITIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.2pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.
&#9;&#8239;&#8239;&#8239;&#8239;ADDITIONAL COMPANIES INCLUDED AS INSURED</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
more than one corporation, co-partnership, or person, or any combination of them are included as the Insured herein:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            total liability of the Company for loss or losses sustained by any one or more or all of
                                            them will not exceed the limit for which the Company would be liable hereunder if all such
                                            loss were sustained by any one of them;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            Insured first named will be deemed authorized to make, adjust and receive and enforce payment
                                            of all claims under the bond and will be deemed to be the agent of the others for such purposes
                                            and for the giving or receiving of any notice required or permitted to be given by the terms
                                            of this bond, provided however that the Company will furnish each named Insured with a copy
                                            of the bond and with any amendment to the bond, together with a copy of each formal filing
                                            of claim by any Insured and notification of the terms of any settlement of a claim prior
                                            to the execution of such settlement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            Company will not be responsible for the proper application of any payment made hereunder
                                            to the first named Insured; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">knowledge
                                            possessed or discovery made by any partner, officer or supervisory <B>Employee</B> of any
                                            Insured will for the purposes of Condition B., Condition H. or Condition R. of this bond
                                            constitute knowledge or discovery by all the Insureds.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.
&#9;&#8239; &#8239;&#8239;DISCOVERY</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond applies to loss discovered by the Insured during the <B>Bond Period</B>. Discovery occurs when an officer or director of the Insured
or of an <B>Investment Adviser</B> first becomes aware of facts that 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
also occurs when an officer or director of the Insured or an <B>Investment Adviser</B> receives notice of an actual or potential claim
in which it is alleged that the Insured is liable to a third party under circumstances that, if true, would constitute a loss under this
bond.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 19   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.25pt 0 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.25pt 0 0; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.25pt 0 0; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.
&#9;&#8239;&#8239;&#8239;&#8239;BOND PERIOD</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Bond
Period</B> means the period of one year following the inception date of this bond or any annual anniversary thereof, or if the time between
the inception or annual anniversary date and the expiration date of this bond is less than one year, then such lesser period.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.
&#9;&#8239;&#8239;&#8239;&#8239;SINGLE LOSS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Single
Loss</B> means all covered loss, including court costs and attorney&#8217;s fees incurred by the Company under General Agreement E.,
resulting from:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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 <B>Employee</B>
                                            is implicated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><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 <B>Employee</B> or not) resulting in damage to or destruction or misplacement
                                            of <B>Property</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="padding-left: -20pt; text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all
                                            acts or omissions other than those specified in 1. and 2. above, caused by any person (whether
                                            an <B>Employee</B> or not) or in which such person is implicated; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0pt 108.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
                                            one casualty or event not specified in 1., 2., or 3. above.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0pt 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.
&#9;&#8239;&#8239;&#8239;&#8239;SINGLE LOSS LIMIT OF INSURANCE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company's liability for each <B>Single Loss</B> will not exceed the applicable <B>Single Loss</B> Limit of Insurance set forth in ITEM
4 of the Declarations. If a Single Loss is covered under more than one Insuring Agreement or Coverage, the Single Loss Limit of Insurance
for each applicable Insuring Agreement or Coverage will apply separately to that part of the loss covered under such Insuring Agreement
or Coverage, provided that the maximum payable for such <B>Single Loss</B> will not exceed the largest applicable Single Loss Limit of
Insurance.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F.
&#9;&#8239;&#8239;&#8239;&#8239;DEDUCTIBLE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company is liable hereunder only for the amount by which any <B>Single Loss</B> exceeds the Single Loss Deductible Amount for the Insuring
Agreement or Coverage applicable to such loss, subject to the applicable Single Loss Limit of Insurance.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
a <B>Single Loss</B> is covered under more than one Coverage within an Insuring Agreement, the Single Loss Deductible Amount set forth
in ITEM 4 of the Declarations for each applicable Coverage will apply separately to the part of such <B>Single Loss</B> covered under
such Coverage, however the sum of such Single Loss Deductible Amounts for such <B>Single Loss</B> will not exceed the highest applicable
Single Loss Deductible Amount for any such Coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured will, in the time and in the manner prescribed in this bond, give the Company notice of any loss of the kind covered by the terms
of this bond that exceeds 25% of the Single Loss Deductible Amount applicable to such loss, whether or not the Company is liable therefor,
and upon the request of the Company will file with it a brief statement giving the particulars concerning such loss.</FONT><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">G.&#9;&#8239;&#8239;&#8239;&#8239;&#8239;NON-ACCUMULATION
OF LIMITS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Single Loss Limit of Insurance of the Company is not cumulative in amount from <B>Bond Period</B> to <B>Bond Period</B>, regardless of
the number of years this bond is in force, the number of times this bond may be renewed or replaced, or the number of premiums that are
payable or paid.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">H.&#9;&#8239;&#8239;&#8239;&#8239;&#8239;NOTICE
- PROOF OF LOSS - LEGAL PROCEEDINGS</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
                                            the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured
                                            or <B>Investment Adviser</B> must give the Company notice thereof.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page   20 of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Within
                                            six months after such discovery, the Insured or <B>Investment Adviser</B> must furnish to
                                            the Company proof of loss, duly sworn to, with full particulars.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lost
                                            <B>Certificated Securities</B> listed in a proof of loss will be identified by certificate
                                            or bond numbers if such securities were issued therewith.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal
                                            proceedings for the recovery of any loss hereunder will not be brought prior to the expiration
                                            of 60 days after the original proof of loss is filed with the Company or after the expiration
                                            of 24 months from the discovery of such loss, except that any action or proceeding to recover
                                            hereunder on account of any judgment against the Insured in any suit mentioned in General
                                            Agreement E., or to recover attorney&#8217;s fees paid in any such suit, will be brought
                                            within 24 months from the date upon which the judgment and such suit will become final.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
                                            any limitation embodied in this bond is prohibited by any law controlling the construction
                                            hereof, such limitation will be deemed to be amended so as to equal the minimum period of
                                            limitation provided by such law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond is for the use and benefit only of the Insured, and the Company will not be liable hereunder
                                            for loss sustained by anyone other than the Insured. No suit, action or legal proceedings
                                            will be brought hereunder by anyone other than the Insured.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9;&#8239;VALUATION</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any
loss of <B>Money</B>, or loss payable in <B>Money</B>, will be paid, at the option of the Insured, in the <B>Money</B> of the country
in which the loss was sustained or in the U.S. dollar equivalent thereof determined at the rate of exchange at the time of payment of
such loss.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company will settle in kind its liability under this bond on account of a loss of any securities or, at the option of the Insured, will
pay to the Insured the cost of replacing such securities, determined by their highest quoted market value at any time between the business
day next preceding the discovery of the loss and the day that the loss is settled. In case of a loss of subscription, conversion or redemption
privileges through the misplacement or loss of securities, the amount of such loss will 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 will be determined by agreement or, at the option of the Insured, arbitration.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the applicable coverage of this bond is subject to a Single Loss Deductible Amount 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 Company 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If,
at the instance of the Company, the Insured or any customer of the Insured becomes principal upon any bonds, or gives any
undertakings, required as a prerequisite to the reissuing or duplicating of any securities for the loss of which the Company is
liable under this bond, the </FONT>Company will become surety upon such bonds or undertakings without premium charge and will
indemnify the Insured or such customer against any loss that the Insured or such customer may sustain by reason of having become
principal upon any such bonds or having given any such undertakings. The amount of indemnity under this paragraph will not exceed
the amount stated in ITEM 4 of the Declarations for the applicable Insuring Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Books
                                            of Account and Other Records</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><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 Company will 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 that have been furnished by the Insured in
order to reproduce such books and other records.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 108.25pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 21   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 8.65pt 108.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 108.25pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property
                                            other than Money, Securities, Books of Account or Other Records</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
case of loss of, or damage to, any <B>Property</B> other than <B>Money</B>, securities, books of account or other records, except damage
covered under Insuring Agreement B.2. or B.3., the Company will not be liable for more than the actual cash value of such <B>Property</B>.
The Company may, at its election, pay the actual cash value of, repair or replace such <B>Property</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With
respect to damage of <B>Property</B> covered under Insuring Agreement B.2., the Company will be liable for the full cost of repair or
replacement of such <B>Property</B>, without deduction for depreciation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 88pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disagreement
between the Company and the Insured as to the cash value, replacement value or as to the adequacy of repair or replacement will be resolved
by agreement or, at the option of the Insured, arbitration.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;ASSIGNMENT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event of payment under this bond, the Insured or <B>Investment Adviser</B> will deliver, if so requested by the Company, an assignment
of such of the Insured'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="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">K.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;SUBROGATION</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event of payment under this bond, the Company will be subrogated to all of the Insured's rights of recovery therefor against any
person or entity to the extent of such payment. If the rules of a <B>Depository</B> provide that the Insured will be assessed for a portion
of any judgment (or agreed settlement) taken by the Company based upon the assignment set forth in Condition J. above and the Insured
actually pays such assessment, the Company will reimburse the Insured for the amount of the assessment. However, such reimbursement will
not exceed the amount of the loss payment by the Company.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">L.
&#9;&#8239; &#8239;&#8239;&#8239;RECOVERIES</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
                                            recoveries, whether effected by the Company or by the Insured will be applied, after first
                                            deducting the costs and expenses incurred in obtaining such recovery, in the following order
                                            of priority:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">first,
                                            to the Insured to reimburse the Insured for loss sustained that would have been paid under
                                            this bond but for the fact that such loss is in excess of the Single Loss Limit of Insurance,
                                            provided however, such loss does not include claim expense payments made by the Insured in
                                            excess of the Single Loss Limit of Insurance of Insuring Agreement G and such payments will
                                            not be deemed excess for purposes of establishing order of priority;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">second,
                                            to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement
                                            of the Insured&#8217;s claim;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">third,
                                            to the Insured in satisfaction of any Single Loss Deductible Amount; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fourth,
                                            to the Insured in satisfaction of any loss not covered under this bond.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recovery
                                            on account of loss of securities as set forth in Condition I.2., or recovery from reinsurance
                                            or indemnity of the Company, will not be deemed a recovery as used herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
determining the amount of any loss covered under this bond, all <B>Money</B> received by the Insured from any source whatsoever in connection
with any matter from which a loss has arisen, including payments and receipts of principal, interest, dividends, commission, and the
like, received prior to a loss settlement under this bond, will be deducted from the amount actually paid out, advanced, withdrawn, taken
or otherwise lost or stolen. The value of all property received by the Insured from any source whatever and whenever received, in connection
with any matter from which a loss has arisen, will be valued as of the date received and will likewise be deducted from the claimed loss.</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 22   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M.
&#8239;&#9;&#8239;&#8239;&#8239;COOPERATION</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon
the Company's request, and at reasonable times and places designated by the Company, the Insured will:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">submit
                                            to examination by the Company and subscribe to the same under oath;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">produce
                                            for the Company's examination all pertinent records; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cooperate
                                            with the Company in all matters pertaining to the loss.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured will execute all papers and render assistance to secure to the Company the rights and causes of action provided for herein.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Insured will do nothing after discovery of loss to prejudice such rights or causes of action and must do everything reasonably necessary
to secure those rights and causes of action.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N.
&#9;&#8239;&#8239;&#8239;&#8239;ANTI-BUNDLING</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
any Insuring Agreement requires that an enumerated type of document be altered or <B>Counterfeit</B>, or contain a signature that is
a <B>Forgery</B>, or that it be obtained through trick, artifice, fraud or false pretenses, the alteration, <B>Counterfeit</B>, or signature
must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying, or incorporated by reference
into, the enumerated document.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">O.
&#8239;&#8239;&#8239;&#8239;&#9;LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With
respect to any <B>Single Loss</B> that is recoverable or recovered in whole or in part under any other bonds or policies issued by the
Company to the Insured or to any predecessor in interest of the Insured and canceled or terminated 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 Company under
this bond and under such other bonds or policies will 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><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 Company and canceled, terminated or allowed to expire, the Company, with respect to any loss sustained prior to such cancelation,
termination or expiration and discovered within the period permitted under such other bond or policy for the discovery of loss thereunder,
will 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="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">P.
&#9;&#8239;&#8239;&#8239;&#8239;OTHER INSURANCE OR INDEMNITY</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
afforded hereunder applies only as excess over any valid and collectible insurance or indemnity obtained by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">anyone
                                            other than the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a
                                            Transportation Company</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">another
                                            entity on whose premises the loss occurred or that employed the person causing the loss;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            messenger conveying the <B>Property</B> involved.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 23   of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>
</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Q.&#8239;&#8239;&#8239;
&#9;COVERED PROPERTY</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond applies to loss of <B>Property</B>:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 111.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that
                                            is owned by the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that
                                            is held by the Insured in any capacity; or </FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 52pt; text-align: right"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">for which the Insured is responsible,&#8239;prior to or at the time of the occurrence of
the loss. This bond is for the sole use and benefit of the Insured.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">R.
&#9;&#8239;&#8239;&#8239;&#8239;CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cancelation</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond is canceled in its entirety immediately upon receipt by the Company of a <B>Written</B>
                                            notice from the Insured or an <B>Investment Adviser</B> of its desire to cancel this bond,
                                            provided the Insured or <B>Investment Adviser</B> has provided at least 60 days&#8217; advance
                                            <B>Written</B> notice to the U.S. Securities and Exchange Commission (SEC). The Company will
                                            notify all other Insureds of the receipt of such a cancelation request from the Insured or
                                            <B>Investment Adviser</B>, however the cancelation will not be effective until 60 days after
                                            receipt of <B>Written</B> notice by all other Insureds.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC, of
                                            a <B>Written</B> notice from the Company of its desire to cancel this bond.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            is canceled as to any <B>Employee</B>, or as to any partner, officer, or employee of any
                                            <B>Electronic Data Processor</B> 60 days after the receipt by the Insured and the SEC, of
                                            a written notice from the Company of its desire to cancel coverage under this bond as to
                                            such person.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2
                                            of the Declarations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond terminates as to any Insured:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 123pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">immediately
                                            upon the surrender of such Insured&#8217;s charter to any governmental authority; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 123pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">immediately
                                            upon the taking over of such Insured by a receiver or other liquidator or by any State or
                                            Federal official, whichever occurs first.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 123pt; text-align: justify; text-indent: -0.4pt"><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 that is discovered after the effective date
of such termination.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 88pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            terminates as to any <B>Employee</B>, or as to any partner, officer, or employee of any <B>Electronic
                                            Data Processor</B>:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 123pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as
                                            soon as any Director or Officer or Insured not in collusion with such person, learns of any
                                            dishonest or fraudulent employment related act, including <B>Larceny or Embezzlement</B>;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 123pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60
                                            days after any director or officer of the Insured not in collusion with such person, learns
                                            of any dishonest or fraudulent non-employment related act, including <B>Larceny or Embezzlement</B>,
                                            that resulted in a loss of <B>Property</B> in excess of $25,000,</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 24  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 144.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 123pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either
of which were 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 <B>Property</B>
then in transit in the custody of such person.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 123pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However,
termination of coverage as to any <B>Employee</B> as set forth in c.(1) and c.(2) of the preceding paragraph, will not apply to any such
person provided the Insured has received and retains an original letter signed by a prior insurer reinstating coverage for such individual
for whom the Insured discovered had committed a dishonest or fraudulent act prior to the effective date of this bond.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change
                                            or Modification</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 8.5pt 86pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond or any instrument amending or affecting this bond may not be changed or modified orally. No changes in or modification of this bond
will be effective unless made by <B>Written</B> endorsement issued to form a part of this bond and including the signature of the Company's
Authorized Representative. When a bond covers only one Insured no change or modification that would adversely affect the rights of the
Insured will be effective prior to 60 days after <B>Written</B> notification has been furnished to the SEC by the Insured, <B>Investment
Adviser</B> or the Company. If more than one Insured is named under this bond, the Company will give <B>Written</B> notice to each Insured
and to the SEC not less than 60 days prior to the effective date of any change or modification that would adversely affect the rights
of such Insured.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S.
&#9;&#8239;&#8239;&#8239;&#8239;DISCOVERY PERIOD</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
any time prior to the cancelation or termination of this bond in its entirety, whether by the Insured, an <B>Investment Adviser</B>,
or the Company, the Insured or an <B>Investment Adviser</B> may give to the Company written notice that it desires under this bond an
additional period of 12 months within which to discover loss sustained by the Insured prior to the effective date of such cancelation
or termination and will pay an additional premium therefor.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon
receipt of such notice from the Insured or an <B>Investment Adviser</B>, the Company will give its written consent thereto; provided,
that such additional period of time terminates immediately:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
                                            the effective date of any other insurance obtained by the Insured, its successor in business
                                            or any other party, replacing in whole or in part the insurance afforded by this bond, whether
                                            or not such other insurance provides coverage for loss sustained prior to its effective date;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon
                                            any takeover of the Insured&#8217;s business by any state or federal official or agency,
                                            or by any receiver or liquidator acting or appointed for this purpose,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whichever
occurs first, and without the necessity of the Company giving notice of such termination. In the event that such additional period of
time is terminated, as provided above, the Company will refund on a pro-rata basis, any unearned premium.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
right to purchase such additional period for the discovery of loss may not be exercised by any state or federal official or agency, or
by any receiver or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof
or for any other purpose.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company's total liability for any loss discovered during such additional period of time is part of, and not in addition to, the Single
Loss Limit of Insurance of the <B>Bond Period</B> that terminates immediately preceding the effective date of such additional period.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 26pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T.
&#9;&#8239;&#8239;&#8239;&#8239;HEADINGS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 52pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
titles of the various paragraphs of this bond and its endorsements are inserted solely for convenience or reference and are not to be
deemed in any way to limit, expand or affect the provision to which they relate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.25pt; text-align: left; text-indent: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto 3pt; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-16001 Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Page 25  of 25</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2016 The Travelers
Indemnity Company. All rights reserved.</FONT></P></P>



<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 72.6pt; text-align: justify; text-indent: -0.4pt"></P></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 2.8pt 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>SOCIAL
ENGINEERING FRAUD INSURING AGREEMENT ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.4pt 0 1.35pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.4pt 0 1.35pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.4pt 0 1.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.4pt 0 1.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.4pt 0 1.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.65pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.65pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 1.4pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The following is added to ITEM 4. of the DECLARATIONS:</FONT></P>

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

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

<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="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Single Loss</B></FONT></TD>
  <TD STYLE="width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Single Loss</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Insuring Agreement</B></FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Limit of Insurance</B></FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deductible Amount</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Social Engineering Fraud</B></FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#9;
The following is added to the DECLARATIONS:</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 25pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Aggregate
Limit of Insurance &#8211; <BR>
Social Engineering Fraud Insuring Agreement</B> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$1,000,000</FONT></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The following <B>INSURING AGREEMENT</B> is added to section <B>II. INSURING AGREEMENTS</B>:</FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 26pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SOCIAL
ENGINEERING FRAUD</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 26pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting directly from the Insured having, in good faith, caused a transfer of funds from its own account as a result of <B>Social Engineering
Fraud</B>, provided that the Insured performed a <B>Transfer Verification</B> prior to transferring such funds. Such <B>Transfer Verification</B>
must be recorded, logged, or otherwise documented by the <B>Insured</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Solely with respect to the Social Engineering Fraud Insuring Agreement, part 3 of section <B>IV.
DEFINITIONS, R., Employee</B> is deleted.</FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Solely with respect to the Social Engineering Fraud Insuring Agreement, the following replaces
the last paragraph of <B>IV.</B> <B>DEFINITIONS, R. Employee</B>:</FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 26pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee</B>
does not mean any agent, broker, factor, commission merchant, consignee, independent contractor, attorney retained by the Insured or
any employee of such attorney, or representative or other person of the same general character not specified above.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The following are added to section <B>IV. DEFINITIONS</B>:</FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 26pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Client</I></B>
means an entity or natural person for which the Insured performs services as specified in a written agreement, but only while the written
agreement is in effect.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 26pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Social
Engineering Fraud</I></B> means the intentional misleading of an <B>Employee</B> through the use of an electronic, telegraphic, cable,
teletype, telephone, or written instruction received by such <B>Employee</B> that:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.95pt 69pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;1.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;purports to be from:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110.35pt"></TD><TD STYLE="width: 37.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            <B>Vendor</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110.35pt"></TD><TD STYLE="width: 37.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
                                            <B>Client</B>; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.55pt 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.55pt 0.95pt; text-align: left; text-indent: 0in"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.55pt 0.95pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.55pt 0.95pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 3.45pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company:&#9;&#8239;&#8239;&#8239;&#8239;Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 380.15pt 0pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number:&#9;&#8239;&#8239;&#8239;108322000</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19002
Ed. 01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 3</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.&nbsp;</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 11.3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110.35pt"></TD><TD STYLE="width: 37.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            <B>Employee</B>,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 109.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">but
was in fact transmitted by someone other than such <B>Vendor, Client,</B> or <B>Employee</B>, and without the knowledge or consent of
such <B>Vendor, Client</B>, or <B>Employee</B>;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">directs
                                            the <B>Employee</B> to transfer, pay, or deliver funds, or to change the method, destination
                                            or account for payments to such <B>Vendor, Client</B>, or <B>Employee</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contains
                                            a misrepresentation of a material fact; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.2pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
                                            reasonably relied upon by the <B>Employee</B>, believing the material fact to be true.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 37.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Transfer
Verification</I></B> means a verbal conversation with the purported <B>Vendor, Client</B>, or <B>Employee</B>, using a <B>Verification
Method</B>, to verify the identity of the <B>Vendor, Client</B>, or <B>Employee</B> and the authenticity of a funds transfer request
or a request to change the method, destination or account for future payments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 37.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 37.35pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Vendor</I></B>
means an entity or natural person that has provided goods or services to the Insured under a genuine, pre-existing written agreement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.3pt 37.45pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Verification
Method</I></B> means:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72.2pt; text-align: right"></TD><TD STYLE="width: 36pt"><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">with
                                            respect to a <B>Vendor</B> or <B>Client</B>, calling a telephone number that:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            provided by the <B>Vendor</B> or <B>Client</B> when the written agreement was first established
                                            with the Insured;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced
                                            a telephone number previously provided by the <B>Vendor</B> or <B>Client</B>, provided that
                                            confirmation of the legitimacy of the change was achieved through verbal contact with the
                                            <B>Vendor</B> or <B>Client</B> at the previously provided telephone number;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced
                                            a telephone number previously provided by the <B>Vendor</B> or <B>Client</B> and was received
                                            by the Insured at least 30 days prior to the occurrence of the <B>Social Engineering Fraud</B>;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was
                                            provided in person by the <B>Vendor</B> or <B>Client</B> while the <B>Vendor</B> or <B>Client</B>
                                            was physically present on the Insured&#8217;s premises;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72.2pt; text-align: right"></TD><TD STYLE="width: 36pt"><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">with
                                            respect to an <B>Employee</B>, calling a telephone number obtained on a published or electronic
                                            company directory maintained by the Insured, or having an in-person conversation with the
                                            <B>Employee</B>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The following is added to section <B>VI. CONDITIONS, E.</B>:</FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AGGREGATE
LIMIT OF INSURANCE &#8211; SOCIAL ENGINEERING FRAUD INSURING AGREEMENT</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company&#8217;s total liability under the Social Engineering Fraud Insuring Agreement for all loss discovered during any one <B>Bond
Period</B>, regardless of when paid, will not exceed the Aggregate Limit of Insurance - Social Engineering Fraud Insuring Agreement as
set forth above. Such Aggregate Limit of Insurance for a <B>Bond Period</B> will be reduced, and may be exhausted, by the amount of any
payment under the Social Engineering Fraud Insuring Agreement for any loss discovered during that <B>Bond Period</B>. The reduced Aggregate
Limit of Insurance will then become the Aggregate Limit of Insurance &#8211; Social Engineering Fraud Insuring Agreement. Upon exhaustion
of such Aggregate Limit of Insurance by any such payment:</FONT></P>

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<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                            Company will have no further liability under the Social Engineering Fraud Insuring Agreement
                                            for any loss discovered during that <B>Bond Period</B>, whether or not previously reported
                                            to the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19002
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
2 of 3</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.&nbsp;</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon
                                            notice by the Company to the Insured that such Aggregate Limit of Insurance has been exhausted,
                                            the Company will have no further obligation for payment or indemnification of court costs
                                            and attorney&#8217;s fees as set forth in General Agreement E., with respect to any loss,
                                            claim or damage under the Social Engineering Fraud Insuring Agreement, whether or not the
                                            Company has elected to defend any action thereunder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 37.35pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Aggregate Limit of Insurance for any <B>Bond Period</B> will be reinstated by the amount of any applicable cash or ultimate cash equivalent
recovery made by the Company and applied in accordance with Conditions J., K. and L. The Aggregate Limit of Insurance for any <B>Bond
Period</B> will not, however, be increased or reinstated by any remaining portion of any Aggregate Limit of Insurance from any previous
<B>Bond Period</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
amount of any cash or ultimate cash equivalent recovery as set forth in the preceding paragraph will be net of any and all expenses incurred
by the Company in effecting such recovery and will only serve to reinstate the applicable Aggregate Limit of Insurance for the <B>Bond
Period</B> in which the loss was discovered.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event that loss of <B>Property</B> is settled by the Company through the use of a lost instrument bond, such loss will not reduce
any Aggregate Limit of Insurance.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19002
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
3 of 3</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.&nbsp;</FONT></P>





<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 0.25in 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>ADD
OR DELETE INSUREDS ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0pt 0pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.65pt 0pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.85pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5pt 15.25pt 0pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 15.25pt 1.65pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5pt 0.2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.85pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following amendments are made to ITEM 1 of the Declarations:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.85pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following entities are deleted from the list of Insureds:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 13.3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following entities are added to the list of Insureds:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barings
Capital Investment Corporation</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barings
Private Credit Corporation</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 3.15pt 37pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; margin: 0pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="padding-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19005
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 1.8pt; text-align: justify; text-indent: -0.4pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>UNAUTHORIZED
SIGNATURE ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following: </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.7pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 302.7pt 0pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5pt 10.15pt 0pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B> </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 37.8pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss
resulting from the Insured accepting, paying, or cashing any <B>Negotiable Instrument</B> or <B>Withdrawal Order</B> made or drawn on
a customer&#8217;s account, which bears an unauthorized signature or an unauthorized endorsement, provided that the Insured has on file
the signatures of all persons authorized to sign or endorse such <B>Negotiable Instrument</B> or <B>Withdrawal Order</B>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 37pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt 37pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.
&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;ANTI-BUNDLING</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 287.65pt 72.6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
any Insuring Agreement requires that an enumerated type of document be altered or <B>Counterfeit</B>, or contain a signature or endorsement
which is a <B>Forgery</B> or which is unauthorized, or that it be obtained through trick, artifice, fraud, or false pretenses, such alteration,
<B>Counterfeit</B>, signature, or endorsement must be on or of the enumerated document itself, not on or of some other document submitted
with, accompanying, or incorporated by reference into, the enumerated document.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19010
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 1.8pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Page; Sequence: 37 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 1.95pt 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTOMATIC
INCREASE IN INSURING AGREEMENT A.1. SINGLE LOSS LIMIT OF INSURANCE ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.45pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.45pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.45pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.45pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.45pt 0 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following is added to section VI. CONDITIONS, E. SINGLE LOSS LIMIT OF INSURANCE:</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding
the previous paragraph, if the Insured, while this bond is in force, requires an increase in the limit of Insuring Agreement A.1. in
order to comply with SEC Regulation 17g-1, as a result of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            increase in assets under management by current Insureds under the bond, per the terms of
                                            section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an
                                            increase in assets under management due to the addition of new investment companies per the
                                            terms of section III. GENERAL AGREEMENTS, B. CONSOLIDATION &#8211; MERGER &#8211; PURCHASE
                                            OR ACQUISITION OF ASSETS,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.35pt"></TD><TD STYLE="width: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
Single Loss Limit of Insurance for Insuring Agreement A.1. will automatically be increased to comply with Regulation 17g-1 without the
payment of additional premium, for the remainder of the <B>Bond Period</B>.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 27.75pt 1.85pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned bond, except as expressly stated herein. This endorsement is part of such bond and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 6pt; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19044
Ed.
05-18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2018 The Travelers Indemnity Company. All rights reserved.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 1.8pt; text-align: justify; text-indent: -0.4pt"></P>



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</P>



<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.05pt; text-align: center; text-indent: 0in; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 2.1pt 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>REPLACE
GENERAL AGREEMENT A. ORGANIC GROWTH ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.15pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 11.15pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 5pt 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following replaces section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 399.8pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
an Insured or <B>Investment Adviser</B>, while this bond is in force, adds additional <B>Employees</B> or experiences an increase in
assets under management, other than by consolidation or merger with, or purchase or acquisition of the assets, assets under management
or liabilities of, another institution, such <B>Employees</B> or increased assets under management will automatically be covered hereunder
from the date of such addition without the requirement of notice to the Company or the payment of additional premium for the remainder
of the Policy Period as set forth in ITEM 2 of the Declarations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19045
Ed.
03-19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2019 The Travelers Indemnity Company. All rights reserved.</FONT></P></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 401.75pt 0.15pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.2pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 1.95pt 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>AMEND
LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.55pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.55pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.55pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following: </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.55pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 305.55pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.1pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.1pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 11.25pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

<P STYLE="padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
second paragraph of section VI. CONDITIONS, O., is deleted.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19046
Ed.
09-19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2019 The Travelers Indemnity Company. All rights reserved.</FONT></P></P>
</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.2pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 2.1pt 10.1pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>GLOBAL
COVERAGE COMPLIANCE ENDORSEMENT</B></FONT><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.45pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.45pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9.25pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9.25pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following is added to section IV. DEFINITIONS:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 4.3pt 18.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Financial
Interest</I></B> means the first named Insured's insurable interest in an Insured that is domiciled in a country or jurisdiction in which
the Company is not licensed to provide this insurance, as a result of the first named Insured's:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ownership
                                            of the majority of the outstanding securities or voting rights of the Insured representing
                                            the present right to elect, appoint, or exercise a majority control over such Insured's board
                                            of directors, board of trustees, board of managers, natural person general partner, or functional
                                            foreign equivalent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">indemnification
                                            of, or representation that it has an obligation to indemnify, the Insured for loss sustained
                                            by such Insured; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0.2in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">election
                                            or obligation to obtain insurance for such Insured.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.45pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following is added to section VI. CONDITIONS, M. COOPERATION:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 14.3pt 18.45pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event the Company indemnifies the first named Insured on account of its <B>Financial Interest</B> in an Insured, as a condition precedent
to exercising rights under this bond, the first named Insured will cause such Insured to comply with the conditions of this bond.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following are added to section VI. CONDITIONS:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 4.7pt 18.5pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TERRITORY
COVERED</B> </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond does not apply to:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loss
                                            sustained by an Insured domiciled; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"></TD><TD STYLE="width: 16.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">loss
                                            of or damage to property located,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 4.35pt 36.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
any country or jurisdiction in which the Company is not licensed to provide this insurance, to the extent that providing this insurance
would violate the laws or regulations of such country or jurisdiction.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.05pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
                                            the event an Insured sustains loss referenced in a. above to which this bond would have applied,
                                            the Company will reimburse the first named Insured for its loss, on account of its <B>Financial
                                            Interest</B> in such Insured.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 17pt; margin-top: 6pt; margin-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SANCTIONS</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 7pt 18.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
bond will provide coverage, or otherwise will provide any benefit, only to the extent that providing such coverage or benefit does not
expose the Company or any of its affiliated or parent companies to any trade or economic sanction under any law or regulation of the
United States of America or any other applicable trade or economic sanction, prohibition or restriction.</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0pt 0pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 7pt 18.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 51.7pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned bond, except as expressly stated herein. This endorsement is part of such bond and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-19038
Ed.
04-22&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2022 The Travelers Indemnity Company. All rights reserved.</FONT></P></P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 3.85pt 8.75pt 2.45pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NORTH
CAROLINA CHANGES ENDORSEMENT</B></FONT><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following: </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.05pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 11.05pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 10.25pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following replaces section VI. CONDITIONS, H. NOTICE &#8211; PROOF OF LOSS - LEGAL PROCEEDINGS, 4.:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4.4pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="width: 16.7pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal
                                            proceedings for the recovery of any loss hereunder will not be brought prior to the expiration
                                            of 60 days after the original proof of loss is filed with the Company or after the expiration
                                            of three years from the discovery of such loss, except that any action or proceeding to recover
                                            hereunder on account of any judgment against the Insured in any suit mentioned in General
                                            Agreement E., or to recover attorney&#8217;s fees paid in any such suit, will be brought
                                            within three years from the date upon which the judgment and such suit becomes final.</FONT></TD>
</TR></TABLE>

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

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

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

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

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

<DIV STYLE="margin: 3pt auto; width: 100%"></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-17015
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.</FONT></P></P>
</P>

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="padding-top: 3pt; border: black 2.25pt solid; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 21.75pt 0.5pt; text-align: center; text-indent: -0.5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NORTH
CAROLINA CANCELATION, TERMINATION, CHANGE, OR MODIFICATION ENDORSEMENT</B></FONT><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
endorsement changes the following:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 302.75pt 0 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.95pt; text-align: left; text-indent: 0in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10.95pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It
is agreed that:</B> </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10.25pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                            following replaces section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION,
                                            1.b. and 1.c:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12.05pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
                                            bond is canceled in its entirety 60 days after the receipt by each Insured, the Insured&#8217;s
                                            agent or broker, and the SEC, of a <B>Written</B> notice from the Company of its desire to
                                            cancel this bond.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 375pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
                                            is canceled as to any <B>Employee</B>, or as to any partner, officer or employee of any <B>Electronic
                                            Data Processor</B> 60 days after the receipt by each Insured, the Insured&#8217;s agent or
                                            broker, and the SEC, of a <B>Written</B> notice from the Company of its desire to cancel
                                            coverage under this bond as to such person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.5pt 10.15pt 27pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: -0.45pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.45pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the
above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="border-top: Black 3pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 201.15pt 6.4pt 0.4pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing
Company: Travelers Casualty and Surety Company of America</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; padding-bottom: 6pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy
Number: 108322000</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 201.15pt 0pt 0.4pt; text-align: justify; text-indent: -0.4pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-18020
Ed.
01-16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Page
1 of 1</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy;
2016 The Travelers Indemnity Company. All rights reserved.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 380.15pt 0.9pt 1.2pt; text-align: left; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps"><B>Barings
BDC, Inc.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt; font-variant: small-caps"><B>Secretary&#8217;s
Certificate</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">I, Alexandra Pacini, Secretary of Barings BDC, Inc. (&ldquo;BBDC&rdquo;
or the &ldquo;Company&rdquo;), 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 &ldquo;interested persons&rdquo; of the Company as defined in the Investment Company
Act of 1940, as amended, (the &ldquo;1940 Act&rdquo;), on July 25, 2025, and remain in full force and effect.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED,
&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that each Board hereby authorizes and approves of the naming of each of
BBDC, Barings Capital Investment Corporation (&ldquo;BCIC&rdquo;), and Barings Private Credit Corporation (&ldquo;BPCC&rdquo;), respectively,
as an insured under a joint insured fidelity bond (the &ldquo;Bond&rdquo;) having an aggregate coverage of $6.25 million issued by Travelers
Casualty and Surety Company of America against larceny and embezzlement and such other types of losses as are included in standard fidelity
bonds, covering the officers and the other employees of each Company from time to time, who may singly, or jointly with others, have access
to securities or funds of the respective Company, either directly or through authority to draw upon such funds or to direct generally
the disposition of such securities, unless the officer or employee has such access solely through his position as an officer or employee
of a bank, containing such provisions as may be required by the rules promulgated under the 1940 Act;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">FURTHER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that the proposed form and amount of the Bond be, and the same hereby are, approved each Board, and separately approved by
the directors of each Board who are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the respective Company (the
&ldquo;Non-Interested Directors&rdquo;), based on such factors including, but not limited to the amount of the Bond, the expected value
of the assets of the relevant Company to which any person covered under the Bond may have access, the estimated amount of the premium
for such Bond, the type and terms of the arrangements made for the custody and safekeeping of each respective Company&rsquo;s assets,
and the nature of the securities in each respective Company&rsquo;s portfolio;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">FURTHER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that the share of the premium to be allocated to each respective Company for the Bond, which is based upon each Company&rsquo;s
proportionate share of the sum of the premiums that would have been paid if such Bond had been purchased separately, be, and the same
hereby is, approved by each Board and separately approved by the Non-Interested Directors of each Board, after having given due consideration
to, among other things, the number of other parties insured under the Bond, the nature of the business activities of those other parties,
the amount of the Bond and the extent to which the share of the premium allocated to the relevant Company under the Bond is less than
the premium such Company would have had to pay had it maintained a single insured bond;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">FURTHER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each Board authorizes the officers of the respective Company, and each of such officers, to obtain the Bond and pay the premium
therefor;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">FURTHER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that the agreement by and among each Company (the &ldquo;Joint Fidelity Bond Agreement&rdquo;), in the form attached hereto
as Annex A, providing that in the event that any recovery is received under the Bond as a result of a loss sustained by a Company and
also by any other named insured, such Company shall receive an equitable and proportionate share of the recovery, but in no event less
than the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph
(d)(1) of Rule 17g-1, is approved with such further changes therein as the officers of each respective Company may determine to be necessary
or desirable and proper with the advice of the respective Company&rsquo;s counsel, the execution of said Joint Fidelity Bond Agreement
by such officers to be conclusive evidence of such determination; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">FURTHER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-size: 10pt">RESOLVED, &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that the Secretary of each respective Company be, and hereby is, designated as the party responsible for making the necessary
filings and giving the notices with respect the Bond required by paragraph (g) of Rule 17g-1 under the 1940 Act.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">IN WITNESS
WHEREOF, I have hereunto set my hand and the common seal of the Company this 15<SUP>th</SUP> day of August, 2025.</FONT>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
Alexandra Pacini&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#9;</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandra
Pacini</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 140pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>JOINT FIDELITY
BOND AGREEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">T<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">his
JOINT FIDELITY BOND AGREEMENT, effective as of August 2, 2025, is by and among Barings BDC, Inc. (&ldquo;BBDC&rdquo;), a Maryland corporation,
Barings Capital Investment Corporation (&ldquo;BCIC&rdquo;), a Maryland corporation, and Barings Private Credit Corporation (&ldquo;BPCC&rdquo;),
a Maryland corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">W
I T N E S S E T H:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
each of BBDC, BCIC, and BPCC is required to provide and maintain a fidelity bond pursuant to Rule 17g-1 under the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
BBDC, BCIC, and BPCC are joint named insureds (each, an &ldquo;Insured&rdquo; and collectively, the &ldquo;Insureds&rdquo;) under a fidelity
bond from time to time in effect (the &ldquo;Bond&rdquo;);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Rule 17g-1 under the 1940 Act requires that the Insureds enter into an agreement with each other, containing certain provisions regarding
the respective amounts to be received by them in the event recovery is received under the Bond as a result of a loss sustained by them;
and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
this Agreement has been approved by the directors of each of BBDC, BCIC, and BPCC, including a majority of the directors of each of BBDC,
BCIC, and BPCC who are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of BBDC, BCIC, or BPCC, as applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, the parties hereto, in consideration of the premises and the mutual covenants contained herein, hereby agree as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            Insured agrees to maintain in effect, and will pay a portion of the premiums for, the Bond,
                                            which premium will be allocated pro rata according to the relative premium that such Insured
                                            would pay if it had provided and maintained separate fidelity bond coverage under a single
                                            insured bond.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event recovery is received under the Bond as a result of a loss sustained by an Insured
                                            and one or more other Insureds, each such Insured shall receive an equitable and proportionate
                                            share of the recovery, but each such Insured shall receive an amount at least equal to the
                                            amount it would have received had it provided and maintained a single insured bond with the
                                            minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            party shall, within three days after making any claim under the Bond, provide the other parties
                                            with written notice of the amount and nature of such claim. Each party shall, within three
                                            days after the receipt thereof, provide the other parties with written notice of the terms
                                            of settlement of any claim made under the Bond by such party.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            term of this Agreement shall commence on the date hereof and shall terminate upon the termination
                                            or cancellation of the Bond.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement and the rights and duties hereunder shall not be assignable by any party hereto
                                            without the written consent of the other parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement may be amended by the parties hereto only if such amendment is approved by the
                                            Boards of Directors of each of BBDC, BCIC, and BPCC and such amendment is set forth in a
                                            written instrument executed by each of the parties hereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement shall be construed in accordance with the laws of the State of New York.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement supersedes any other agreement between or among any of the parties hereto related
                                            to the subject matter hereof.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement may be executed simultaneously in two or more counterparts, each of which shall
                                            be deemed an original, but all of which taken together shall constitute one and the same
                                            instrument.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
Page Follows</I>]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 28 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF,
this Agreement has been executed by the parties and is effective as of the date first set forth above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 12pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.75pt 0.75pt 12pt; width: 2%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 12pt; width: 1%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 12pt; width: 1%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 12pt; width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 12pt; width: 1%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-size: 10pt"><B>BARINGS BDC, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Elizabeth Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Elizabeth
    Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Chief
                                            Financial Officer &amp; Chief Operating Officer</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1.5pt 1pt 0pt"><FONT STYLE="font-size: 10pt"><B>BARINGS CAPITAL INVESTMENT CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Elizabeth Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Elizabeth
    Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer &amp; Chief Operating Officer</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></FONT></P></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1.5pt 1pt 0pt"><FONT STYLE="font-size: 10pt"><B>BARINGS PRIVATE CREDIT CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1pt; padding-bottom: 0pt; padding-left: 1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Elizabeth Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 1.5pt 1pt 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Elizabeth
    Murray</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt 1pt 0pt; vertical-align: top; text-align: left"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt 1pt 0pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer &amp; Chief Operating Officer</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></FONT></P></TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 160pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 160pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
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<DOCUMENT>
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end
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</DOCUMENT>
</SEC-DOCUMENT>
