<SEC-DOCUMENT>0001133228-15-001189.txt : 20150323
<SEC-HEADER>0001133228-15-001189.hdr.sgml : 20150323
<ACCEPTANCE-DATETIME>20150323141827
ACCESSION NUMBER:		0001133228-15-001189
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150323
DATE AS OF CHANGE:		20150323
EFFECTIVENESS DATE:		20150323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		15718726

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20110214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	19940728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>e405184_40-17g.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>
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<BODY BGCOLOR="#FFFFFF" STYLE="font: 10pt Times New Roman, Times, Serif"><!--$$/page=--><A name=page_1></A><BR>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; padding-top: 10pt; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">601 Congress Street</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Boston, Massachusetts 02210-2805</FONT></FONT></TD>
    <TD STYLE="width: 50%; padding-top: 10pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="image_001.gif" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>March 23, 2015</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Hancock Bond Trust (File No. 811-03006)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Collateral Trust (File No.
811-23027)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock California Tax-Free Income
Fund (File No. 811-05979)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Capital Series (File No. 811-01677)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Current Interest (File No.
811-02485)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Emerging Markets Income Fund
(File No. 811-22586)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Financial Opportunities Fund
(file No. 811-08568)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Floating Rate High Income Fund
(File No. 811-22879)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Funds II (File No. 811-21779)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Funds III (File No. 811-21777)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Hedged Equity &amp; Income
Fund (File No. 811-22441)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Income Securities Trust (File
No. 811-04186)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust (File No.
811-00560)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust II (File No.
811-03999)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investment Trust III (File
No. 811-04630)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Investors Trust (File No. 811-04173)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Municipal Securities Trust
(File No. 811-05968)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund (File
No. 811-21131)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund II (File
No. 811-21202)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Preferred Income Fund III (File
No. 811-21287)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Premium Dividend Fund (File
No. 811-05908)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Sovereign Bond Fund (File No.
811-02402)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Strategic Diversified Income
Fund (File No. 811-22675)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Strategic Series (File No.
811-04651)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Advantaged Dividend Income
Fund (File No. 811-21416)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Advantaged Global Shareholder
Yield Fund (File No. 811-22056)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Tax-Exempt Series Fund (File
No. 811-05079)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">John Hancock Variable Insurance Trust (File
No. 811-04146)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(collectively the &ldquo;Registrants&rdquo;
or the &ldquo;Assured&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir/Madam:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of the Registrants, enclosed for filing, pursuant
to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), are the following documents:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">1.</TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-bottom: 10pt">A copy of the joint insured fidelity bond no. 81906724 issued by Chubb Group of Insurance Companies.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 1 to the Registrants&rsquo; joint bond no. 81906724 regarding name of Assured.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 2 to the Registrants&rsquo; joint bond no. 81906724 amending Section 13 relating to terminations, non-renewals and notices.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 3 to the Registrants&rsquo; joint bond no. 81906724 regarding unauthorized signatures.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 4 to the Registrants&rsquo; joint bond no. 81906724 regarding automated telephone transactions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 5 to the Registrants&rsquo; joint bond no. 81906724 regarding telefacsimile instructions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in"></TD></TR></TABLE>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; padding-top: 10pt; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">601 Congress Street</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Boston, Massachusetts 02210-2805</FONT></FONT></TD>
    <TD STYLE="width: 50%; padding-top: 10pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="image_001.gif" ALT=""></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; width: 5%; padding-left: 0.25in">7.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; width: 95%">A copy of Endorsement No. 6 to the Registrants&rsquo; joint bond no. 81906724 regarding stop payment orders or refusals to pay checks.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">8.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 7 to the Registrants&rsquo; joint bond no. 81906724 regarding extended computer systems&rsquo; electronic data, media, instructions, communications and transmissions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">9.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 8 to the Registrants&rsquo; joint bond no. 81906724 regarding automatic increase in limits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">10.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 9 to the Registrants&rsquo; joint bond no. 81906724 regarding definition of employee.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">11.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 10 to the Registrants&rsquo; joint bond no. 81906724 regarding deleting valuation, other property and amending change or modification.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">12.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 11 to the Registrant&rsquo;s joint bond no. 81906724 regarding compliance with applicable trade sanction laws.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">13.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 12 to the Registrants&rsquo; joint bond no. 81906724 regarding amending the name of the Assured relating to new funds.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">14.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement / Rider No. 13 to the Registrants&rsquo; joint bond no. 81906724 regarding amending discovery and notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">15.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of Endorsement No. 14 to the Registrant&rsquo;s joint bond no, 81906724 regarding limits of liability-deductible amounts.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">16.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of the excess joint insured fidelity bond no. 87142113B issued by ICI Mutual Insurance Company.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">17.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">&nbsp;A copy of Rider No. 1 to the Registrant&rsquo;s joint bond no. 87142113B regarding requirements of the Terrorism Risk Insurance Act of 2002, as amended.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">18.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of the resolutions of the Board of Trustees approving the bonds.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">19.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A copy of the agreement among the Registrants entered into pursuant to paragraph (f) of Regulation 17g-1.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">20.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A statement showing the single bond amount (if the Registrants had not been named as an insured under this joint insured bond).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0.25in">21.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt">A statement showing that premiums have been paid for the period December 31, 2014 to December 31, 2015.</TD></TR>
</TABLE>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Betsy Anne Seel</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Betsy Anne Seel</P>

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

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



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

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

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR></FONT></P>








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    <TD width="23%"></TD>
    <TD width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">AON RISK SERVICES NE (FSG POLICY INTAKE
    FACILITY)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ATTN:</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DREW SULLIVAN</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">1000 N. MILWAUKEE AVENUE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">GLENVIEW, IL 60025</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>INSURED:</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">JOHN HANCOCK FUNDS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>PRODUCT:</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>DFIBond</I></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>POLICY NO:</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>TRANSACTION:</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">RENL_CORR</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

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    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Chubb Group of Insurance Companies</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B>DECLARATIONS</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B>FINANCIAL INSTITUTION INVESTMENT</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=middle><FONT STYLE="font: xx-small Times New Roman, Times, Serif">15 Mountain View Road, Warren, New Jersey
    07059</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B>COMPANY ASSET PROTECTION BOND</B></FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" colSpan=7 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME OF ASSURED
    (including its <B>Subsidiaries</B>):</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number: 81906724</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">JOHN HANCOCK
    FUNDS</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">601 CONGRESS
    STREET</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Incorporated under the laws of Indiana</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">BOSTON, MA
    02210</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">a stock insurance company herein called
    the COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Capital Center, 251 North Illinois, Suite
    1100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Indianapolis,
    IN 46204-1927</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font: 2pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ITEM 1.</B></FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">BOND PERIOD:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">from</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">12:01 a.m. on</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">December 31, 2014</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">to</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">12:01 a.m. on</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">December 31, 2015</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 3.599pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD style="TEXT-INDENT: 4.44pt" colSpan=7 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIMITS OF LIABILITY--DEDUCTIBLE
    AMOUNTS:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=11 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If &ldquo;Not Covered&rdquo; is inserted below opposite
    any specified INSURING CLAUSE, such INSURING CLAUSE and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=11 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">any other reference shall be deemed to
    be deleted. <B>There shall be no deductible applicable to any loss</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 4.44pt" colSpan=9 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>under INSURING
    CLAUSE 1. sustained by any Investment Company.</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.44pt" colSpan=5
    align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">INSURING CLAUSE</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9pt" colSpan=2
    align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIMIT OF LIABILITY</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMOUNT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Employee</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">On Premises</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">In Transit</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Forgery or Alteration</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Extended Forgery</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Counterfeit
    Money</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Threats to Person</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Computer System</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Voice Initiated
    Funds Transfer Instruction</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Uncollectible
    Items of Deposit</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">11</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 7.2pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Audit Expense</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">0</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD colSpan=11 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">THE LIABILITY OF THE COMPANY IS ALSO
    SUBJECT TO THE TERMS OF THE FOLLOWING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=8 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ENDORSEMENTS
    EXECUTED SIMULTANEOUSLY HEREWITH:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: right"><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">&ndash; 14</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=12><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=12 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>IN WITNESS WHEREOF, THE COMPANY </B>has
    caused this Bond to be signed by its authorized officers, but it shall not be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=9 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">valid unless also signed by an authorized
    representative of the Company.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; padding-top: 12pt"><B><U>/s/ Maureen A. Brundage</U><BR>
<B>Secretary</B></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></TD>
    <TD STYLE="width: 50%; padding-top: 12pt"><B><U>/s/ Paul J. Krump</U></B>
    <B>President</B>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Countersigned by <U>March 17, 2015</U></B>

</TD>
    <TD><B><U>/s/ Paul N. Morrissette</U><br>
Authorized Representative</B>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98) - Federal</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 1 of 1</FONT></TD></TR></TABLE></DIV>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_3></A><BR><A name=_bclPageBorder3></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="21%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY, in consideration of payment
    of the required premium, and in reliance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">on the APPLICATION and all other statements
    made and information furnished to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY by the ASSURED, and subject to
    the DECLARATIONS made a part of this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond and to all other terms and conditions
    of this Bond, agrees to pay the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">for:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Employee</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from <B>Larceny
    </B>or <B>Embezzlement </B>committed by any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7
      align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Employee</B>, alone or in collusion with others.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif"><HR SIZE=1 noShade></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>On Premises</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss of <B>Property </B>resulting directly
    from robbery, burglary, false pretenses,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">common law or statutory larceny, misplacement,
    mysterious unexplainable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">disappearance, damage, destruction or removal,
    from the possession, custody or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">control of the ASSURED, while such <B>Property
    </B>is lodged or deposited at premises</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">located
    anywhere.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
    <TR>
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>In Transit</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss of <B>Property </B>resulting directly
    from common law or statutory larceny,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">misplacement, mysterious unexplainable
    disappearance, damage or destruction,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">while the <B>Property </B>is in transit
    anywhere:</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">in an armored motor vehicle, including
    loading and unloading thereof,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">in the custody of a natural person acting
    as a messenger of the ASSURED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">in the custody of a <B>Transportation
    Company </B>and being transported in a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">conveyance other than an armored motor
    vehicle provided, however, that</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">covered <B>Property </B>transported in
    such manner is limited to the following:</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">written records,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">securities issued in registered form, which are
    not endorsed or are</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">restrictively endorsed, or</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">negotiable instruments not payable to bearer, which
    are not endorsed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or are restrictively endorsed.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Coverage under this INSURING CLAUSE begins
    immediately on the receipt of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">such <B>Property </B>by the natural person
    or <B>Transportation Company </B>and ends</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">immediately on delivery to the premises
    of the addressee or to any representative</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of the addressee located anywhere.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 1 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV STYLE="page-break-before: always; padding-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_4></A>
<A name=_bclPageBorder4></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="22%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="58%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Forgery Or Alteration</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Forgery </B>on, or fraudulent material
    alteration of, any bills of exchange,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">checks, drafts, acceptances, certificates
    of deposits, promissory notes, due</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">bills, money orders, orders upon public
    treasuries, letters of credit, other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">written promises, orders or directions
    to pay sums certain in money, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">receipts for the withdrawal of <B>Property</B>,
    or</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transferring, paying or delivering any
    funds or other <B>Property</B>, or establishing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any credit or giving any value in reliance
    on any written instructions, advices</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or applications directed to the ASSURED
    authorizing or acknowledging the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transfer, payment, delivery or receipt
    of funds or other <B>Property</B>, which</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">instructions, advices or applications fraudulently
    purport to bear the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">handwritten signature of any customer
    of the ASSURED, or shareholder or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">subscriber to shares of an <B>Investment
    Company</B>, or of any financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">institution or <B>Employee </B>but which
    instructions, advices or applications either</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">bear a <B>Forgery </B>or have been fraudulently
    materially altered without the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">knowledge and consent of such customer,
    shareholder, subscriber, financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">institution or <B>Employee</B>;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">excluding, however, under this INSURING
    CLAUSE any loss covered under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">INSURING CLAUSE 5. of this Bond, whether
    or not coverage for INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE 5. is provided for in the DECLARATIONS
    of this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">For the purpose of this INSURING CLAUSE,
    a mechanically reproduced facsimile</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">signature
    is treated the same as a handwritten signature.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Extended Forgery</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having, in good faith, and in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ordinary course of business, for its own
    account or the account of others in any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">capacity:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">acquired, accepted or received, accepted
    or received, sold or delivered, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">given value, extended credit or assumed
    liability, in reliance on any original</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Securities, documents or other written
    instruments </B>which prove to:</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">bear a <B>Forgery </B>or a fraudulently material
    alteration,</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">have been lost or stolen, or</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">be <B>Counterfeit</B>, or</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">guaranteed in writing or witnessed any
    signatures on any transfer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">assignment, bill of sale, power of attorney,
    guarantee, endorsement or other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">obligation upon or in connection with any
    <B>Securities, documents or other</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>written instruments</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Actual physical possession, and continued
    actual physical possession if taken as</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">collateral, of such <B>Securities, documents
    or other written instruments </B>by an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Employee, Custodian</B>, or a Federal
    or State chartered deposit institution of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED is a condition precedent to the
    ASSURED having relied on such items.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Release or return of such collateral is
    an acknowledgment by the ASSURED that it</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">no longer relies on such collateral.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 2 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_5></A><BR><A name=_bclPageBorder5></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="21%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Extended Forgery</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">For the purpose of this INSURING CLAUSE,
    a mechanically reproduced facsimile</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">signature
    is treated the same as a handwritten signature.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Counterfeit Money</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the receipt
    by the ASSURED in good faith of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Counterfeit
    </B>money.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Threats To Person</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from surrender
    of <B>Property </B>away from an office of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED as a result of a threat communicated
    to the ASSURED to do bodily</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">harm to an <B>Employee </B>as defined in
    Section 1.e. (1), (2) and (5), a <B>Relative </B>or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">invitee of such <B>Employee</B>, or a resident
    of the household of such <B>Employee</B>, who</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">is, or allegedly is, being held captive
    provided, however, that prior to the surrender</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of such <B>Property</B>:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the <B>Employee </B>who receives the threat
    has made a reasonable effort to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">notify an officer of the ASSURED who
    is not involved in such threat, and</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED has made a reasonable effort
    to notify the Federal Bureau of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Investigation and local law enforcement
    authorities concerning such threat.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that for purposes of this
    INSURING CLAUSE, any <B>Employee </B>of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED, as set forth in the preceding
    paragraph, shall be deemed to be an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED hereunder, but only with respect
    to the surrender of money, securities</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and other tangible personal property in
    which such <B>Employee </B>has a legal or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">equitable
    interest.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Computer System</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from fraudulent:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">entries of data into, or</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">changes of data elements or programs within,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a <B>Computer System</B>, provided the
    fraudulent entry or change causes:</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">funds or other property to be transferred, paid
    or delivered,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">an account of the ASSURED or of its customer to
    be added, deleted,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">debited or credited, or</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">an unauthorized account or a fictitious account
    to be debited or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">credited.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 3 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_6></A><BR><A name=_bclPageBorder6></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="22%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Insuring Clauses</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Voice Initiated Funds</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from <B>Voice Initiated
    Funds Transfer Instruction </B>directed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Transfer Instruction</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to the ASSURED authorizing the transfer
    of dividends or redemption proceeds of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Investment Company </B>shares from a
    <B>Customer&rsquo;s </B>account, provided such <B>Voice</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Initiated Funds Transfer Instruction
    </B>was:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">received at the ASSURED&rsquo;S offices by those <B>Employees
    </B>of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">specifically authorized to receive the <B>Voice
    Initiated Funds Transfer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Instruction</B>,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">made by a person purporting to be a <B>Customer</B>,
    and</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">made by said person for the purpose of causing the
    ASSURED or <B>Customer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">to sustain a loss or making an improper personal
    financial gain for such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">person or any other person.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In order for coverage to apply under this
    INSURING CLAUSE, all <B>Voice Initiated</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Funds Transfer Instructions </B>must
    be received and processed in accordance with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the Designated Procedures outlined in the
    APPLICATION furnished to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Uncollectible Items of</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having credited an account of a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Deposit</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">customer, shareholder or subscriber on
    the faith of any <B>Items of Deposit </B>which</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">prove to be uncollectible, provided that
    the crediting of such account causes:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">redemptions or withdrawals to be permitted,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">shares to be issued, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">dividends to be paid,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">from an account of an <B>Investment Company</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In order for coverage to apply under this
    INSURING CLAUSE, the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">must hold <B>Items of Deposit </B>for the
    minimum number of days stated in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">APPLICATION before permitting any redemptions
    or withdrawals, issuing any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shares or paying any dividends with respect
    to such <B>Items of Deposit</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Items of Deposit </B>shall not be deemed
    uncollectible until the ASSURED&rsquo;S</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">standard
    collection procedures have failed.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Audit Expense</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">11</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Expense incurred by the ASSURED for that
    part of the cost of audits or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">examinations required by any governmental
    regulatory authority or self-regulatory</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">organization to be conducted by such authority,
    organization or their appointee by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">reason of the discovery of loss sustained
    by the ASSURED and covered by this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 4 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Additional Companies</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">A.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If more than one corporation, or <B>Investment
    Company</B>, or any combination of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Included As Assured</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">them is included as the ASSURED herein:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The total liability of the COMPANY under this Bond
    for loss or losses</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">sustained by any one or more or all of them shall
    not exceed the limit for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">which the COMPANY would be liable under this Bond
    if all such loss were</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">sustained by any one of them.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Only the first named ASSURED shall be deemed to
    be the sole agent of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">others for all purposes under this Bond, including
    but not limited to the giving</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or receiving of any notice or proof required to
    be given and for the purpose of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">effecting or accepting any amendments to or termination
    of this Bond. The</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY shall furnish each <B>Investment Company
    </B>with a copy of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond and with any amendment thereto, together with
    a copy of each formal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">filing of claim by any other named ASSURED and notification
    of the terms of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the settlement of each such claim prior to the execution
    of such settlement.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY shall not be responsible for the proper
    application of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">payment made hereunder to the first named ASSURED.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Knowledge possessed or discovery made by any partner,
    director, trustee,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">officer or supervisory employee of any ASSURED shall
    constitute knowledge</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or discovery by all the ASSUREDS for the purposes
    of this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the first named ASSURED ceases for any reason
    to be covered under this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond, then the ASSURED next named on the APPLICATION
    shall thereafter</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">be considered
    as the first named ASSURED for the purposes of this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Representation Made By</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">B.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED represents that all information
    it has furnished in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Assured</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">APPLICATION for this Bond or otherwise
    is complete, true and correct. Such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">APPLICATION and other information constitute
    part of this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED must promptly notify the COMPANY
    of any change in any fact or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">circumstance which materially affects
    the risk assumed by the COMPANY under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Any intentional misrepresentation, omission,
    concealment or incorrect statement of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a material fact, in the APPLICATION or
    otherwise, shall be grounds for recision of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">this Bond.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 5 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="62%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Additional Offices Or</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">C.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the ASSURED, other than an <B>Investment
    Company</B>, while this Bond is in force,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Employees - Consolidation,</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">merges or consolidates with, or purchases
    or acquires assets or liabilities of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Merger Or Purchase Or</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">another institution, the ASSURED shall
    not have the coverage afforded under this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Acquisition Of Assets Or</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond for loss which has:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Liabilities - Notice To</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">occurred or will occur on premises, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Company</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">been caused or will be caused by an employee, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">arisen or will arise out of the assets or liabilities,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of such institution, unless the ASSURED:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">gives the COMPANY written notice of the proposed
    consolidation, merger or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">purchase or acquisition of assets or liabilities
    prior to the proposed effective</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">date of such action, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">obtains the written consent of the COMPANY to extend
    some or all of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">coverage provided by this Bond to such additional
    exposure, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">on obtaining
    such consent, pays to the COMPANY an additional premium.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Change Of Control -</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">D.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">When the ASSURED learns of a change in
    control (other than in an <B>Investment</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Notice To Company</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Company</B>), as set forth in Section
    2(a) (9) of the Investment Company Act of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1940,</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 6.094pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED shall within
    sixty (60) days give written notice to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY setting forth:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the names of the transferors and transferees (or
    the names of the beneficial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">owners if the voting securities are registered in
    another name),</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the total number of voting securities owned by the
    transferors and the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transferees (or the beneficial owners), both immediately
    before and after the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transfer, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the total number of outstanding voting securities.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Failure to give the required notice shall
    result in termination of coverage for any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss
    involving a transferee, to be effective on the date of such change in control.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Court Costs And</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">E.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY will indemnify the ASSURED
    for court costs and reasonable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Attorneys&rsquo; Fees</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">attorneys&rsquo; fees incurred and paid by the
    ASSURED in defense, whether or not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">successful, whether or not fully litigated
    on the merits and whether or not settled,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of any claim, suit or legal proceeding
    with respect to which the ASSURED would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">be entitled to recovery under this Bond.
    However, with respect to INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE 1., this Section shall only apply
    in the event that:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an <B>Employee </B>admits to being guilty of <B>Larceny
    or Embezzlement</B>,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an <B>Employee </B>is adjudicated to be guilty of
    <B>Larceny or Embezzlement</B>, or</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 6 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_9></A><BR><A name=_bclPageBorder9></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="26%"></TD>
    <TD width="7%"></TD>
    <TD width="66%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>General Agreements</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Court Costs And</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">in the absence of 1 or 2 above, an arbitration panel
    agrees, after a review of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Attorneys&rsquo; Fees</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">an agreed statement of facts between the COMPANY
    and the ASSURED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">that an <B>Employee </B>would be found guilty of
    <B>Larceny or Embezzlement </B>if</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">such <B>Employee </B>were prosecuted.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall promptly give notice
    to the COMPANY of any such suit or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">legal proceeding and at the request of
    the COMPANY shall furnish copies of all</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">pleadings and pertinent papers to the COMPANY.
    The COMPANY may, at its</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">sole option, elect to conduct the defense
    of all or part of such legal proceeding.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The defense by the COMPANY shall be in
    the name of the ASSURED through</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">attorneys selected by the COMPANY. The
    ASSURED shall provide all reasonable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">information and assistance as required
    by the COMPANY for such defense.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the COMPANY declines to defend the ASSURED,
    no settlement without the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">prior written consent of the COMPANY nor
    judgment against the ASSURED shall</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">determine the existence, extent or amount
    of coverage under this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the amount demanded in any such suit
    or legal proceeding is within the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, if any, the COMPANY
    shall have no liability for court</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">costs and attorney&rsquo;s fees incurred in defending
    all or part of such suit or legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">proceeding.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the amount demanded in any such suit
    or legal proceeding is in excess of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIMIT OF LIABILITY stated in ITEM 2. of
    the DECLARATIONS for the applicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">INSURING CLAUSE, the COMPANY&rsquo;S liability
    for court costs and attorney&rsquo;s fees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">incurred in defending all or part of such
    suit or legal proceedings is limited to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">proportion of such court costs and attorney&rsquo;s
    fees incurred that the LIMIT OF</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIABILITY stated in ITEM 2. of the DECLARATIONS
    for the applicable INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE bears to the total of the amount
    demanded in such suit or legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">proceeding.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the amount demanded is any such suit
    or legal proceeding is in excess of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, if any, but within the
    LIMIT OF LIABILITY stated in ITEM</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">2.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">of the DECLARATIONS for the applicable INSURING
    CLAUSE, the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY&rsquo;S liability for court costs and
    attorney&rsquo;s fees incurred in defending all or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">part of such suit or legal proceedings
    shall be limited to the proportion of such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">court costs or attorney&rsquo;s fees that the
    amount demanded that would be payable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">under this Bond after application of the
    DEDUCTIBLE AMOUNT, bears to the total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">amount demanded.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Amounts paid by the COMPANY for court costs
    and attorneys&rsquo; fees shall be in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">addition to the LIMIT OF LIABILITY stated
    in ITEM 2. of the DECLARATIONS.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 7 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_10></A><BR><A name=_bclPageBorder10></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="20%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">As used in this Bond:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Computer System </B>means a computer
    and all input, output, processing,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">storage, off-line media libraries, and
    communication facilities which are</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">connected to the computer and which are
    under the control and supervision</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of the operating system(s) or application(s)
    software used by the ASSURED.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Counterfeit </B>means an imitation of
    an actual valid original which is intended</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to deceive and be taken as the original.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Custodian </B>means the institution
    designated by an <B>Investment Company </B>to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">maintain possession and control of its
    assets.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Customer </B>means an individual, corporate,
    partnership, trust customer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shareholder or subscriber of an <B>Investment
    Company </B>which has a written</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">agreement with the ASSURED for <B>Voice
    Initiated Funds Transfer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Instruction</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Employee </B>means:</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an officer of the ASSURED,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a natural person while in the regular service of
    the ASSURED at any of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED&rsquo;S premises and compensated directly by
    the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">through its payroll system and subject to the United
    States Internal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Revenue Service Form W-2 or equivalent income reporting
    plans of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">other countries, and whom the ASSURED has the right
    to control and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">direct both as to the result to be accomplished and
    details and means</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">by which such result is accomplished in the performance
    of such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">service,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a guest student pursuing studies or performing duties
    in any of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED&rsquo;S premises,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an attorney retained by the ASSURED and an employee
    of such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">attorney while either is performing legal services
    for the ASSURED,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a natural person provided by an employment contractor
    to perform</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">employee duties for the ASSURED under the ASSURED&rsquo;S
    supervision</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">at any of the ASSURED&rsquo;S premises,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an employee of an institution merged or consolidated
    with the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED prior to the effective date of this Bond,</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a director or trustee of the ASSURED, but only while
    performing acts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">within the scope of the customary and usual duties
    of any officer or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">other employee of the ASSURED or while acting as
    a member of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">committee duly elected or appointed to examine or
    audit or have</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">custody of or access to <B>Property </B>of the ASSURED,
    or</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 8 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_11></A><BR><A name=_bclPageBorder11></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">each natural person, partnership or corporation
    authorized by written</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">agreement with the ASSURED to perform services
    as electronic data</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">processor of checks or other accounting
    records related to such checks but</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">only while such person, partnership or
    corporation is actually performing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">such services and not:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">creating, preparing, modifying or maintaining the
    ASSURED&rsquo;S</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">computer software or programs, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">acting as transfer agent or in any other agency
    capacity in issuing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">checks, drafts or securities for the ASSURED,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any partner, officer or employee of an
    investment advisor, an underwriter</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(distributor), a transfer agent or shareholder
    accounting recordkeeper, or an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">administrator, for an <B>Investment Company
    </B>while performing acts coming</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">within the scope of the customary and usual
    duties of an officer or employee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of an <B>Investment Company </B>or acting
    as a member of any committee duly</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">elected or appointed to examine, audit
    or have custody of or access to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Property </B>of <B>an Investment Company</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The term <B>Employee </B>shall not include
    any partner, officer or employee of a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transfer agent, shareholder accounting
    recordkeeper or administrator:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">which is not an &ldquo;affiliated person&rdquo; (as defined
    in Section 2(a) of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Investment Company Act of 1940) of an <B>Investment
    Company </B>or of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the investment advisor or underwriter (distributor)
    of such <B>Investment</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Company</B>, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">which is a &ldquo;bank&rdquo; (as defined in Section 2(a) of
    the Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">Company Act of 1940).</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond does not afford coverage in favor of the
    employers of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">persons as set forth in e. (4), (5) and (8) above,
    and upon payment to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED by the COMPANY resulting directly from
    <B>Larceny or</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Embezzlement </B>committed by any of the partners,
    officers or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">employees of such employers, whether acting alone
    or in collusion with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">others, an assignment of such of the ASSURED&rsquo;S rights
    and causes of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">action as it may have against such employers by
    reason of such acts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">so committed shall, to the extent of such payment,
    be given by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED to the COMPANY, and the ASSURED shall execute
    all</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">papers necessary to secure to the COMPANY the rights
    provided for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">herein.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Each employer of persons as set forth in
    e.(4), (5) and (8) above and the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">partners, officers and other employees
    of such employers shall collectively</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">be deemed to be one person for all the
    purposes of this Bond; excepting,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">however, the fifth paragraph of Section
    13.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Independent contractors not specified in
    e.(4), (5) or (8) above,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">intermediaries, agents, brokers or other
    representatives of the same general</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">character shall not be considered <B>Employees</B>.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="55%"></TD>
    <TD width="44%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 9 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_12></A><BR><A name=_bclPageBorder12></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="10%"></TD>
    <TD width="65%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">f.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Forgery </B>means the signing of the name of another
    natural person with the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">intent to deceive but does not mean a signature which
    consists in whole or in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">part of one&rsquo;s own name, with or without authority,
    in any capacity for any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">purpose.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">g.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Investment Company </B>means any investment company
    registered under the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Investment Company Act of 1940 and listed under the
    NAME OF ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">on the DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">h.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Items of Deposit </B>means one or more checks
    or drafts drawn upon a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">financial institution in the United States of America.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">i.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Larceny or Embezzlement </B>means larceny or embezzlement
    as defined in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 37 of the Investment Company Act of 1940.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">j.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Property </B>means money, revenue and other stamps;
    securities; including any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">note, stock, treasury stock, bond, debenture, evidence
    of indebtedness,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">certificate of deposit, certificate of interest or
    participation in any profit-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">sharing agreement, collateral trust certificate,
    preorganization certificate or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">subscription, transferable share, investment contract,
    voting trust certificate,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">certificate of deposit for a security, fractional
    undivided interest in oil, gas, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">other mineral rights, any interest or instruments
    commonly known as a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">security under the Investment Company Act of 1940,
    any other certificate of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">interest or participation in, temporary or interim
    certificate for, receipt for,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">guarantee of, or warrant or right to subscribe to
    or purchase any of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">foregoing; bills of exchange; acceptances; checks;
    withdrawal orders; money</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">orders; travelers&rsquo; letters of credit; bills of lading;
    abstracts of title; insurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">policies, deeds, mortgages on real estate and/or
    upon chattels and interests</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">therein; assignments of such policies, deeds or mortgages;
    other valuable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">papers, including books of accounts and other records
    used by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED in the conduct of its business (but excluding
    all electronic data</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">processing records); and, all other instruments similar
    to or in the nature of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the foregoing in which the ASSURED acquired an interest
    at the time of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED&rsquo;S consolidation or merger with, or purchase
    of the principal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">assets of, a predecessor or which are held by the
    ASSURED for any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">purpose or in any capacity and whether so held gratuitously
    or not and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">whether or not the ASSURED is liable therefor.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">k.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Relative </B>means the spouse of an <B>Employee
    </B>or partner of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and any unmarried child supported wholly by, or living
    in the home of, such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Employee </B>or partner and being related to them
    by blood, marriage or legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">guardianship.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">l.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Securities, documents or other written instruments
    </B>means original</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(including original counterparts) negotiable or non-negotiable
    instruments, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">assignments thereof, which in and of themselves represent
    an equitable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">interest, ownership, or debt and which are in the
    ordinary course of business</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transferable by delivery of such instruments with
    any necessary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">endorsements or assignments.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 10 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_13></A><BR><A name=_bclPageBorder13></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="63%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Definitions</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">m.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Subsidiary </B>means any organization that, at
    the inception date of this Bond,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">is named in the APPLICATION or is created during
    the BOND PERIOD and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of which more than fifty percent (50%) of the outstanding
    securities or voting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">rights representing the present right to vote for
    election of directors is owned</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or controlled by the ASSURED either directly or through
    one or more of its</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">subsidiaries.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">n.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Transportation Company </B>means any organization
    which provides its own</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or its leased vehicles for transportation or which
    provides freight forwarding</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or air express services.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">o.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Voice Initiated Election </B>means any election
    concerning dividend options</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">available to <B>Investment Company </B>shareholders
    or subscribers which is</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">requested by voice over the telephone.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">p.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Voice Initiated Redemption </B>means any redemption
    of shares issued by an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Investment Company </B>which is requested by voice
    over the telephone.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">q.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Voice Initiated Funds Transfer Instruction </B>means
    any <B>Voice Initiated</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Redemption </B>or <B>Voice Initiated Election</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">For the purposes of these definitions,
    the singular includes the plural and the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">plural
    includes the singular, unless otherwise indicated.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>General Exclusions -</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This bond does not directly or indirectly
    cover:</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Applicable to All Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss not reported to the COMPANY in writing within
    sixty (60) days after</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">termination of this Bond as an entirety;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss due to riot or civil commotion outside the United
    States of America and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Canada, or any loss due to military, naval or usurped
    power, war or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">insurrection. This Section 2.b., however, shall not
    apply to loss which occurs</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">in transit in the circumstances recited in INSURING
    CLAUSE 3., provided</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">that when such transit was initiated there was no
    knowledge on the part of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any person acting for the ASSURED of such riot, civil
    commotion, military,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">naval or usurped power, war or insurrection;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from the effects of nuclear fission
    or fusion or radioactivity;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss of potential income including, but not limited
    to, interest and dividends</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">not realized by the ASSURED or by any customer of
    the ASSURED;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">damages of any type for which the ASSURED is legally
    liable, except</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">compensatory damages, but not multiples thereof,
    arising from a loss</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">covered under this Bond;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">f.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">costs, fees and expenses incurred by the ASSURED
    in establishing the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">existence of or amount of loss under this Bond, except
    to the extent covered</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">under INSURING CLAUSE 11.;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">g.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from indirect or consequential loss
    of any nature;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 11 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_14></A><BR><A name=_bclPageBorder14></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="53%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>General Exclusions -</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">h.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from dishonest acts by
    any member of the Board of Directors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Applicable to All Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or Board of Trustees of the ASSURED who
    is not an <B>Employee</B>, acting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">alone or in collusion with others;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">i.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss, or that part of any loss, resulting
    solely from any violation by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=8 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED or by any <B>Employee</B>:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of any law regulating:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the issuance, purchase or sale of securities,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">securities transactions on security or commodity
    exchanges or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the over the counter market,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">investment companies,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">investment advisors, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of any rule or regulation made pursuant
    to any such law; or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">j.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss of confidential information, material
    or data;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">k.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from voice requests or
    instructions received over the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">telephone, provided however, this Section
    2.k. shall not apply to INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE
    7. or 9.</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly
    cover:</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss caused by an <B>Employee</B>, provided,
    however, this Section 3.a. shall not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">apply to loss covered under INSURING CLAUSE
    2. or 3. which results</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clause 1.</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">directly from misplacement, mysterious
    unexplainable disappearance, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=8 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">damage or destruction of <B>Property</B>;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss through the surrender of property
    away from premises of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">as a result of a threat:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">to do bodily harm to any natural person,
    except loss of <B>Property </B>in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">transit in the custody of any person acting
    as messenger of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED, provided that when such transit
    was initiated there was no</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">knowledge by the ASSURED of any such threat,
    and provided further</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">that this Section 3.b. shall not apply
    to INSURING CLAUSE 7., or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to do damage to the premises or <B>Property
    </B>of the ASSURED;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from payments made or withdrawals
    from any account</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">involving erroneous credits to such account;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss involving <B>Items of Deposit </B>which
    are not finally paid for any reason</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">provided however, that this Section 3.d.
    shall not apply to INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE 10.;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss of property while in the mail;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 12 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_15></A><BR><A name=_bclPageBorder15></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="14%"></TD>
    <TD width="11%"></TD>
    <TD width="14%"></TD>
    <TD width="15%"></TD>
    <TD width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">f.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from the failure for any
    reason of a financial or depository</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">institution, its receiver or other liquidator
    to pay or deliver funds or other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Property </B>to the ASSURED provided
    further that this Section 3.f. shall not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clause 1.</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">apply to loss of <B>Property </B>resulting
    directly from robbery, burglary,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">misplacement,</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">mysterious</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">unexplainable</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">disappearance,</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">damage,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">destruction or removal from the possession,
    custody or control of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">g.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss of <B>Property </B>while in the custody
    of a <B>Transportation Company</B>,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">provided however, that this Section 3.g.
    shall not apply to INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE 3.;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">h.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from entries or changes
    made by a natural person with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">authorized access to a <B>Computer System
    </B>who acts in good faith on</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">instructions, unless such instructions
    are given to that person by a software</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">contractor or its partner, officer, or
    employee authorized by the ASSURED to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">design, develop, prepare, supply, service,
    write or implement programs for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED&rsquo;s <B>Computer System</B>; or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">i.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting directly or indirectly from
    the input of data into a <B>Computer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>System </B>terminal, either on the premises
    of the customer of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or under the control of such a customer,
    by a customer or other person who</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">had
    authorized access to the customer&rsquo;s authentication mechanism.</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Specific Exclusions -</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This bond does not directly or indirectly
    cover:</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Applicable To All Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from the complete or partial
    non-payment of or default on any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses Except Insuring</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loan whether such loan was procured in
    good faith or through trick, artifice,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Clauses 1., 4., And 5.</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">fraud or false pretenses; provided, however,
    this Section 4.a. shall not apply</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to INSURING CLAUSE 8.;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from forgery or any alteration;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss involving a counterfeit provided,
    however, this Section 4.c. shall not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">apply
    to INSURING CLAUSE 5. or 6.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Limit Of Liability/Non-</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">At all times prior to termination of this
    Bond, this Bond shall continue in force for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Reduction And Non-</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the limit stated in the applicable sections
    of ITEM 2. of the DECLARATIONS,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Accumulation Of Liability</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">notwithstanding any previous loss for
    which the COMPANY may have paid or be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">liable to pay under this Bond provided,
    however, that the liability of the COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">under this Bond with respect to all loss
    resulting from:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any one act of burglary, robbery or hold-up,
    or attempt thereat, in which no</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Employee </B>is concerned or implicated,
    or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any one unintentional or negligent act
    on the part of any one person</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">resulting in damage to or destruction or
    misplacement of <B>Property</B>, or</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">all acts, other than those specified in
    a. above, of any one person, or</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 13 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_16></A><BR><A name=_bclPageBorder16></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Limit Of Liability/Non-</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any one casualty or event other than those specified
    in a., b., or c. above,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Reduction And Non-</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shall be deemed to be one loss and shall
    be limited to the applicable LIMIT OF</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Accumulation Of Liability</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIABILITY stated in ITEM 2. of the DECLARATIONS
    of this Bond irrespective of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the total amount of such loss or losses
    and shall not be cumulative in amounts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">from year to year or from period to period.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All acts, as specified in c. above, of
    any one person which</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">i.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">directly or indirectly aid in any way wrongful acts
    of any other person or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">persons, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ii.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">permit the continuation of wrongful acts of any other
    person or persons</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">whether such acts are committed with or
    without the knowledge of the wrongful</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">acts of the person so aided, and whether
    such acts are committed with or without</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the intent to aid such other person, shall
    be deemed to be one loss with the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">wrongful
    acts of all persons so aided.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Discovery</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond applies only to loss first discovered
    by an officer of the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">during the BOND PERIOD. Discovery occurs
    at the earlier of an officer of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED being aware of:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">facts which may subsequently result in a loss of
    a type covered by this Bond,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an actual or potential claim in which it is alleged
    that the ASSURED is liable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to a third party,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">regardless of when the act or acts causing
    or contributing to such loss occurred,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">even though the amount of loss does not
    exceed the applicable DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMOUNT,
    or the exact amount or details of loss may not then be known.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Notice To Company -</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall give the COMPANY notice thereof
    at the earliest</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Proof - Legal Proceedings</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">practicable moment, not to exceed sixty (60) days
    after discovery of loss, in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Against Company</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an amount that is in excess of 50% of the applicable
    DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall furnish to the COMPANY proof of
    loss, duly sworn to,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">with full particulars within six (6) months after
    such discovery.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Securities listed in a proof of loss shall be identified
    by certificate or bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">numbers, if issued with them.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Legal proceedings for the recovery of any loss under
    this Bond shall not be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">brought prior to the expiration of sixty (60) days
    after the proof of loss is filed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">with the COMPANY or after the expiration of twenty-four
    (24) months from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the discovery of such loss.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond affords coverage only in favor of the ASSURED.
    No claim, suit,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">action or legal proceedings shall be brought under
    this Bond by anyone</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">other than the ASSURED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 14 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_17></A><BR><A name=_bclPageBorder17></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Notice To Company -</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">f.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Proof of loss involving <B>Voice Initiated Funds
    Transfer Instruction </B>shall</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Proof - Legal Proceedings</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">include electronic recordings of such instructions.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Against Company</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Deductible Amount</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY shall not be liable under any
    INSURING CLAUSES of this Bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">on account of loss unless the amount of
    such loss, after deducting the net amount</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of all reimbursement and/or recovery obtained
    or made by the ASSURED, other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">than from any Bond or policy of insurance
    issued by an insurance company and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">covering such loss, or by the COMPANY on
    account thereof prior to payment by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the COMPANY of such loss, shall exceed
    the DEDUCTIBLE AMOUNT set forth in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ITEM 3. of the DECLARATIONS, and then for
    such excess only, but in no event</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">for more than the applicable LIMITS OF
    LIABILITY stated in ITEM 2. of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DECLARATIONS.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">There shall be no deductible applicable
    to any loss under INSURING CLAUSE 1.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">sustained
    by any <B>Investment Company</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Valuation</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>BOOKS OF ACCOUNT OR OTHER RECORDS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The value of any loss of <B>Property </B>consisting
    of books of account or other records</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">used by the ASSURED in the conduct of its
    business shall be the amount paid by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED for blank books, blank pages,
    or other materials which replace the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">lost books of account or other records,
    plus the cost of labor paid by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED for the actual transcription or
    copying of data to reproduce such books</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of account or other records.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The value of any loss of <B>Property </B>other
    than books of account or other records</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">used by the ASSURED in the conduct of its
    business, for which a claim is made</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shall be determined by the average market
    value of such <B>Property </B>on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">business day immediately preceding discovery
    of such loss provided, however,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">that the value of any <B>Property </B>replaced
    by the ASSURED with the consent of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY and prior to the settlement of
    any claim for such <B>Property </B>shall be the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">actual market value at the time of replacement.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In the case of a loss of interim certificates,
    warrants, rights or other securities, the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">production of which is necessary to the
    exercise of subscription, conversion,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">redemption or deposit privileges, the value
    of them shall be the market value of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">such privileges immediately preceding their
    expiration if said loss is not discovered</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">until after their expiration. If no market
    price is quoted for such <B>Property </B>or for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">such privileges, the value shall be fixed
    by agreement between the parties.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>OTHER PROPERTY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The value of any loss of <B>Property</B>,
    other than as stated above, shall be the actual</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">cash value or the cost of repairing or
    replacing such <B>Property </B>with <B>Property </B>of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">like quality and value, whichever is less.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 15 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_18></A><BR><A name=_bclPageBorder18></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Securities Settlement</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In the event of a loss of securities covered
    under this Bond, the COMPANY may,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">at its sole discretion, purchase replacement
    securities, tender the value of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">securities in money, or issue its indemnity
    to effect replacement securities.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The indemnity required from the ASSURED
    under the terms of this Section</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">against all loss, cost or expense arising
    from the replacement of securities by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY&rsquo;S indemnity shall be:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">for securities having a value less than or equal
    to the applicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">for securities having a value in excess of the DEDUCTIBLE
    AMOUNT but</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">within the applicable LIMIT OF LIABILITY - the percentage
    that the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">for securities having a value greater than the applicable
    LIMIT OF LIABILITY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">- the percentage that the DEDUCTIBLE AMOUNT and
    portion in excess of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">the applicable LIMIT OF LIABILITY bears to the
    value of the securities.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The value referred to in Section 10.a.,
    b., and c. is the value in accordance with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 9, VALUATION, regardless of the
    value of such securities at the time the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss under the COMPANY&rsquo;S indemnity is sustained.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY is not required to issue its
    indemnity for any portion of a loss of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">securities which is not covered by this
    Bond; however, the COMPANY may do so</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">as a courtesy to the ASSURED and at its
    sole discretion.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall pay the proportion of
    the Company&rsquo;s premium charge for the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Company&rsquo;s indemnity as set forth in Section
    10.a., b., and c. No portion of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIMIT OF LIABILITY shall be used as payment
    of premium for any indemnity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">purchased
    by the ASSURED to obtain replacement securities.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Subrogation - Assignment -</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">11</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In the event of a payment under this Bond,
    the COMPANY shall be subrogated to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Recovery</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">all of the ASSURED&rsquo;S rights of recovery
    against any person or entity to the extent</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of such payment. On request, the ASSURED
    shall deliver to the COMPANY an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">assignment of the ASSURED&rsquo;S rights, title
    and interest and causes of action</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">against any person or entity to the extent
    of such payment.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Recoveries, whether effected by the COMPANY
    or by the ASSURED, shall be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">applied net of the expense of such recovery
    in the following order:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">first, to the satisfaction of the ASSURED&rsquo;S loss
    which would otherwise have</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">been paid but for the fact that it is in excess
    of the applicable LIMIT OF</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIABILITY,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">second, to the COMPANY in satisfaction of amounts
    paid in settlement of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED&rsquo;S claim,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">third, to the ASSURED in satisfaction of the applicable
    DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMOUNT, and</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 16 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_19></A><BR><A name=_bclPageBorder19></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="24%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Subrogation - Assignment -</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">fourth, to the ASSURED in satisfaction of any loss
    suffered by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Recovery</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED which was not covered under this Bond.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Recovery from reinsurance or indemnity
    of the COMPANY shall not be deemed a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">recovery
    under this section.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Cooperation Of Assured</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">12</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">At the COMPANY&rsquo;S request and at reasonable
    times and places designated by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the COMPANY, the ASSURED shall:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">submit to examination by the COMPANY and subscribe
    to the same under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">oath,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">produce for the COMPANY&rsquo;S examination all pertinent
    records, and</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">cooperate with the COMPANY in all matters pertaining
    to the loss.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall execute all papers and
    render assistance to secure to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY the rights and causes of action
    provided for under this Bond. The</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED
    shall do nothing after loss to prejudice such rights or causes of action.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Termination</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">13</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the Bond is for a sole ASSURED, it shall
    not be terminated unless written notice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shall have been given by the acting party
    to the affected party and to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Securities and Exchange Commission, Washington,
    D.C., not less than sixty (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">days prior to the effective date of such
    termination.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the Bond is for a joint ASSURED, it
    shall not be terminated unless written notice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">shall have been given by the acting party
    to the affected party, and by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY to all ASSURED <B>Investment Companies
    </B>and to the Securities and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Exchange Commission, Washington, D.C.,
    not less than sixty (60) days prior to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the effective date of such termination.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond will terminate as to any one
    ASSURED, other than an <B>Investment</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Company</B>:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">immediately on the taking over of such ASSURED by
    a receiver or other</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">liquidator or by State or Federal officials, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">immediately on the filing of a petition under any
    State or Federal statute</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">relative to bankruptcy or reorganization of the
    ASSURED, or assignment for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the benefit of creditors of the ASSURED, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">immediately upon such ASSURED ceasing to exist,
    whether through merger</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">into another entity, disposition of all of its assets
    or otherwise.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY shall refund the unearned premium
    computed at short rates in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">accordance with the standard short rate
    cancellation tables if terminated by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED or pro rata if terminated for any
    other reason.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 17 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_20></A><BR><A name=_bclPageBorder20></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="23%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="64%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Termination</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If any partner, director, trustee, or officer
    or supervisory employee of an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED not acting in collusion with an
    <B>Employee </B>learns of any dishonest act</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">committed by such <B>Employee </B>at any
    time, whether in the employment of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED or otherwise, whether or not such
    act is of the type covered under this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond, and whether against the ASSURED or
    any other person or entity, the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">shall immediately remove such <B>Employee </B>from
    a position that would enable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">such <B>Employee </B>to cause the ASSURED to suffer
    a loss covered by this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond; and</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">within forty-eight (48) hours of learning that an
    <B>Employee </B>has committed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">any dishonest act, shall notify the COMPANY, of
    such action and provide full</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">particulars of such dishonest act.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The COMPANY may terminate coverage as respects
    any <B>Employee </B>sixty (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">days after written notice is received by
    each ASSURED <B>Investment Company</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and the Securities and Exchange Commission,
    Washington, D.C. of its desire to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">terminate
    this Bond as to such <B>Employee</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Other Insurance</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">14</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Coverage under this Bond shall apply only
    as excess over any valid and collectible</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">insurance, indemnity or suretyship obtained
    by or on behalf of:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED,</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a <B>Transportation Company</B>, or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">another entity on whose premises the loss occurred
    or which employed the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">person causing the loss or engaged the messenger
    conveying the <B>Property</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">involved.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Conformity</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If any limitation within this Bond is prohibited
    by any law controlling this Bond&rsquo;s</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">construction, such limitation shall be
    deemed to be amended so as to equal the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">minimum
    period of limitation provided by such law.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Change or Modification</I></FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">16</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond or any instrument amending or
    affecting this Bond may not be changed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or modified orally. No change in or modification
    of this Bond shall be effective</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">except when made by written endorsement
    to this Bond signed by an authorized</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">representative of the COMPANY.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond is for a sole ASSURED, no
    change or modification which would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">adversely affect the rights of the ASSURED
    shall be effective prior to sixty (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">days after written notice has been furnished
    to the Securities and Exchange</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Commission, Washington, D.C., by the acting
    party.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 18 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_21></A><BR><A name=_bclPageBorder21></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="26%"></TD>
    <TD width="73%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Conditions And</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif"><B><I>Limitations</I></B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>Change or Modification</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond is for a joint ASSURED, no charge or
    modification which would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><I>(continued)</I></FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">adversely affect the rights of the ASSURED shall
    be effective prior to sixty (60)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">days after written notice has been furnished to all
    insured <B>Investment Companies</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and to the Securities and Exchange Commission, Washington,
    D.C., by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="54%"></TD>
    <TD width="45%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">ICAP Bond (5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Form 17-02-1421 (Ed. 5-98)</FONT></TD>
    <TD align=left><FONT STYLE="font: xx-small Times New Roman, Times, Serif">Page 19 of 19</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_22></A><BR><A name=_bclPageBorder22></A>
<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="80%"></TD>
    <TD width="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 252.046pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 252.046pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement No:</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 252.046pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME OF
    ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 146.905pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>NAME OF ASSURED
    ENDORSEMENT</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that the NAME OF ASSURED in
    the DECLARATIONS is amended to read as follows:</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>JOHN
    HANCOCK FUNDS listed as the Named Assured on the Declarations Page</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Includes
    the following Trusts:</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Collateral Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Financial Opportunities Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Bond Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock California Tax-Free Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Capital Series</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Current Interest</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Emerging Markets Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Flexible Income Opportunities Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Floating Rate High Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Hedged Equity &amp; Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Income Securities Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Investment Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Investment Trust II</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Investment Trust III</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Investors Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Municipal Securities Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Preferred Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Preferred Income Fund II</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Preferred Income Fund III</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Premium Dividend Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Series Trust</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Sovereign Bond Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Strategic Diversified Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Strategic Series</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Tax-Advantaged Dividend Income Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Tax-Advantaged Global Shareholder Yield
    Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">John Hancock Tax-Exempt Series Fund</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="61%"></TD>
    <TD width="38%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-0949 (Rev. 1-97)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_23></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="100%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>JOHN HANCOCK FUNDS II</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>JOHN HANCOCK FUNDS III</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>JOHN HANCOCK VARIABLE INSURANCE TRUST</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered after
    12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
    UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-0949 (Ed. 1-97)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_24></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="61%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 220.49pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 220.49pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement No:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 220.49pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 13., Termination,
    the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">&ldquo;Termination By The Company</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bonds In Effect For More Than Sixty (60)
    Days</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond has been in effect for more
    than sixty (60) days, or, if this Bond is a renewal, the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY may terminate by providing written
    notice of cancellation at least sixty (60) days before the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">effective date of termination for at least
    one of the following reasons:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Nonpayment of premium;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Discovery
    of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">claim thereunder;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Discovery
    of willful or reckless acts or omissions or violation of any provision of this Bond on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">part of the
    ASSURED which substantially and materially increases any hazard insured against,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and which
    occurred subsequent to the inception of the current BOND PERIOD;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Conviction
    of the ASSURED of a crime arising out of acts increasing the hazard insured against;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Material change
    in the risk which increases the risk of loss after insurance coverage has been</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">issued or
    renewed, except to the extent that the COMPANY should reasonably have foreseen the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">change, or contemplated
    the risk when the contract was written;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Determination
    by the Commissioner that the continuation of the Bond would jeopardize a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY&rsquo;S
    solvency or would place the COMPANY in violation of the insurance laws of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">state;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Determination
    by the Commissioner that continuation of the present premium volume of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY would jeopardize the COMPANY&rsquo;S
    policyholders, creditors or the public;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Such other reasons that
    are approved by the Commissioner;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Determination
    by the Commissioner that the COMPANY no longer has adequate reinsurance to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">meet the ASSUREDS needs;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Substantial
    breaches of contractual duties, conditions or warranties; or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">11</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Unfavorable
    underwriting facts, specific to the ASSURED, existing that were not present at the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.839pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">inception of the Bond.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="61%"></TD>
    <TD width="38%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_25></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="96%"></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bonds In Effect Sixty (60) Days Or Less</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond has been in effect for sixty
    (60) days or less, and it is not a renewal Bond, the COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">may terminate for any reason by providing
    written notice of termination at least sixty (60) days before</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the effective date of termination.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Notice Of Termination</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Notice of termination under this Section
    shall be mailed or delivered, by certified mail, return receipt</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">provided by the United States Postal Service,
    to the ASSURED and to the authorized agent or broker, if</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any, at least sixty (60) days prior to
    the effective date of cancellation at the address shown on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DECLARATIONS of this Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond is cancelled for nonpayment
    of premium, the COMPANY will mail or deliver, by certified</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">mail, return receipt provided by the United
    States Postal Service, a written notice at least thirty (30)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">days before the effective date of cancellation.
    The cancellation notice shall contain information</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">regarding the amount of premium due and
    the due date, and shall state the effect of nonpayment by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the due date. Cancellation shall not be
    effective if payment of the amount due is made prior to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">effective date of cancellation.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All notice of cancellation shall state
    the reason(s) for cancellation.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">There is no liability on the part of, and
    no cause of action of any nature shall arise against, the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY, its authorized representatives,
    its employees, or any firm, person or corporation furnishing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">to the COMPANY, information relating to
    the reasons for cancellation or nonrenewal, for any statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">made by them in complying or enabling the
    COMPANY to comply with this Section, for the provision of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">information pertaining thereto, or for
    statements made or evidence submitted at any hearings</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">conducted in connection therewith, if such
    information was provided in good faith and without malice.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Notice Of Nonrenewal</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the COMPANY elects not to renew this
    Bond, the COMPANY shall mail or deliver written notice, by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">certified mail, return receipt, provided
    by the United States Postal Service, to the ASSURED, at his last</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">known address, at least sixty (60) days
    before the expiration date or before the anniversary date, if this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond has been written for a term of more
    than one (1) year. Such notice shall also be mailed to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED&rsquo;S agent or broker, if any.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Such notice shall contain all of the following:</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date of Notice;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Reason for Cancellation;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Expiration Date of the Bond;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective Date and Hour of Cancellation.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Notice of nonrenewal shall not be required
    if the COMPANY or a COMPANY within the same insurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">group has offered to issue a renewal Bond,
    the ASSURED has obtained replacement coverage or has</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">agreed in writing to obtain replacement
    coverage, the ASSURED has requested or agreed to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">nonrenewal, or the Bond is expressly designated
    as nonrenewable.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="61%"></TD>
    <TD width="38%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV STYLE="page-break-before: always; padding-bottom: 12pt; margin-bottom: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_26></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Return Premium Calculations</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Any unearned premiums which have been paid by the
    ASSURED shall be refunded to the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">on a pro rata basis if terminated by the COMPANY
    or the ASSURED. The unearned premiums shall</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">be refunded to the ASSURED within forty-five (45)
    days of receipt of the request for cancellation or the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">effective date of cancellation, whichever is later.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Conditional Renewal</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the COMPANY offers or purports to renew the Bond,
    but on less favorable terms or at higher rates,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the new terms or higher premiums may take effect
    on the renewal date, if the COMPANY mails or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">delivers by certified mail, return receipt provided
    by the United States Postal Service, to the ASSURED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">notice of the new terms or premiums at least sixty
    (60) days prior to the renewal date. If the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">COMPANY notifies the ASSURED within sixty (60) days
    prior to the renewal date, the new terms or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">premiums do not take effect until sixty (60) days
    after the notice is mailed or delivered, in which case,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED may elect to cancel the renewal Bond
    within the sixty (60) day period. If the COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">does not notify the ASSURED of the new terms or premiums,
    the COMPANY shall continue the Bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">at the expiring terms and premiums until notice is
    given or until the effective date of replacement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">coverage is obtained by the ASSURED, whichever occurs
    first.&rdquo;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is further understood and agreed that for the
    purposes of Section 13., Termination, any occurrence</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">listed in this Section shall be considered to be
    a request by the ASSURED to immediately terminate this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>

<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="61%"></TD>
    <TD width="38%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-1360 (Rev. 10-99)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 3</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_27></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="53%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement No.: 3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 194.45pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=8><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=8 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>UNAUTHORIZED SIGNATURE ENDORSEMENT</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">12</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Unauthorized Signature</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having accepted, paid or cashed any check or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Withdrawal Order </B>made or drawn
    on or against the account of the ASSURED&rsquo;S customer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">which bears the signature or endorsement
    of one other than a person whose name and signature</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">is on file with the ASSURED as a signatory
    on such account.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">It shall be a condition precedent to the
    ASSURED&rsquo;S right of recovery under this INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSE that the ASSURED shall have on
    file signatures of all the persons who are signatories</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">on such account.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 1., Definitions, the
    following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">r.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Instruction </B>means a written order
    to the issuer of an <B>Uncertificated Security </B>requesting that the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">transfer, pledge or release from pledge
    of the specified <B>Uncertificated Security </B>be registered.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">s.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Uncertificated Security </B>means a
    share, participation or other interest in property of or an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">enterprise of the issuer or an obligation
    of the issuer, which is:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">not represented by an instrument and the
    transfer of which is registered on books</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">maintained for that purpose by or on behalf of the
    issuer, and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">of a type commonly dealt in on securities
    exchanges or markets, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">either one of a class or series or by
    its terms divisible into a class or series of shares,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">participations, interests or obligations.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_28></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="8%"></TD>
    <TD width="91%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">t.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Withdrawal Order </B>means a non-negotiable instrument,
    other than an <B>Instruction</B>, signed by a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">customer of the ASSURED authorizing the ASSURED to
    debit the customer&rsquo;s account in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">amount of funds stated therein.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_29></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="54%"></TD>
    <TD width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 194.45pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 194.45pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement
    No.: 4</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 194.45pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</B></FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">13. Automated Telephone System Transaction</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having transferred funds on the faith of any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Automated Phone System (APS) Transaction</B>,
    where the request for such <B>APS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Transaction </B>is unauthorized or
    fraudulent and is made with the intent to deceive. In order for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">coverage to apply under this INSURING
    CLAUSE the ASSURED shall maintain and follow all</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Designated Procedures</B>. A single
    failure of the ASSURED to maintain and follow a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">particular <B>APS Designated Procedure
    </B>in a particular <B>APS Transaction </B>will not preclude</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 25.195pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">coverage
    under this INSURING CLAUSE.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 1., Definitions, the
    following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">u. <B>APS Designated Procedures </B>means
    all of the following procedures:</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">No <B>APS Transaction </B>shall be executed
    unless the shareholder or unitholder to whose</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">account such an <B>APS Transaction </B>relates
    has previously elected to <B>APS Transactions</B>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 2.76pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(Election in Application)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All <B>APS Transactions </B>shall be logged
    or otherwise recorded and the records shall be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">retained for at least six (6) months. (Logging)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Information contained in the records shall
    be capable of being retrieved and produced</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">within a reasonable time after retrieval
    of specific information is requested, at a success</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">rate of no less than 85 percent.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The caller in any request for an <B>APS
    Transaction</B>, before executing that <B>APS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Transaction </B>must enter a personal
    identification number (PIN), social security number</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and account number. (Identity Test)</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the caller fails to enter a correct
    PIN within three (3) attempts, the caller must not be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">allowed additional attempts during the
    same telephone call to enter the PIN. The caller</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">may either be instructed to redial a customer
    service representative or may be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">immediately connected to such a representative.
    (Limited attempts to Enter PIN)</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_30></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">A written confirmation of any <B>APS Transaction
    </B>or change of address shall be mailed to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the shareholder or unitholder to whose account such
    transaction relates, at the record</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">address, by the end of the insured&rsquo;s next regular
    processing cycle, but in no event later</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">than five (5) business days following such <B>APS
    Transaction</B>. (Written Confirmation)</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Access to the equipment which permits the entity
    receiving the <B>APS Transaction</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">request to process and effect the transaction shall
    be limited in the following manner:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: small Times New Roman, Times, Serif">(Access to APS Equipment)</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">v.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Election </B>means any election
    concerning various account features available to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">shareholder or unitholder which is made
    through the <B>Automated Phone System </B>by means of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">information transmitted by an individual
    caller through use of a <B>Automated Phone System</B>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">These features include account statements,
    auto exchange, auto asset builder, automatic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">withdrawal, dividend/capital gain options,
    dividend sweep, telephone balance consent and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">change of address.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">w.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Exchange </B>means any exchange
    of shares or units in a registered account of one fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">into shares or units in an account with
    the same tax identification number and same</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ownership-type code of another fund in
    the same complex pursuant to exchange privileges of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the two funds, which exchange is requested
    through the <B>Automated Phone System </B>by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">means of information transmitted by an
    individual caller through use of an <B>Automated Phone</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>System</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">x.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Purchase </B>means any purchase
    of shares or units issued by an <B>Investment Company</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">which is requested through an <B>Automated
    Phone System</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">y.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Redemption </B>means any redemption
    of shares or units issued by an <B>Investment</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Company </B>which it requested through
    the telephone by means of information transmitted by an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">individual caller through use of a <B>Automated
    Phone System</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">z.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>APS Transaction </B>means any <B>APS
    Purchase, APS Redemption, APS Election </B>or <B>APS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Exchange</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">aa.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Automated Phone System </B>means an
    automated system which receives and converts to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">executable instructions transmissions
    through the <B>Automated Phone System </B>through use of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a touch-tone keypad or other tone system;
    and always excluding transmissions from a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">computer system or part thereof.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following Section after
    Section 4., Specific Exclusions-Applicable To All Insuring</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Clauses Except 1., 4., 5.:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 4.A Specific Exclusion-Applicable
    to Insuring Clause 13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly
    cover under Insuring Clause 13:</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting from:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the redemption of shares or units, where
    the proceeds of such redemption are made payable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">to other than:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the shares or units of record,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a person designated to receive redemption proceeds,
    or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a bank account designated to receive redemption
    proceeds, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the redemption of shares or units, where
    the proceeds of such redemption are paid by check</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">mailed to any address, unless such address
    has either been designated the shareholder or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">unitholder by voice through an <B>Automated
    Phone System </B>or in writing, at least thirty (30) days</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">prior to such redemption, or</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_31></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="8%"></TD>
    <TD width="72%"></TD>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the redemption of shares or units, where shareholder
    or unitholder</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">designated bank account of record.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2345 (Ed. 10-00)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 3</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_32></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="48%"></TD>
    <TD width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 167.57pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 167.57pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement
    No.: 5</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 167.57pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.52pt"
      align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">14</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Telefacsimile Instruction</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having transferred, paid or delivered any funds</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">or other <B>Property </B>or established
    any credit, debited any account or given any value on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">faith of any fraudulent instructions sent
    by a <B>Customer</B>, financial institution or another</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">office of the ASSURED by <B>Telefacsimile
    </B>directly to the ASSURED authorizing or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">acknowledging the transfer, payment or
    delivery of funds or <B>Property </B>or the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">establishment of a credit or the debiting
    of an account or the giving of value by the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED where such <B>Telefacsimile </B>instructions:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">bear a valid test key exchanged between
    the ASSURED and a <B>Customer </B>or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">another financial institution with authority
    to use such test key for <B>Telefacsimile</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">instructions in the ordinary course of
    business, but which test key has been</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">wrongfully obtained by a person who was
    not authorized to initiate, make, validate</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 5.52pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or authenticate a test
    key arrangement, and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">fraudulently purport to have been sent
    by such <B>Customer </B>or financial institution</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">when such <B>Telefacsimile </B>instructions
    were transmitted without the knowledge or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">consent of such <B>Customer </B>or financial
    institution by a person other than such</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Customer </B>or financial institution
    and which bear a <B>Forgery </B>of a signature,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">provided that the <B>Telefacsimile </B>instruction
    was verified by a direct call back to an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">employee of the financial institution,
    or a person thought by the ASSURED to be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 5.52pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the <B>Customer</B>,
    or an employee of another financial institution.</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">By deleting from Section 1., Definitions,
    the definition of <B>Customer </B>in its entirety, and substituting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Customer </B>means an individual, corporate,
    partnership, trust customer, shareholder or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">subscriber of an Investment Company which
    has a written agreement with the ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">for <B>Voice Initiated Funds Transfer Instruction
    </B>or <B>Telefacsimile </B>Instruction.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="62%"></TD>
    <TD width="37%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_33></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="8%"></TD>
    <TD width="42%"></TD>
    <TD width="41%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 1., Definitions, the
    following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">bb.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Telefacsimile </B>means a system of
    transmitting written documents by electronic signals</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">over telephone lines to equipment maintained
    by the ASSURED for the purpose of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">reproducing a copy of said document.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Telefacsimile </B>does not mean electronic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">communication sent by Telex or similar
    means of communication, or through an</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">electronic communication system or through
    an automated clearing house.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 3., Specific Exclusions
    Applicable to All Insuring Clauses Except Insuring</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Clause 1. the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">j.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting directly or indirectly from
    <B>Telefacsimile </B>instructions provided, however, this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">exclusion shall not apply to this INSURING
    CLAUSE.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="62%"></TD>
    <TD width="37%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2367 (Rev. 10-03)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_34></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="53%"></TD>
    <TD width="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 195.41pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 195.41pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement No.:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 195.41pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=9><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=8 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=9 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>STOP PAYMENT ORDER OR REFUSAL TO PAY
    CHECK ENDORSEMENT</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=8 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">"</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Stop Payment Order or Refusal to Pay Check</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    being legally liable to pay compensatory damages</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">for:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">complying
    or failing to comply with notice from any customer of the ASSURED or any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">authorized
    representative of such customer, to stop payment on any check or draft made or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">drawn upon
    or against the ASSURED by such customer or by any authorized</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">representative of such
    customer, or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">refusing to
    pay any check or draft made or drawn upon or against the ASSURED by any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">customer of
    the ASSURED or by any authorized representative of such customer.&rdquo;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following Specific Exclusion:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">&ldquo;Section 4.A. Specific Exclusions &ndash; Applicable
    to INSURING CLAUSE 15</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly
    cover:</B></FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">liability assumed by the ASSURED by agreement
    under any contract, unless such liability would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">have attached to the ASSURED even in the
    absence of such agreement,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss arising out of:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">libel, slander,
    wrongful entry, eviction, defamation, false arrest, false imprisonment,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">malicious prosecution,
    assault or battery,</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">sickness,
    disease, physical bodily harm, mental or emotional distress or anguish, or death</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of any person, or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD style="TEXT-INDENT: 9.959pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">discrimination.&rdquo;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=9 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=9 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR><P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP Bond</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2365 (Ed. 10-00)</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_35></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="49%"></TD>
    <TD width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 169.25pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 169.25pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement
    No.: 7</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 169.25pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME
    OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>EXTENDED COMPUTER SYSTEMS ENDORSEMENT</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    as follows:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following INSURING CLAUSE:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">16. Extended Computer Systems</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 25.195pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">A.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Electronic Data, Electronic Media, Electronic
    Instruction</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the fraudulent modification of <B>Electronic
    Data, Electronic Media </B>or <B>Electronic</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Instruction </B>being stored within
    or being run within any system covered under this</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">INSURING CLAUSE,</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">robbery, burglary, larceny or theft of
    <B>Electronic Data, Electronic Media </B>or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Instructions</B>,</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the acts of a hacker causing damage or
    destruction of <B>Electronic Data, Electronic</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Media </B>or <B>Electronic Instruction
    </B>owned by the ASSURED or for which the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED is legally liable, while stored
    within a <B>Computer System </B>covered under</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this INSURING CLAUSE, or</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the damage or destruction of <B>Electronic
    Data, Electronic Media </B>or <B>Electronic</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Instruction </B>owned by the ASSURED
    or for which the ASSURED is legally liable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">while stored within a <B>Computer System
    </B>covered under INSURING CLAUSE 8,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">provided such damage or destruction was
    caused by a computer program or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">similar instruction which was written or
    altered to intentionally incorporate a hidden</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">instruction designed to damage or destroy
    <B>Electronic Data, Electronic Media</B>, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Instruction </B>in the <B>Computer
    System </B>in which the computer program</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or instruction so written or so altered is used.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_36></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="4%"></TD>
    <TD width="6%"></TD>
    <TD width="89%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">B.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Electronic Communication</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from the ASSURED
    having transferred, paid or delivered any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">funds or property, established any credit,
    debited any account or given any value on the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">faith of any electronic communications
    directed to the ASSURED, which were</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">transmitted or appear to have been transmitted
    through:</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an <B>Electronic Communication System</B>,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an automated clearing house or custodian, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">directly into the ASSURED&rsquo;S <B>Computer
    System </B>or <B>Communication Terminal</B>, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">fraudulently purport to have been sent
    by a customer, automated clearing house,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">custodian, or financial institution, but
    which communications were either not sent by said</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">customer, automated clearing house, custodian,
    or financial institution, or were</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">fraudulently modified during physical transit
    of <B>Electronic Media </B>to the ASSURED or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">during electronic transmission to the ASSURED&rsquo;S
    <B>Computer System </B>or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Communication Terminal</B>.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">C.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Electronic Transmission</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Loss resulting directly from a customer
    of the ASSURED, any automated clearing house,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">custodian, or financial institution having
    transferred, paid or delivered any funds or property,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">established any credit, debited any account
    or given any value on the faith of any electronic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">communications, purporting to have been
    directed by the ASSURED to such customer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">automated clearing house, custodian, or
    financial institution initiating, authorizing, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">acknowledging, the transfer, payment, delivery
    or receipt of funds or property, which</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">communications were transmitted through:</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an <B>Electronic Communication System</B>,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an automated clearing house or custodian, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a Telex, TWX, or similar means of communication,</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">directly into a <B>Computer System </B>or
    <B>Communication Terminal </B>of said customer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">automated clearing house, custodian, or
    financial institution, and fraudulently purport to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">have been directed by the ASSURED, but
    which communications were either not sent by</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED, or were fraudulently modified
    during physical transit of <B>Electronic Media</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">from the ASSURED or during electronic transmission
    from the ASSURED&rsquo;S <B>Computer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>System </B>or <B>Communication Terminal</B>,
    and for which loss the ASSURED is held to be</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">legally liable.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 2</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_37></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="82%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 1., Definitions, the
    following:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">cc.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Communication Terminal </B>means a teletype,
    teleprinter or video display terminal, or similar</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">device capable of sending or receiving
    information electronically. <B>Communication Terminal</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">does not mean a telephone.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">dd.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Communication System </B>means
    electronic communication operations by Fedwire,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Clearing House Interbank Payment System
    (CHIPS), Society of Worldwide International</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Financial Telecommunication (SWIFT), similar
    automated interbank communication systems,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and Internet access facilities.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ee.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Data </B>means facts or information
    converted to a form usable in <B>Computer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Systems </B>and which is stored on
    <B>Electronic Media </B>for use by computer programs.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ff.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Instruction </B>means computer
    programs converted to a form usable in a <B>Computer</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>System </B>to act upon <B>Electronic
    Data</B>.</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">gg.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Electronic Media </B>means the magnetic
    tape, magnetic disk, optical disk, or any other bulk</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">media on which data is recorded.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding the following Section after
    Section 4., Specific Exclusions-Applicable to All INSURING</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">CLAUSES except 1., 4., and 5.:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 4.A. Specific Exclusions-Applicable
    to INSURING CLAUSE 16</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>This Bond does not directly or indirectly
    cover:</B></FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting directly or indirectly from
    <B>Forged</B>, altered or fraudulent negotiable instruments,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">securities, documents or written instruments
    used as source documentation in the preparation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of <B>Electronic Data</B>;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss of negotiable instruments, securities,
    documents or written instruments except as</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">converted to <B>Electronic Data </B>and
    then only in that converted form;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">c.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting from mechanical failure,
    faulty construction, error in design, latent defect, wear or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">tear, gradual deterioration, electrical
    disturbance, <B>Electronic Media </B>failure or breakdown or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">any malfunction or error in programming
    or error or omission in processing;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">d.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting directly or indirectly from
    the input of <B>Electronic Data </B>at an authorized electronic</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">terminal of an <B>Electronic Funds Transfer
    System </B>or a <B>Customer Communication System</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">by a person who had authorized access from
    a customer to that customer&rsquo;s authentication</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">mechanism; or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">e.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">liability assumed by the ASSURED by agreement
    under any contract, unless such liability would</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">have attached to the ASSURED even in the
    absence of such agreement; or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">f.</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">loss resulting directly or indirectly from:</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">written instruction unless covered under this INSURING
    CLAUSE; or</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">instruction by voice over the telephone, unless
    covered under this INSURING CLAUSE.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 3</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_38></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">By adding to Section 9., Valuation, the following:</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Electronic Data, Electronic Media, Or Electronic
    Instruction</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In case of loss of, or damage to, <B>Electronic Data,
    Electronic Media </B>or <B>Electronic Instruction </B>used</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">by the ASSURED in its business, the COMPANY shall
    be liable under this Bond only if such items are</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">actually reproduced form other <B>Electronic Data,
    Electronic Media </B>or <B>Electronic Instruction </B>of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">same kind or quality and then for not more than the
    cost of the blank media and/or the cost of labor for</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the actual transcription or copying of data which
    shall have been furnished by the ASSURED in order to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">reproduce such <B>Electronic Data, Electronic Media
    </B>or <B>Electronic Instruction </B>subject to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">applicable SINGLE LOSS LIMIT OF LIABILITY.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">However, if such <B>Electronic Data </B>can not be
    reproduced and said <B>Electronic Data </B>represents</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Securities </B>or financial instruments having
    a value, then the loss will be valued as indicated in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">SECURITIES and OTHER PROPERTY paragraphs of this
    Section.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="60%"></TD>
    <TD width="39%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICAP2 Bond</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 4</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_39></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="28%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD>
    <TD width="2%"></TD>
    <TD width="23%"></TD>
    <TD width="28%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Bond No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued
    to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In consideration of the premium charged,
    it is agreed that General Agreements, Section C., Additional Offices</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or Employees-Consolidation, Merger or Purchase
    or Acquisition of Assets or Liabilities-Notice to Company, is</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">amended by adding the following:</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the ASSURED,
    while this Bond is in force, establish new funds other than by consolidation or merger</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">with, purchase
    or acquisition of assets or liabilities of, another institution, such funds shall automatically</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=5 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">be covered
    hereunder from the date of establishment.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If the ASSURED,
    while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-1,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">due to an
    increase in assets, such increase shall automatically be covered hereunder from the date of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">such increase,
    but only as excess coverage. Such excess coverage shall not exceed five million dollars</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 25.199pt" colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">($5,000,000)
    in additional limits and shall be excess of this Bond and of the following excess Bond:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Carrier:</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ICI Mutual Insurance Company</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">87142113</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">B</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Limits of Liability:</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Period:</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">December 31, 2014 to December 31, 2015</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the terms</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD align=right><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Q07-1972(08/2007)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_40></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="43%"></TD>
    <TD width="25%"></TD>
    <TD width="30%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Bond No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued to:
    JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In consideration of the premium charged,
    it is agreed that Section 1., Definitions, the term <B>Employee </B>is</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">amended to include the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Any natural
    person while in the service of the ASSURED solely while performing sub-advisory</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 50.395pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">services
    for the ASSURED pursuant to a written contract.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=3><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the terms</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_41></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="36%"></TD>
    <TD width="32%"></TD>
    <TD width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD style="TEXT-INDENT: 38.159pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL
    INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 38.159pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 38.159pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 38.159pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Bond
    No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued
    to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 0.96pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DELETING VALUATION-OTHER
    PROPERTY AND AMENDING CHANGE OR MODIFICATION</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">ENDORSEMENT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">In consideration of the premium charged,
    it is agreed that this Bond is amended as follows:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The paragraph titled Other Property in
    Section 9, Valuation, is deleted in its entirety.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The third paragraph in Section 16, Change
    or Modification, is deleted in its entirety and replaced with</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If this Bond is for a joint ASSURED, no
    change or modification which would adversely affect the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">rights of the ASSURED shall be effective
    prior to sixty (60) days after written notice has been</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">furnished to all insured <B>Investment
    Companies </B>and the Securities and Exchange Commission,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Washington, D.C., by the COMPANY.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">terms and conditions of coverage.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Bond shall remain unchanged.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">17-02-2437 (12/2006) rev.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_42></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="42%"></TD>
    <TD width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="TEXT-INDENT: 147.17pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">FEDERAL INSURANCE COMPANY</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No. 11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Policy No. 81906724</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued to:
    JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>COMPLIANCE WITH APPLICABLE TRADE SANCTION
    LAWS</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this insurance does not
    apply to the extent that trade or economic sanctions or other similar laws or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">regulations prohibit the coverage provided
    by this insurance.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the terms and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">conditions of coverage.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">14-02-9228 (2/2010)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_43></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="37%"></TD>
    <TD width="23%"></TD>
    <TD width="31%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Policy No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued
    to: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In consideration of the premium charged,
    is agreed that:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The NAME OF ASSURED, as set forth on the
    DECLARATIONS of this Bond, shall include any newly</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">created, merged, consolidated or terminated
    registered investment company sponsored by an ASSURED</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">or any newly created portfolio of an ASSURED.
    Provided, however, that this provision shall not apply to a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">registered investment company that is created
    as a result of a merger, consolidation or acquisition with any</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">other registered investment company.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the terms and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">conditions of coverage.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=5><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Policy shall remain unchanged.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>


<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Q09-1831 (11/2009)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><A name=page_44></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="5%"></TD>
    <TD width="33%"></TD>
    <TD width="25%"></TD>
    <TD width="29%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ENDORSEMENT/RIDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Effective date of</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">this endorsement/rider: December 31, 2014</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement/Rider No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">To be attached to and</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">form a part of Bond No.</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Issued
    to:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">JOHN HANCOCK
    FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMEND DISCOVERY AND NOTICE ENDORSEMENT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">In consideration of the premium charged,
    it is agreed that this Bond is amended as follows:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 6., Discovery, is deleted in its
    entirety and replaced it with the following:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Discovery</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Bond applies only to loss first discovered
    by the President, General Counsel or Risk Manager of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">ASSURED during the BOND PERIOD. Discovery
    occurs at the earlier of the President, General</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Counsel or Risk Manager of the ASSURED
    being aware of:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">facts which may subsequently result in
    a loss of a type covered by this Bond, or</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">b.</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">an actual or potential claim in which it
    is alleged that the ASSURED is liable to a third party,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">regardless of when the act or acts causing
    or contributing to such loss occurred, even though the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">amount of loss does not exceed the applicable
    DEDUCTIBLE AMOUNT, or the exact amount or details</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">of loss may not then be known.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">(2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">)</FONT></TD>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Section 7., Notice to Company-Proof-Legal
    Proceedings Against Company, is amended by deleting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">paragraph a. and replacing it with the
    following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">a.</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The ASSURED shall give the COMPANY notice
    thereof at the earliest practicable moment, not to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">exceed sixty (60) days after discovery
    of loss by President, General Counsel or Risk Manager of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">the ASSURED, in an amount that is in excess
    of fifty percent (50%) of the applicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE AMOUNT, as stated in ITEM 2.
    of the DECLARATIONS<B>.</B></FONT></TD></TR>
  <TR>
    <TD colSpan=6><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">The title and any headings in this endorsement/rider
    are solely for convenience and form no part of the terms</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=4 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">and conditions of coverage.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=6 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">All other terms, conditions and limitations
    of this Bond shall remain unchanged.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>


<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">14-02-14521 (08/2008)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Page 1</FONT></P></DIV>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="3%"></TD>
    <TD width="3%"></TD>
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    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=3 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>FEDERAL INSURANCE COMPANY</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Endorsement No.</FONT></TD>
    <TD style="TEXT-INDENT: 0.119pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">14</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">Bond Number:</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">81906724</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.559pt" colSpan=3
    align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">NAME OF ASSURED: JOHN HANCOCK FUNDS</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>REVISE ITEM 2. ENDORSEMENT</B></FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
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    <TD colSpan=7 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">It is agreed that this Bond is amended
    by deleting ITEM 2. in its entirety on the DECLARATIONS and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.559pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">substituting
    the following:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.559pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>ITEM 2.
    </B>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">If &ldquo;Not Covered&rdquo; is inserted below opposite
    any specified INSURING CLAUSE, such INSURING CLAUSE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">and any other reference to such INSURING
    CLAUSE in this Bond shall be deemed to be deleted. <B>There</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=7 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>shall be no deductible applicable to
    any loss under INSURING CLAUSE 1 sustained by any</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 4.559pt" colSpan=3 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>Investment
    Company</B>.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">SINGLE LOSS</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">DEDUCTIBLE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.559pt" colSpan=3
    align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">INSURING CLAUSE</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">LIMIT
    OF LIABILITY</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 27.029pt"
    colSpan=2 align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">AMOUNT</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">1</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Employee</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">2</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">On Premises</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">3</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.798pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">In Transit</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">4</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Forgery or Alteration</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">5</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Extended Forgery</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">6</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Counterfeit Money</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">7</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Threats to Person</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">8</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 1.801pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Computer System</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">9</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 2.045pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Voice Initiated Funds
    Transfer Instruction</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">10</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 2.645pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Uncollectible Items
    of Deposit</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">11</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 2.645pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Audit Expense</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">12</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 4.559pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Unauthorized Signature
    Endt</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">13</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 4.559pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Automated Telephone
    Transaction Endt</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">14</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 4.559pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Telefacimilie Instruction
    Fraud Endt</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD style="TEXT-INDENT: 4.559pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Stop Payment Order or
    Refusal To Pay Check Endt</FONT></TD>
    <TD style="TEXT-INDENT: 5.279pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">16</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">.</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Extended Computer Systems Endt</FONT></TD>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">15,000,000</FONT></TD>
    <TD style="TEXT-INDENT: 27.029pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">$</FONT></TD>
    <TD align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">150,000</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">This Endorsement applies to loss discovered
    after 12:01 a.m. on December 31, 2014.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD colSpan=7><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD colSpan=5 align=right><FONT STYLE="font: x-small Times New Roman, Times, Serif">ALL OTHER TERMS AND CONDITIONS OF THIS
    BOND REMAIN UNCHANGED.</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD align=left><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Date: March 17, 2015</FONT></P>
<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/
Paul N. Morrissette</U><FONT STYLE="font-size: 10pt"> </FONT><BR> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Representative </FONT></B></FONT></P><BR>

<P align=center><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P><BR></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_46></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="100%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: large Times New Roman, Times, Serif"><B>POLICYHOLDER</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: large Times New Roman, Times, Serif"><B>DISCLOSURE NOTICE OF</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: large Times New Roman, Times, Serif"><B>TERRORISM INSURANCE COVERAGE</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: small Times New Roman, Times, Serif"><B>(for policies with no terrorism exclusion or sublimit)</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">You are hereby notified that, under the Terrorism Risk
    Insurance Act (the &ldquo;Act&rdquo;), effective</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">December 26, 2007, this policy makes available to you
    insurance for losses arising out of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">certain acts of terrorism. Terrorism is defined as
    any act certified by the Secretary of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">Treasury, in concurrence with the Secretary of State
    and the Attorney General of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">United States, to be an act of terrorism; to be a violent
    act or an act that is dangerous to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">human life, property or infrastructure; to have resulted
    in damage within the United</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">States, or outside the United States in the case of
    an air carrier or vessel or the premises</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">of a United States Mission; and to have been committed
    by an individual or individuals as</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">part of an effort to coerce the civilian population
    of the United States or to influence the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">policy or affect the conduct of the United States Government
    by coercion.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">You should know that the insurance provided by your
    policy for losses caused by acts of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">terrorism is partially reimbursed by the United States
    under the formula set forth in the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">Act. Under this formula, the United States pays 85%
    of covered terrorism losses that</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">exceed the statutorily established deductible to be
    paid by the insurance company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">providing the coverage.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">However, if aggregate insured losses attributable to
    terrorist acts certified under the Act</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">exceed $100 billion in a Program Year (January 1 through
    December 31), the Treasury</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">shall not make any payment for any portion of the amount
    of such losses that exceeds</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">$100 billion.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">10-02-1281 (Ed. 1/2003)</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_47></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="100%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">If aggregate insured losses attributable to terrorist
    acts certified under the Act exceed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">$100 billion in a Program Year (January 1 through December
    31) and we have met our</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">insurer deductible under the Act, we shall not be liable
    for the payment of any portion of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">the amount of such losses that exceeds $100 billion,
    and in such case insured losses up</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">to that amount are subject to pro rata allocation in
    accordance with procedures</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">established by the Secretary of the Treasury.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">The portion of your policy&rsquo;s annual premium that is
    attributable to insurance for such acts</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">of terrorism is: $ <B>-0-.</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: small Times New Roman, Times, Serif">If you have any questions about this notice, please
    contact your agent or broker.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">10-02-1281 (Ed. 1/2003)</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_48></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: medium Times New Roman, Times, Serif"><B>IMPORTANT NOTICE TO POLICYHOLDERS</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 35.996pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">All of the members
    of the Chubb Group of Insurance companies doing business in the United</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">States (hereinafter &ldquo;Chubb&rdquo;) distribute their products
    through licensed insurance brokers and agents</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(&ldquo;producers&rdquo;). Detailed information regarding the
    types of compensation paid by Chubb to producers on</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">US insurance transactions is available under the
    Producer Compensation link located at the bottom of the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">page at www.chubb.com, or by calling 1-866-588-9478.
    Additional information may be available from your</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">producer.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 35.996pt" align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Thank you for choosing
    Chubb.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">10-02-1295 (ed. 6/2007)</FONT></P></DIV>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV><!--$$/page=--><A
name=page_49></A><BR>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><DIV align=left><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE border=0 cellSpacing=0>  <TR></FONT><TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=middle><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B><I>Important Notice:</I></B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif"><B>The SEC Requires Proof of Your Fidelity Insurance
    Policy</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Your company is now required to file an electronic
    copy of your fidelity insurance coverage</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">(Chubb&rsquo;s ICAP Bond policy) to the Securities and
    Exchange Commission (SEC), according to</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">rules adopted by the SEC on June 12, 2006.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">Chubb is in the process of providing your agent/broker
    with an electronic copy of your insurance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">policy as well as instructions on how to submit this
    proof of fidelity insurance coverage to the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">SEC. You can expect to receive this information from
    your agent/broker shortly.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The electronic copy of your policy is provided by
    Chubb solely as a convenience and does not</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">affect the terms and conditions of coverage as set
    forth in the paper policy you receive by mail.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">The terms and conditions of the policy mailed to
    you, which are the same as those set forth in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">the electronic copy, constitute the entire agreement
    between your company and Chubb.</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT STYLE="font: x-small Times New Roman, Times, Serif">If you have any questions, please contact your agent
    or broker.</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="font: x-small Times New Roman, Times, Serif">Form 14-02-12160 (ed. 7/2006)</FONT></P></DIV>

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

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    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a Risk Retention Group</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington DC 20005</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(EXCESS)</B></P>

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

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

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

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

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

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


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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ICI MUTUAL INSURANCE COMPANY,</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">a Risk Retention Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20005</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt"><b>Item 1.</b></font></td>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name of Insured (the &ldquo;Insured&rdquo;)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Bond Number</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 8%"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 15%"><font style="font-size: 10pt"><b>John Hancock Funds</b></font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 62%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt"><B>87142114B</B></FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">Principal Office:</font></td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">601 Congress Street</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">Boston, MA 02210</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">Mailing Address: </font></td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">C/O Aon Financial Services Group</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">One Federal Street</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 10pt">Boston, MA 02210</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</table>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><B>Item
2.&#9;</B>&nbsp;&nbsp;&nbsp;Bond Period: from 12:01 a.m. on <U>December 31, 2014</U> to 12:01 a.m. on <U>December 31, 2015</U>, or the earlier effective
date of the termination of this Bond, standard time at the Principal Office as to each of said dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-top: Black 0.75pt solid"><B>Item
3.</B> &nbsp;&nbsp;&nbsp;&nbsp;Limit of Liability&mdash;</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 65%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&#9;</font></td>
    <td style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>LIMIT OF LIABILITY</b></font></td>
    <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>DEDUCTIBLE <BR>
AMOUNT <font style="font-family: Times New Roman, Times, Serif"><sup>1</sup></font></b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">1.&nbsp;&nbsp;EMPLOYEE </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">2.&nbsp;&nbsp;ON PREMISES</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">3.&nbsp;&nbsp;IN TRANSIT </font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">4.&nbsp;&nbsp;FORGERY OR ALTERATION</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">5.&nbsp;&nbsp;EXTENDED FORGERY</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">6.&nbsp;&nbsp;COUNTERFEIT MONEY</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">7.&nbsp;&nbsp;THREATS TO PERSONS</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">8.&nbsp;&nbsp;COMPUTER SYSTEMS</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">9.&nbsp;&nbsp;VOICE-INITIATED FUNDS TRANSFER INSTRUCTION</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">10. UNCOLLECTIBLE ITEMS OF DEPOSIT</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">$15,000,000</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP>&#9;Plus the applicable deductible
of the Primary Bond</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent:0pt; border-top: Black 0.75pt solid"><B>Item</B>
<B>4. &nbsp;&nbsp;&nbsp;&nbsp;</B>PRIMARY BOND - Federal Insurance Company Bond No. 81906724</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; border-bottom: Black 0.75pt solid; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><B>Item
5.&nbsp;&nbsp;&nbsp;</B> The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &ldquo;Underwriter&rdquo;) is subject to the
terms of the following Riders attached hereto:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">Riders: 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt; border-bottom: Black 2.25pt double">and
of all Riders applicable to this Bond issued during the Bond Period.<FONT STYLE="text-underline-style: double"><U> </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 4.5pt; text-align: right">&#9;&#9;By: ____<U>/S/ Maggie
Sullivan</U>____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: right">&#9;&#9; &#9; &#9;Authorized Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: center">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Excess Bond (06/12)&#9;</P></td></tr>
</table>
<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ICI Mutual Insurance Company, a Risk Retention
Group (&ldquo;Underwriter&rdquo;), in consideration of the required premium, and in reliance on the application and all other information
furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions,
Conditions and Limitations of this bond, agrees to indemnify the Insured for loss, discovered during the Bond Period, which would
otherwise have been paid under the <B>Primary Bond</B> but for the fact that the loss exceeds the limit of liability of such Primary
Bond.<B> </B>Coverage under this bond shall follow the terms and conditions of the <B>Primary Bond,</B> except with respect to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">Any coverage exceptions specified by riders attached to this bond;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD STYLE="text-align: justify">The General Agreements, Provisions, Conditions and
Limitations set forth herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL AGREEMENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>CHANGE OR MODIFICATION OF PRIMARY BOND</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">If after the inception date of
this bond the <B>Primary Bond</B> is changed or modified, written notice of any such change or modification shall be given to the
Underwriter as soon as practicable, not to exceed thirty (30) days after such change or modification, together with such information
as the Underwriter may request. There shall be no coverage under this bond for any loss arising from or in any way related to such
change or modification until such time as the Underwriter is advised of and specifically agrees by written endorsement to provide
coverage for such change or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond is for the use and benefit
only of the Insured and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured (except
that if the Insured includes such other loss in the Insured&rsquo;s proof of loss, the Underwriter shall consider its liability therefor.)
As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give
the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish
to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the
one year proof of loss period if the Insured requests an extension and shows good cause therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Underwriter shall not be liable
hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number
or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of
a proper affirmative proof of loss within which to investigate the claim, but where the loss is of Securities and is clear and
undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may
be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Insured shall not bring legal
proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent
to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account
of </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">any judgment against the Insured in or settlement of any suit or to recover court costs or attorneys&rsquo; fees paid in any such
suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this bond
is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation
permitted by such law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Notice hereunder shall be given
to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROVISIONS, CONDITIONS AND LIMITATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>a.</B></TD><TD STYLE="text-align: justify"><B>Deductible Amount</B> means the amount stated in ITEM 3. of the Declarations, applicable to
each Single Loss. In no event shall this <B>Deductible Amount </B>be reduced for any reason, including but not limited to, the
non-existence, invalidity, insufficiency or uncollectibility of any <B>Underlying Bond(s)</B>, including the insolvency or dissolution
of any Insurer providing coverage under any <B>Underlying Bond(s)</B>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>b.</B></TD><TD STYLE="text-align: justify"><B>Primary Bond </B>means the bond scheduled in ITEM 5. of the Declarations or any bond that may
replace or substitute for such bond.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>c.</B></TD><TD STYLE="text-align: justify"><B>Single Loss </B>means:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">all loss resulting from any one actual or attempted theft committed by one person, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed
by one person, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">all loss caused by dishonest or fraudulent acts committed by one person, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1) through
(4) above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>d.</B></TD><TD STYLE="text-align: justify"><B>Underlying Bond</B> means the <B>Primary Bond</B> and all other insurance coverage referred
to in ITEM&nbsp;4. of the Declarations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 2. SINGLE LOSS LIMIT OF LIABILITY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Underwriter&rsquo;s liability
for each <B>Single Loss</B> shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 3. DISCOVERY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">For all purposes under this bond,
a loss is discovered, and discovery of a loss occurs, when the Insured</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured
is liable under circumstances, which would cause a reasonable person to assume that loss covered </TD></TR>                                                                                          <TR STYLE="vertical-align: top">
<TD></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt">&nbsp;</TD><TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="text-align: justify">by this bond has been or is likely
to be incurred even though the exact amount or details of loss may not be known.</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: justify; text-indent: -14.9pt"><B>SECTION
4. ASSIGNMENT OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.9pt; text-align: justify; text-indent: -14.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Upon payment to the Insured hereunder
for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured&rsquo;s rights and claims in connection
with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured
under this bond may have against another named Insured under this bond. At the request of the Underwriter, the Insured shall execute
all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect
such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the
Insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Assignment of any rights or claims
under this bond shall not bind the Underwriter without the Underwriter&rsquo;s written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 5. COOPERATION OF INSURED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">At the Underwriter&rsquo;s request
and at reasonable times and places designated by the Underwriter the Insured shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">submit to examination by the Underwriter and subscribe to the same under oath, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">produce for the Underwriter&rsquo;s examination all pertinent records, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">cooperate with the Underwriter in all matters pertaining to the loss.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Insured shall execute all
papers and render assistance to secure for the Underwriter the rights and causes of action provided for under this bond. The Insured
shall do nothing after loss to prejudice such rights or causes of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 6. TERMINATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Underwriter may terminate
this bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this bond is terminated
as to any investment company registered under the Investment Company Act of 1940, to each such investment company terminated thereby
and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective
date of termination specified in such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Insured may terminate this
bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified
in such notice. Notwithstanding the foregoing, when the Insured terminates this bond as to any investment company registered under
the Investment Company Act of 1940, the effective date of termination shall be not less than sixty (60) days from the date the
Underwriter provides written notice of the termination to each such investment company terminated thereby and to the Securities
and Exchange Commission, Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond will terminate as to
any Insured entity that is not an investment company registered under the Investment Company Act of 1940 immediately and without
notice upon (1) the takeover of such Insured&rsquo;s business by any State or Federal official or agency, or by any receiver or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">liquidator,
or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or
assignment for the benefit of creditors of the Insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in">Premiums are
earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance
with the Underwriter&rsquo;s standard short rate cancellation tables if this bond is terminated by the Insured or pro rata if this bond
is terminated by the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Upon the detection by any Insured
that an employee (as defined in the <B>Primary Bond</B>) has committed any dishonest or fraudulent act(s) or theft, the Insured
shall immediately remove such employee from a position that may enable such employee to cause the Insured to suffer a loss by any
subsequent dishonest or fraudulent act(s) or theft. The Insured, within two (2) business days of such detection, shall notify the
Underwriter with full and complete particulars of the detected dishonest or fraudulent act(s) or theft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">For purposes of this section,
detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such employee,
becomes aware that the employee has committed any dishonest or fraudulent act(s) or theft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond shall terminate as to
any employee (as defined in the <B>Primary Bond</B>) by written notice from the Underwriter to each Insured and, if such employee
is an employee of an Insured investment company registered under the Investment Company Act of 1940, to the Securities and Exchange
Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 7. CONFORMITY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">If any limitation within this
bond is prohibited by any law controlling this bond&rsquo;s construction, such limitation shall be deemed to be amended so as to
equal the minimum period of limitation provided by such law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 8. CHANGE OR MODIFICATION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond may only be modified
by written Rider forming a part hereof over the signature of the Underwriter&rsquo;s authorized representative. Any Rider which modifies
the coverage provided by Insuring Agreement A, Fidelity (or the equivalent insuring agreement) of the Primary Bond in a manner
which adversely affects the rights of an Insured investment company registered under the Investment Company Act of 1940 shall not
become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange
Commission, Washington, D.C., and to each Insured investment company registered under the Investment Company Act of 1940 affected
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9. DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Underwriter shall not be liable
under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement
and/or recovery received by the Insured with respect to such loss (other than from the<B> Primary Bond </B>or from any other bond,
suretyship or insurance policy), shall exceed the applicable <B>Deductible Amount</B>; in such case the Underwriter shall be liable
only for such excess, subject to the applicable Limit of Liability and other agreements, provisions, conditions and limitations
of this bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The maximum liability of the Underwriter
for any Single Loss covered by any Insuring Agreement under this bond shall be the Limit of Liability applicable to such Insuring
Agreement, subject to the applicable <B>Deductible Amount</B> and the other agreements, provisions, conditions and limitations
of this bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 10. COMPLIANCE WITH APPLICABLE
TRADE AND ECONOMIC SANCTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">This bond shall not be deemed
to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent
that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation
of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations
administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a Risk Retention Group</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(EXCESS BOND)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RIDER NO. 1</B></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt"><B>BOND
    NUMBER </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>John
    Hancock Funds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>87142114B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>December
    31, 2014</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>&nbsp;December
    31, 2014 to December 31, 2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>/S/
    Maggie Sullivan</B></FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most property and casualty insurers, including
ICI Mutual Insurance Company, a Risk Retention Group (&ldquo;ICI Mutual&rdquo;), are subject to the requirements of the Terrorism
Risk Insurance Act of 2002, as amended (the &ldquo;Act&rdquo;). The Act establishes a Federal insurance backstop under which ICI
Mutual and these other insurers will be partially reimbursed for future <B>&ldquo;insured losses&rdquo;</B> resulting from certified<B>
&ldquo;acts of terrorism.&rdquo;</B> (Each of these <B>bolded terms </B>is defined by the Act.) The Act also places certain disclosure
and other obligations on ICI Mutual and these other insurers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Act, any future losses
to ICI Mutual caused by certified <B>&ldquo;acts of terrorism&rdquo;</B> will be partially reimbursed by the United States government
under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 85% of ICI
Mutual&rsquo;s <B>&ldquo;insured losses&rdquo;</B> in excess of a statutorily established deductible until total insured losses
of all participating insurers reach $100 billion. If total &ldquo;insured losses&rdquo; of all property and casualty insurers reach
$100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their
portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.</P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0">Coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond
(including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially
available under the bond for <B>&ldquo;acts of terrorism&rdquo;</B> is one percent (1%).</P>


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

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">RX53.0-01 (03/12)</P></td></tr>
</table>
<P STYLE="margin: 0pt 0; text-indent: 0.5in"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Bond Trust</B></FONT></TD>
    <TD STYLE="width: 56%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Investors Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock California Tax-Free Income Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Municipal Securities Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Capital Series </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Preferred Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Collateral Trust</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Preferred Income Fund II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Current Interest </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Preferred Income Fund III</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Emerging Markets Income Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Premium Dividend Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Financial Opportunities Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Series Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Flexible Income Opportunities Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Sovereign Bond Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Floating Rate High Income Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Strategic Diversified Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Funds II</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Strategic Series</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Funds III</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Tax-Advantaged Dividend Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Hedged Equity &amp; Income Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Tax-Advantaged Global Shareholder Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Income Securities Trust</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Tax-Exempt Series Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Investment Trust</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Variable Insurance Trust </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Investment Trust II</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>John Hancock Investment Trust III</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>(Collectively referred to as the &ldquo;Trusts&rdquo;
and the series are collectively referred to as the &ldquo;Funds&rdquo;)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>2014-2015 Joint Financial Institutions
(Fidelity) Bond (the &ldquo;Joint Bond&rdquo;)</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, Rule 17g-1 under the 1940
Act governs the required bonding of the Trusts&rsquo; officers and employees under a joint fidelity bond;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, the Trustees desire to
approve the Joint Bond for a one-year term ending December 31, 2015; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS</B>, the Trustees of the Trusts
have considered the allocation of premiums for the Joint Bond among the John Hancock Trusts and have determined that the allocation
should be based on the premium (including tax) of $98,106; it is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESOLVED</B>, that the Joint Bond issued
by Federal Insurance Company (Chubb) and ICI Mutual Insurance Company, covering each officer and employee of the Trusts against
larceny and embezzlement, in the amount of $30 million for a one-year term ending December 31, 2015, and in the proposed form presented
at this meeting, after consideration of all factors deemed relevant by the Board, including, but not limited to: (i) the expected
value of the aggregate assets of the Trusts to which any officer or employee of such Trusts may have access; (ii) the type and
terms of the arrangements made for the custody and safekeeping of such assets; and (iii)&nbsp;the nature of the securities in the
John Hancock Trusts&rsquo; portfolios, be, and it hereby is, determined to be reasonable in form and amount, and hereby approved;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the portion
of the premium for the Joint Bond to be paid by each Trust, in substantially the form presented at this Meeting, after consideration
of all factors deemed relevant by the Board, including, but not limited to: (i) the number of the other parties named as insureds;
(ii) the nature of the business activities of such other parties; (iii) the amount of the Joint Bond; (iv) the amount of the premium
for such Joint Bond; (v)&nbsp;the ratable allocation of the premium among all parties named as insureds; and (vi)&nbsp;the extent
to which the share of the premium allocated to each Trust is less than the premium such Trust would have had to pay if it had provided
and maintained a single insured bond, be, and it hereby is, approved; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the appropriate
officers of the Trusts be, and each hereby is, authorized to increase the amount of the Joint Bond coverage from time to time to
ensure adequate coverage based upon the value of the Trusts&rsquo; assets and to enable the Trusts to remain in compliance with
the 1940 Act and the rules promulgated thereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the Joint
Insured Bond Agreement among the Trusts (the &ldquo;Joint Bond Agreement&rdquo;), in substantially the form presented at this Meeting,
providing in substance that, in the event any recovery is received under the Joint Bond as a result of a loss sustained by the
Trusts and any one or more other named insureds, the Trusts 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 bond with the minimum coverage
required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is, approved;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the Secretary
of the Trusts or his delegate be, and each hereby is, authorized to make all necessary filings and give all notices and information
with respect to such Joint Bond and the Joint Bond Agreement required by paragraph (g) of Rule 17g-1 under the 1940 Act; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FURTHER RESOLVED</B>, that the appropriate
officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any and all such further acts,
in the name of the Trusts and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper, with
the advice of counsel, in connection with or in furtherance of the foregoing resolutions.</P>

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Agreement Relating to Joint Insured Bond</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">WHEREAS, each of the parties hereto is a named
insured under a &ldquo;joint insured bond,&rdquo; as that term is defined in Rule 17g-1 under the Investment Company Act of 1940
(the &ldquo;1940 Act&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">WHEREAS, Rule 17g-1(f) under the 1940 Act
requires an agreement between all the named insureds under a joint insured bond;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">NOW, THEREFORE, the parties hereto hereby
agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the event recovery is received under the
joint insured bond as a result of a loss sustained by any two or more of the named insureds, each insured shall receive an equitable
and proportionate share of the recovery, but at least equal to the amount which 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">IN WITNESS WHEREOF, each of the parties hereto
has caused this Agreement to be executed on its behalf by the undersigned thereunto duly authorized on January 30, 2015.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK VARIABLE INSURANCE TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK FUNDS II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its Series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>John HANCOCK FUNDS III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK BOND TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CAPITAL SERIES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CALIFORNIA TAX-FREE INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK COLLATERAL TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>On behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK CURRENT INTEREST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTMENT TRUST III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"></TD></TR></TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt; width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK MUNICIPAL SERIES TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK SOVEREIGN BOND FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK STRATEGIC SERIES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK TAX-EXEMPT SERIES FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK EMERGING MARKETS INCOME FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of its of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK FINANCIAL OPPORTUNITIES
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK FLEXIBLE INCOME OPPORTUNITIES
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK FLOATING RATE HIGH INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>On behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK HEDGED EQUITY &amp; INCOME
        FUND </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INCOME SECURITIES TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK INVESTORS TRUST</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND II</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREFERRED INCOME FUND III</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JOHN HANCOCK PREMIUM DIVIDEND FUND </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK STRATEGIC DIVERSIFIED INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each if its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME
        FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER
        YIELD FUND</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>on behalf of each of its series</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>_______________________________________________</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Executed on behalf of each Trust and its relevant Series referenced above:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Betsy Anne Seel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Betsy Anne Seel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Assistant Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT REGARDING SINGLE BOND AMOUNT</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the investment companies shown below had not been named as
an insured under this joint insured bond, they would have provided and maintained a single bond in the amount of at least:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Bond Trust</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">$1,700,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock California Tax-Free Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Capital Series</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$2,100,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Collateral Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Current Interest</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Emerging Markets Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$50,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Financial Opportunities Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$900,000&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Flexible Income Opportunities Fund*</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">* (terminated 6/17/2013)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Floating Rate High Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$50,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds II</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$2,500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds III</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$2,500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Hedged Equity &amp; Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Income Securities Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$2,300,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust II</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,500,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust III</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$400,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investors Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Municipal Securities Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$900,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund II</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$900,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund III</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Premium Dividend Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,250,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Sovereign Bond Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,700,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Strategic Diversified Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$50,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Strategic Series</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,900,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Dividend Income Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,250,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$525,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Exempt Series Fund</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$525,000&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Variable Insurance Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$2,500,000</TD></TR>
</TABLE>


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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Premiums have been paid for the period <B>December 31, 2014
to December 31, 2015</B>.</P>



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

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