<SEC-DOCUMENT>0001133228-18-000310.txt : 20180112
<SEC-HEADER>0001133228-18-000310.hdr.sgml : 20180112
<ACCEPTANCE-DATETIME>20180112124834
ACCESSION NUMBER:		0001133228-18-000310
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180112
DATE AS OF CHANGE:		20180112
EFFECTIVENESS DATE:		20180112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREMIUM DIVIDEND FUND
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		18525354

	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:	HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19990518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>html560_40-17g.htm
<DESCRIPTION>40-17G
<TEXT>

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<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial,sans-serif><font style="font-size:10pt;">601 Congress Street<br>Boston, Massachusetts 02210-2805</font></font></font></p></td>
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<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">January 12, 2018 </font></b></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Securities and Exchange Commission</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Washington, DC&nbsp; 20549</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">RE:</font></font></p></td>
 <td valign=top width=95% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Bond Trust (File No. 811-03006)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Collateral Trust (File No. 811-23027)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock California Tax-Free Income Fund (File No. 811-05979)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Capital Series (File No. 811-01677)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Current Interest (File No. 811-02485)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Emerging Markets Income Fund (File No. 811-22586)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Exchange-Traded Fund Trust (File No. 811-22733)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Financial Opportunities Fund (file No. 811-08568)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Floating Rate High Income Fund (File No. 811-22879)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Funds II (File No. 811-21779)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Funds III (File No. 811-21777)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Hedged Equity &amp; Income Fund (File No. 811-22441) </font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Income Securities Trust (File No. 811-04186)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Investment Trust (File No. 811-00560)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Investment Trust II (File No. 811-03999)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Investment Trust III (File No. 811-04630) </font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Investors Trust (File No. 811-04173)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Municipal Securities Trust (File No. 811-05968)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Preferred Income Fund (File No. 811-21131)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Preferred Income Fund II (File No. 811-21202)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Preferred Income Fund III (File No. 811-21287)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Premium Dividend Fund (File No. 811-05908)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Sovereign Bond Fund (File No. 811-02402)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Strategic Diversified Income Fund (File No. 811-22675)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Strategic Series (File No. 811-04651)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Tax-Advantaged Dividend Income Fund (File No. 811-21416)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Tax-Advantaged Global Shareholder Yield Fund (File No. 811-22056)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">John Hancock Variable Insurance Trust (File No. 811-04146)</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">(collectively the &#8220;Registrants&#8221; or the &#8220;Assured&#8221;)</font></font></p></td>
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<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Dear Sir/Madam:</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">On behalf of the Registrants, enclosed for filing, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), are the following documents:</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;width:100%;">
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">1.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of the </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Joint Insured Fidelity Bond No</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> issued by Chubb Group of Insurance Companies.</font></font></p></td>
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">2.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement /Rider No. 1</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding compliance with applicable trade sanction laws.</font></font></p></td>
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">3.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement 2</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding name of Assured Endorsement.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">4.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 3</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> amending Section 13 relating to terminations, non-renewals and notices.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">5.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 4</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724 </font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">regarding unauthorized signatures.&nbsp; </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">6.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 5</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding automated telephone transactions.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">7.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">of Endorsement No. 6</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no</font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">. 81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding telefacsimile instructions.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">8.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 7</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding stop payment orders or refusals to pay checks. </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">9.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 8</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724 </font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">regarding extended computer systems&#8217; electronic data, media, instructions, communications and transmissions.</font></font></p></td>
 </tr>
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">10.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement / Rider No. 9</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding automatic increase in limits.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">11.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement / Rider No. 10</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding definition of employee endorsement.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">12.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement / Rider No. 11</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724 </font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">regarding deleting valuation, other property and amending change or modification.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">13.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 12</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrant&#8217;s joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724 </font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">regarding amending name of assured relating to new funds.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">14.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement / Rider No. 13</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrants&#8217; joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding amending discovery and notice.</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 8pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

<font face=arial style="font-size:10pt;">&nbsp; <a name="page_2"></a>

</font><div style="padding-left:0%;padding-right:0%;">

<div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;width:100%;">
 <tr>
  <td valign=top width=50% style="border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial,sans-serif><font style="font-size:10pt;">601 Congress Street<br>Boston, Massachusetts 02210-2805</font></font></font></p></td>
 <td valign=top width=50% style="border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;">
   <img height=51 src="x18011210324600.jpg" width=155> </p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<p style="margin:0in 0in 8pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;width:100%;">
 <tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">15.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 14</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrant&#8217;s joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">81906724</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> regarding limits of liability-deductible amounts.</font></font></p></td>
 </tr>
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">16.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font><b><font style="font-size:10pt;line-height:normal;">Endorsement No. 15</font></b><font style="font-size:10pt;line-height:normal;"> To the Registrant&#8217;s joint bond no. </font><b><font style="font-size:10pt;line-height:normal;">81906724</font></b><font style="font-size:10pt;line-height:normal;"> regarding insurance agency address change.</font></font></p></td>
 </tr>
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  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">17.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of the </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Excess Joint Insured Fidelity Bond</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> N</font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">o</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">87142117B</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> issued by ICI Mutual Insurance Company.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">18.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:5pt;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Rider No. 1</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to the Registrant&#8217;s joint bond no. </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">87142117B </font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">regarding requirements of the Terrorism Risk Insurance Act of 2002, as amended. </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font color=black face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">19.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font color=black face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of the resolutions of the Board of Trustees approving the bonds.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">20.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A copy of the agreement among the Registrants entered into pursuant to paragraph (f) of Regulation 17g-1.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">21.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A statement showing the single bond amount (if the Registrants had not been named as an insured under this joint insured bond).</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=4% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 6pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">22.</font></font></p></td>
 <td valign=top width=96% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">A statement showing that premiums have been paid for the period </font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">December 31, 2017</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to</font></font><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;"> December 31, 2018.</font></b></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Sincerely,</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><u><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">/s/ Betsy Anne Seel</font></u></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Betsy Anne Seel</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Assistant Secretary</font></font></p>

<p style="margin:0in 0in 8pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>




<div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
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  <td>&nbsp;</td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Chubb Group of Insurance Companies</font></b></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">DECLARATIONS</font></b></td>
 </tr>
<tr valign="bottom" style="height:22px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">COMPANY ASSET PROTECTION BOND</font></b></td>
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<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="left" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">NAME OF ASSURED (including its </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Subsidiaries</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">):</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond Number:</font></td>
 <td align="left" colspan="2" style="text-indent:1.439pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">81906724</font></td>
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<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">JOHN HANCOCK FUNDS</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">601 CONGRESS STREET</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">BOSTON, MA 02210</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Incorporated under the laws of Indiana</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a stock insurance company herein called the COMPANY</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Indianapolis, IN 46204-1927</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">ITEM 1.</font></b></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">BOND PERIOD: from</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">12:01 a.m. on</font></td>
 <td align="left" colspan="3" style="text-indent:3.6pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">December 31, 2017</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">to</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">12:01 a.m. on</font></td>
 <td align="left" colspan="3" style="text-indent:3.6pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">December 31, 2018</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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<tr valign="bottom">
  <td align="left"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">ITEM 2.</font></b></td>
 <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:19px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="9"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="9"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any other reference shall be deemed to be deleted. </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">There shall be no deductible applicable to any loss</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="7"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">under INSURING CLAUSE 1. sustained by any Investment Company.</font></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:11px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">SINGLE LOSS</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;text-indent:5.4pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">INSURING CLAUSE</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMIT OF LIABILITY</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMOUNT</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">0</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">On Premises</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In Transit</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery or Alteration</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">5</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Extended Forgery</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">6</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counterfeit Money</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">7</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Threats to Person</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">8</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">9</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">10</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Uncollectible Items of Deposit</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="center"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">11</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Audit Expense</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160;&#160;&#160;150,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">0</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ITEM 3.</font></b></td>
 <td align="left" colspan="9"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3" style="text-indent:17.996pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1 - 15</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="10"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="10"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">IN WITNESS WHEREOF, THE COMPANY </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">has caused this Bond to be signed by its authorized officers, but it shall not be</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="8"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">valid unless also signed by an authorized representative of the Company.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>

<font face=arial style="font-size:10pt;"><br>
</font><div align=left><table cellpadding="0" cellspacing="0" border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td><font><b><u><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">/s/ Brandon M. Peene </font></u></b></font><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;"><br>
</font><font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">Secretary </font></b></font></font></td>
 <td><font><b><u><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">/s/ Paul J. Krump</font></u></b></font><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;"><br>
</font><font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">President</font></b></font></font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">&#160;</font></td>
 <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">&#160;</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">&#160;</font></td>
 <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">&#160;</font></td>
 </tr>
<tr>
  <td><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">Countersigned by </font></b><b><u><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">January 5, 2018</font></u></b></td>
 <td><font><b><u><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">/s/ Paul N. Morrissette</font></u></b></font><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;"><br>
</font><font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">Authorized Representative</font></b></font></font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98) - Federal</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 1 of 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_2" name="page_2"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">The COMPANY, in consideration of payment of the required premium, and in reliance</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">on the APPLICATION and all other statements made and information furnished to the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED for:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;">&nbsp;</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">
</font><div><font face="arial, helvetica, sans-serif">&#160; &#160;</font></div>

<div><font face="arial, helvetica, sans-serif">&#160;</font></div>
</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Insuring Clauses</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Embezzlement </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">committed by any</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, alone or in collusion with others.</font></div>
</td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="7" style="border-bottom:rgb(0,0,0) 1px solid;">
<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="7">

&nbsp;</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">On Premises</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">resulting directly from robbery, burglary, false pretenses,</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">common law or statutory larceny, misplacement, mysterious unexplainable</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">disappearance, damage, destruction or removal, from the possession, custody or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">control of the ASSURED, while such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is lodged or deposited at premises</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">located anywhere.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">In Transit</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">resulting directly from common law or statutory larceny,</font></td>
 </tr>
<tr valign="bottom" style="height:14px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">misplacement, mysterious unexplainable disappearance, damage or destruction,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">while the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is in transit anywhere:</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in an armored motor vehicle, including loading and unloading thereof,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in the custody of a natural person acting as a messenger of the ASSURED,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in the custody of a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transportation Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and being transported in a</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">conveyance other than an armored motor vehicle provided, however, that</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">covered </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transported in such manner is limited to the following:</font></td>
 </tr>
<tr style="height:23px;">
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">written records,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">securities issued in registered form, which are not endorsed or are</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">restrictively endorsed, or</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">negotiable instruments not payable to bearer, which are not endorsed</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or are restrictively endorsed.</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Coverage under this INSURING CLAUSE begins immediately on the receipt of</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by the natural person or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transportation Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and ends</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">immediately on delivery to the premises of the addressee or to any representative</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the addressee located anywhere.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 1 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_3" name="page_3"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Insuring Clauses</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Forgery Or Alteration</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">4</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss resulting directly from:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">a.</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on, or fraudulent material alteration of, any bills of exchange,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">receipts for the withdrawal of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">institution or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">but which instructions, advices or applications either</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">bear a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or have been fraudulently materially altered without the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">knowledge and consent of such customer, shareholder, subscriber, financial</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">institution or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">;</font></td>
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<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">excluding, however, under this INSURING CLAUSE any loss covered under</font></div>
</td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING</font></div>
</td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</font></div>
</td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</font></div>
</td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">signature is treated the same as a handwritten signature.</font></div>

<div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div style="margin-left:18pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; &#160;</font></div>
</td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Extended Forgery</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">5</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss resulting directly from the ASSURED having, in good faith, and in the</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">capacity:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">a.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">acquired, accepted or received, sold or delivered, or given value, extended</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">credit or assumed liability, in reliance on any original </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities,</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">documents or other written instruments </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which prove to:</font></td>
 </tr>
<tr>
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">bear a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or a fraudulently material alteration,</font></td>
 </tr>
<tr>
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">have been lost or stolen, or</font></td>
 </tr>
<tr>
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counterfeit</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr>
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">guaranteed in writing or witnessed any signatures on any transfer,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">assignment, bill of sale, power of attorney, guarantee, endorsement or other</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">obligation upon or in connection with any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities, documents or other</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">written instruments</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Actual physical possession, and continued actual physical possession if taken as</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">collateral, of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities, documents or other written instruments </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee, Custodian</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or a Federal or State chartered deposit institution of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED is a condition precedent to the ASSURED having relied on such items.</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Release or return of such collateral is an acknowledgment by the ASSURED that it</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">no longer relies on such collateral.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 2 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_4" name="page_4"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
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  <td>&nbsp;</td>
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 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Insuring Clauses</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Extended Forgery</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:80%;">For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="4" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">signature is treated the same as a handwritten signature.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr style="height:18px;">
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Counterfeit Money</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">6</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss resulting directly from the receipt by the ASSURED in good faith of any</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="4" style="border-bottom:rgb(0,0,0) 1px solid;">
<div><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counterfeit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">money.</font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Threats To Person</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">7</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from surrender of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">away from an office of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED as a result of a threat communicated to the ASSURED to do bodily</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">harm to an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">as defined in SECTION 1.e. (1), (2) and (5), a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Relative </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">invitee of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or a resident of the household of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, who</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is, or allegedly is, being held captive provided, however, that prior to the surrender</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">who receives the threat has made a reasonable effort to</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">notify an officer of the ASSURED who is not involved in such threat, and</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED has made a reasonable effort to notify the Federal Bureau of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investigation and local law enforcement authorities concerning such threat.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that for purposes of this INSURING CLAUSE, any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED, as set forth in the preceding paragraph, shall be deemed to be an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED hereunder, but only with respect to the surrender of money, securities</font></td>
 </tr>
<tr valign="bottom" style="height:19px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and other tangible personal property in which such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">has a legal or</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">equitable interest.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Computer System</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">8</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss </font><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">resulting directly from fraudulent:</font></font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">entries of data into, or</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">changes of data elements or programs within,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, provided the fraudulent entry or change causes:</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">funds or other property to be transferred, paid or delivered,</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an account of the ASSURED or of its customer to be added, deleted,</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">debited or credited, or</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an unauthorized account or a fictitious account to be debited or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">credited</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 3 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

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  <td>&nbsp;</td>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Insuring Clauses</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Voice Initiated Funds</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">9</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">directed</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transfer Instruction</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to the ASSURED authorizing the transfer of dividends or redemption proceeds of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shares from a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer's </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">account, provided such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Initiated Funds Transfer Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">was:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">received at the ASSURED'S offices by those </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employees </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">specifically authorized to receive the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">made by a person purporting to be a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, and</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">made by said person for the purpose of causing the ASSURED or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to sustain a loss or making an improper personal financial gain for such</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">person or any other person.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In order for coverage to apply under this INSURING CLAUSE, all </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Funds Transfer Instructions </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">must be received and processed in accordance with</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the Designated Procedures outlined in the APPLICATION furnished to the</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Uncollectible Items of</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">10</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from the ASSURED having credited an account of a</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Deposit</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">customer, shareholder or subscriber on the faith of any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">prove to be uncollectible, provided that the crediting of such account causes:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">redemptions or withdrawals to be permitted,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shares to be issued, or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">dividends to be paid, from an account of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In order for coverage to apply under this INSURING CLAUSE, the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">must hold </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for the minimum number of days stated in the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APPLICATION before permitting any redemptions or withdrawals, issuing any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shares or paying any dividends with respect to such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall not be deemed uncollectible until the ASSURED'S</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">standard collection procedures have failed.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Audit Expense</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">11</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Expense incurred by the ASSURED for that part of the cost of audits or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">examinations required by any governmental regulatory authority or self-regulatory</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">organization to be conducted by such authority, organization or their appointee by</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">reason of the discovery of loss sustained by the ASSURED and covered by this</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 4 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_6" name="page_6"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">General Agreements</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Additional Companies</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">A.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If more than one corporation, or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or any combination of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Included As Assured</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">them is included as the ASSURED herein:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The total liability of the COMPANY under this Bond for loss or losses</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sustained by any one or more or all of them shall not exceed the limit for</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which the COMPANY would be liable under this Bond if all such loss were</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sustained by any one of them.</font></td>
 </tr>
<tr style="height:15px;">
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Only the first named ASSURED shall be deemed to be the sole agent of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">others for all purposes under this Bond, including but not limited to the giving</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or receiving of any notice or proof required to be given and for the purpose of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">effecting or accepting any amendments to or termination of this Bond. The</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY shall furnish each </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">with a copy of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond and with any amendment thereto, together with a copy of each formal</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">filing of claim by any other named ASSURED and notification of the terms of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the settlement of each such claim prior to the execution of such settlement.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY shall not be responsible for the proper application of any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">payment made hereunder to the first named ASSURED.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(4</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Knowledge possessed or discovery made by any partner, director, trustee,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">officer or supervisory employee of any ASSURED shall constitute knowledge</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or discovery by all the ASSUREDS for the purposes of this Bond.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(5</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the first named ASSURED ceases for any reason to be covered under this</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond, then the ASSURED next named on the APPLICATION shall thereafter</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be considered as the first named ASSURED for the purposes of this Bond</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Representation Made By</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">B.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED represents that all information it has furnished in the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Assured</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APPLICATION for this Bond or otherwise is complete, true and correct. Such</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APPLICATION and other information constitute part of this Bond.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED must promptly notify the COMPANY of any change in any fact or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">circumstance which materially affects the risk assumed by the COMPANY under</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this Bond.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Any intentional misrepresentation, omission, concealment or incorrect statement of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a material fact, in the APPLICATION or otherwise, shall be grounds for recision of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this Bond.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 5 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_7" name="page_7"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">General Agreements</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr style="height:25px;">
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Additional Offices Or</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">C.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the ASSURED, other than an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, while this Bond is in force,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employees - Consolidation,</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">merges or consolidates with, or purchases or acquires assets or liabilities of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Merger Or Purchase Or</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">another institution, the ASSURED shall not have the coverage afforded under this</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Acquisition Of Assets Or</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond for loss which has:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Liabilities - Notice To</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">occurred or will occur on premises, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">been caused or will be caused by an employee, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">arisen or will arise out of the assets or liabilities,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of such institution, unless the ASSURED:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:19px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">gives the COMPANY written notice of the proposed consolidation, merger or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">purchase or acquisition of assets or liabilities prior to the proposed effective</font></td>
 </tr>
<tr valign="bottom" style="height:20px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">date of such action, and</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">obtains the written consent of the COMPANY to extend some or all of the</font></td>
 </tr>
<tr valign="bottom" style="height:24px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">coverage provided by this Bond to such additional exposure, and</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 0px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 0px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 0px solid;text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 0px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 0px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">c.</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on obtaining such consent, pays to the COMPANY an additional premium</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Change Of Control -</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">D.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">When the ASSURED learns of a change in control (other than in an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Notice To Company</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">), as set forth in Section 2(a) (9) of the Investment Company Act of&#160;1940,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;">&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the names of the transferors and transferees (or the names of the beneficial</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">owners if the voting securities are registered in another name),</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the total number of voting securities owned by the transferors and the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transferees (or the beneficial owners), both immediately before and after the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transfer, and</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the total number of outstanding voting securities.</font></td>
 </tr>
<tr valign="bottom" style="height:20px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Failure to give the required notice shall result in termination of coverage for any</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss involving a transferee, to be effective on the date of such change in control.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Court Costs And</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">E.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY will indemnify the ASSURED for court costs and reasonable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Attorneys" Fees</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">attorneys' fees incurred and paid by the ASSURED in defense, whether or not</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">successful, whether or not fully litigated on the merits and whether or not settled,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of any claim, suit or legal proceeding with respect to which the ASSURED would</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be entitled to recovery under this Bond. However, with respect to INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE 1., this Section shall only apply in the event that:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">admits to being guilty of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny or Embezzlement</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is adjudicated to be guilty of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny or Embezzlement</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 6 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_8" name="page_8"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">General Agreements</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Court Costs And</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in the absence of 1 or 2 above, an arbitration panel agrees, after a review of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Attorneys" Fees</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an agreed statement of facts between the COMPANY and the ASSURED,</font></td>
 </tr>
<tr valign="bottom" style="height:14px;">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">that an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">would be found guilty of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny or Embezzlement </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">if</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">were prosecuted.</font></div>
</td>
 </tr>
<tr valign="bottom">
  <td colspan="3" style="text-align:left;">&nbsp;</td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall promptly give notice to the COMPANY of any such suit or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">legal proceeding and at the request of the COMPANY shall furnish copies of all</font></td>
 </tr>
<tr valign="bottom" style="height:22px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">pleadings and pertinent papers to the COMPANY. The COMPANY may, at its</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sole option, elect to conduct the defense of all or part of such legal proceeding.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The defense by the COMPANY shall be in the name of the ASSURED through</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">attorneys selected by the COMPANY. The ASSURED shall provide all reasonable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">information and assistance as required by the COMPANY for such defense.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the COMPANY declines to defend the ASSURED, no settlement without the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">prior written consent of the COMPANY nor judgment against the ASSURED shall</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">determine the existence, extent or amount of coverage under this Bond.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the amount demanded in any such suit or legal proceeding is within the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">costs and attorney's fees incurred in defending all or part of such suit or legal</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">proceeding.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the amount demanded in any such suit or legal proceeding is in excess of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">incurred in defending all or part of such suit or legal proceedings is limited to the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">proportion of such court costs and attorney's fees incurred that the LIMIT OF</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE bears to the total of the amount demanded in such suit or legal</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">proceeding.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the amount demanded is any such suit or legal proceeding is in excess of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2.of the DECLARATIONS for the applicable INSURING CLAUSE, the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY'S liability for court costs and attorney's fees incurred in defending all or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">part of such suit or legal proceedings shall be limited to the proportion of such</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">court costs or attorney's fees that the amount demanded that would be payable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">amount demanded.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Amounts paid by the COMPANY for court costs and attorneys' fees shall be in</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 7 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_9" name="page_9"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Definitions</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">As used in this Bond:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a computer and all input, output, processing,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">storage, off-line media libraries, and communication facilities which are</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">connected to the computer and which are under the control and supervision</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the operating system(s) or application(s) software used by the ASSURED.</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counterfeit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means an imitation of an actual valid original which is intended</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to deceive and be taken as the original.</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Custodian </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means the institution designated by an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">maintain possession and control of its assets.</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means an individual, corporate, partnership, trust customer,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shareholder or subscriber of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which has a written</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">agreement with the ASSURED for </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td align="left" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means:</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an officer of the ASSURED,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a natural person while in the regular service of the ASSURED at any of</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED'S premises and compensated directly by the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">through its payroll system and subject to the United States Internal</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Revenue Service Form W-2 or equivalent income reporting plans of</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">other countries, and whom the ASSURED has the right to control and</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">direct both as to the result to be accomplished and details and means</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by which such result is accomplished in the performance of such</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">service,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a guest student pursuing studies or performing duties in any of the</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED'S premises,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(4</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an attorney retained by the ASSURED and an employee of such</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">attorney while either is performing legal services for the ASSURED,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(5</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a natural person provided by an employment contractor to perform</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">employee duties for the ASSURED under the ASSURED'S supervision</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">at any of the ASSURED'S premises,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(6</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an employee of an institution merged or consolidated with the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED prior to the effective date of this Bond,</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(7</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a director or trustee of the ASSURED, but only while performing acts</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">within the scope of the customary and usual duties of any officer or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">other employee of the ASSURED or while acting as a member of any</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">committee duly elected or appointed to examine or audit or have</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">custody of or access to </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the ASSURED, or</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 8 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_10" name="page_10"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Definitions</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(8</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">each natural person, partnership or corporation authorized by written</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">agreement with the ASSURED to perform services as electronic data</font></td>
 </tr>
<tr valign="bottom" style="height:22px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">processor of checks or other accounting records related to such checks but</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">only while such person, partnership or corporation is actually performing</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such services and not:</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">creating, preparing, modifying or maintaining the ASSURED'S</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">computer software or programs, or</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">acting as transfer agent or in any other agency capacity in issuing</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">checks, drafts or securities for the ASSURED,</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(9</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any partner, officer or employee of an investment advisor, an underwriter</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(distributor), a transfer agent or shareholder accounting recordkeeper, or an</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">administrator, for an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">while performing acts coming</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">within the scope of the customary and usual duties of an officer or employee</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or acting as a member of any committee duly</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">elected or appointed to examine, audit or have custody of or access to</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an Investment Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The term </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall not include any partner, officer or employee of a</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transfer agent, shareholder accounting recordkeeper or administrator:</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which is not an "affiliated person" (as defined in Section 2(a) of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company Act of 1940) of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the investment advisor or underwriter (distributor) of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which is a "bank" (as defined in Section 2(a) of the Investment</font></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company Act of 1940).</font></td>
 </tr>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond does not afford coverage in favor of the employers of</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">persons as set forth in e. (4), (5) and (8) above, and upon payment to</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED by the COMPANY resulting directly from </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny or</font></b></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Embezzlement </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">committed by any of the partners, officers or</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">employees of such employers, whether acting alone or in collusion with</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">others, an assignment of such of the ASSURED'S rights and causes of</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">action as it may have against such employers by reason of such acts</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">so committed shall, to the extent of such payment, be given by the</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED to the COMPANY, and the ASSURED shall execute all</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">papers necessary to secure to the COMPANY the rights provided for</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">herein.</font></td>
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  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">partners, officers and other employees of such employers shall collectively</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be deemed to be one person for all the purposes of this Bond; excepting,</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">however, the fifth paragraph of Section 13.</font></td>
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  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Independent contractors not specified in e.(4), (5) or (8) above,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">intermediaries, agents, brokers or other representatives of the same general</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">character shall not be considered </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employees</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
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  <td>&nbsp;</td>
 <td>&nbsp;</td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 9 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_11" name="page_11"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Definitions</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">f.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means the signing of the name of another natural person with the</font></td>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">intent to deceive but does not mean a signature which consists in whole or in</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">part of one's own name, with or without authority, in any capacity for any</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">purpose.</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">g.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any investment company registered under the</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company Act of 1940 and listed under the NAME OF ASSURED</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on the DECLARATIONS.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">h.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means one or more checks or drafts drawn upon a</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">financial institution in the United States of America.</font></td>
 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">i.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Larceny or Embezzlement </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means larceny or embezzlement as defined in</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 37 of the Investment Company Act of 1940.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">j.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means money, revenue and other stamps; securities; including any</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">note, stock, treasury stock, bond, debenture, evidence of indebtedness,</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">certificate of deposit, certificate of interest or participation in any profit-</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sharing agreement, collateral trust certificate, preorganization certificate or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">subscription, transferable share, investment contract, voting trust certificate,</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">certificate of deposit for a security, fractional undivided interest in oil, gas, or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">other mineral rights, any interest or instruments commonly known as a</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">security under the Investment Company Act of 1940, any other certificate of</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">interest or participation in, temporary or interim certificate for, receipt for,</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">guarantee of, or warrant or right to subscribe to or purchase any of the</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">foregoing; bills of exchange; acceptances; checks; withdrawal orders; money</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">orders; travelers' letters of credit; bills of lading; abstracts of title; insurance</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">policies, deeds, mortgages on real estate and/or upon chattels and interests</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">therein; assignments of such policies, deeds or mortgages; other valuable</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">papers, including books of accounts and other records used by the</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED in the conduct of its business (but excluding all electronic data</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">processing records); and, all other instruments similar to or in the nature of</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the foregoing in which the ASSURED acquired an interest at the time of the</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED'S consolidation or merger with, or purchase of the principal</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">assets of, a predecessor or which are held by the ASSURED for any</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">purpose or in any capacity and whether so held gratuitously or not and</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">whether or not the ASSURED is liable therefor.</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">k.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Relative </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means the spouse of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or partner of the ASSURED</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and any unmarried child supported wholly by, or living in the home of, such</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or partner and being related to them by blood, marriage or legal</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">guardianship.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">l.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities, documents or other written instruments </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means original</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(including original counterparts) negotiable or non-negotiable instruments, or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">assignments thereof, which in and of themselves represent an equitable</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">interest, ownership, or debt and which are in the ordinary course of business</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transferable by delivery of such instruments with any necessary</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">endorsements or assignments.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 10 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_12" name="page_12"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
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  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Definitions</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">m.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Subsidiary </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any organization that, at the inception date of this Bond,</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is named in the APPLICATION or is created during the BOND PERIOD and</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of which more than fifty percent (50%) of the outstanding securities or voting</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">rights representing the present right to vote for election of directors is owned</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or controlled by the ASSURED either directly or through one or more of its</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">subsidiaries.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">n.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transportation Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any organization which provides its own</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or its leased vehicles for transportation or which provides freight forwarding</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or air express services.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">o.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Election </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any election concerning dividend options</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">available to </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shareholders or subscribers which is</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">requested by voice over the telephone.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">p.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Redemption </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any redemption of shares issued by an</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which is requested by voice over the telephone.</font></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">q.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated</font></b></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Redemption </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Election</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">For the purposes of these definitions, the singular includes the plural and the</font></td>
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  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">plural includes the singular, unless otherwise indicated.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">General Exclusions -</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This bond does not directly or indirectly cover:</font></b></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Applicable to All Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss not reported to the COMPANY in writing within sixty (60) days after</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">termination of this Bond as an entirety;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss due to riot or civil commotion outside the United States of America and</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Canada, or any loss due to military, naval or usurped power, war or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">insurrection. This Section 2.b., however, shall not apply to loss which occurs</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in transit in the circumstances recited in INSURING CLAUSE 3., provided</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">that when such transit was initiated there was no knowledge on the part of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any person acting for the ASSURED of such riot, civil commotion, military,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">naval or usurped power, war or insurrection;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from the effects of nuclear fission or fusion or radioactivity;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss of potential income including, but not limited to, interest and dividends</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">not realized by the ASSURED or by any customer of the ASSURED;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">damages of any type for which the ASSURED is legally liable, except</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">compensatory damages, but not multiples thereof, arising from a loss</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">covered under this Bond;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">f.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">costs, fees and expenses incurred by the ASSURED in establishing the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">existence of or amount of loss under this Bond, except to the extent covered</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">under INSURING CLAUSE 11.;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">g.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from indirect or consequential loss of any nature;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 11 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_13" name="page_13"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
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  <td>&nbsp;</td>
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 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">General Exclusions -</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">h.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from dishonest acts by any member of the Board of Directors</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Applicable to All Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or Board of Trustees of the ASSURED who is not an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, acting</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">alone or in collusion with others;</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">i.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss, or that part of any loss, resulting solely from any violation by the</font></td>
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  <td colspan="8" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED or by any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of any law regulating:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the issuance, purchase or sale of securities,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">securities transactions on security or commodity exchanges or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the over the counter market,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">investment companies,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">investment advisors, or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of any rule or regulation made pursuant to any such law; or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">j.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss of confidential information, material or data;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">k.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from voice requests or instructions received over the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">telephone, provided however, this Section 2.k. shall not apply to INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE 7. or 9.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Specific </font></i><font><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Exclusions -</font></i></font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="5" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond does not directly or indirectly cover:</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Applicable To All Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss caused by an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, provided, however, this Section 3.a. shall not</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses Except Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">apply to loss covered under INSURING CLAUSE 2. or 3. which results</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clause 1.</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">directly from misplacement, mysterious unexplainable disappearance, or</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="8" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">damage or destruction of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss through the surrender of property away from premises of the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">as a result of a threat:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to do bodily harm to any natural person, except loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transit in the custody of any person acting as messenger of the</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED, provided that when such transit was initiated there was no</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">knowledge by the ASSURED of any such threat, and provided further</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">that this Section 3.b. shall not apply to INSURING CLAUSE 7., or</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to do damage to the premises or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the ASSURED;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from payments made or withdrawals from any account</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">involving erroneous credits to such account;</font></td>
 </tr>
<tr valign="bottom" style="height:20px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss involving </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Items of Deposit </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which are not finally paid for any reason</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">provided however, that this Section 3.d. shall not apply to INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE 10.;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss of property while in the mail;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 12 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_14" name="page_14"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conditions and</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limitations</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Specific Exclusions -</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">f.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from the failure for any reason of a financial or depository</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Applicable To All Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">institution, its receiver or other liquidator to pay or deliver funds or other</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses Except Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to the ASSURED provided further that this Section 3.f. shall not</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clause 1.</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">apply to loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">resulting directly from robbery, burglary,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">misplacement, mysterious unexplainable disappearance, damage,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">destruction or removal from the possession, custody or control of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">g.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">while in the custody of a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transportation Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">provided however, that this Section 3.g. shall not apply to INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE 3.;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">h.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from entries or changes made by a natural person with</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">authorized access to a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">who acts in good faith on</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instructions, unless such instructions are given to that person by a software</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">contractor or its partner, officer, or employee authorized by the ASSURED to</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">design, develop, prepare, supply, service, write or implement programs for</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED's </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">; or</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">i.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting directly or indirectly from the input of data into a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">terminal, either on the premises of the customer of the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">had authorized access to the customer's authentication mechanism.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Specific Exclusions -</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This bond does not directly or indirectly cover:</font></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Applicable To All Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from the complete or partial non-payment of or default on any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses Except Insuring</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loan whether such loan was procured in good faith or through trick, artifice,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses 1., 4., And 5.</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">fraud or false pretenses; provided, however, this Section 4.a. shall not apply</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to INSURING CLAUSE 8.;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from forgery or any alteration;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss involving a counterfeit provided, however, this Section 4.c. shall not</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">apply to INSURING CLAUSE 5. or 6.</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limit Of Liability/Non-</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">5</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">At all times prior to termination of this Bond, this Bond shall continue in force for</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Reduction And Non-</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Accumulation Of Liability</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">notwithstanding any previous loss for which the COMPANY may have paid or be</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">liable to pay under this Bond provided, however, that the liability of the COMPANY</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">under this Bond with respect to all loss resulting from:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any one act of burglary, robbery or hold-up, or attempt thereat, in which no</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is concerned or implicated, or</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any one unintentional or negligent act on the part of any one person</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">resulting in damage to or destruction or misplacement of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr>
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">all acts, other than those specified in a. above, of any one person, or</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 13 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_15" name="page_15"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:17px;">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limit Of Liability/Non-</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any one casualty or event other than those specified in a., b., or c. above,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Reduction And Non-</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Accumulation Of Liability</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">from year to year or from period to period.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">All acts, as specified in c. above, of any one person which</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">i.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">directly or indirectly aid in any way wrongful acts of any other person or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">persons, or</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ii.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">permit the continuation of wrongful acts of any other person or persons</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">whether such acts are committed with or without the knowledge of the wrongful</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">the intent to aid such other person, shall be deemed to be one loss with the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">wrongful acts of all persons so aided.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Discovery</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">6</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond applies only to loss first discovered by an officer of the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">during the BOND PERIOD. Discovery occurs at the earlier of an officer of the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED being aware of:</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to a third party,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">regardless of when the act or acts causing or contributing to such loss occurred,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">even though the amount of loss does not exceed the applicable DEDUCTIBLE</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMOUNT, or the exact amount or details of loss may not then be known.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Notice To Company -</font></i></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">7</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall give the COMPANY notice thereof at the earliest</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Proof - Legal Proceedings</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">practicable moment, not to exceed sixty (60) days after discovery of loss, in</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Against Company</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an amount that is in excess of 50% of the applicable DEDUCTIBLE</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">with full particulars within six (6) months after such discovery.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities listed in a proof of loss shall be identified by certificate or bond</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">numbers, if issued with them.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Legal proceedings for the recovery of any loss under this Bond shall not be</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">with the COMPANY or after the expiration of twenty-four (24) months from</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the discovery of such loss.</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond affords coverage only in favor of the ASSURED. No claim, suit,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">action or legal proceedings shall be brought under this Bond by anyone</font></td>
 </tr>
<tr valign="bottom" style="height:12px;">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">other than the ASSURED.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 14 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

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<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conditions and</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limitations</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Notice To Company -</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">f.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Proof of loss involving </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Proof - Legal Proceedings</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">include electronic recordings of such instructions.</font></td>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Against Company</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;vertical-align:top;">(continued)</font></i></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif">&#160;</font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Deductible Amount</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">8</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY shall not be liable under any INSURING CLAUSES of this Bond</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on account of loss unless the amount of such loss, after deducting the net amount</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of all reimbursement and/or recovery obtained or made by the ASSURED, other</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">than from any Bond or policy of insurance issued by an insurance company and</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">covering such loss, or by the COMPANY on account thereof prior to payment by</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DECLARATIONS.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">There shall be no deductible applicable to any loss under INSURING CLAUSE 1.</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sustained by any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Valuation</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">9</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">BOOKS OF ACCOUNT OR OTHER RECORDS</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The value of any loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">consisting of books of account or other records</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">used by the ASSURED in the conduct of its business shall be the amount paid by</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED for blank books, blank pages, or other materials which replace the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">lost books of account or other records, plus the cost of labor paid by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED for the actual transcription or copying of data to reproduce such books</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of account or other records.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The value of any loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">other than books of account or other records</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">used by the ASSURED in the conduct of its business, for which a claim is made</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall be determined by the average market value of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">business day immediately preceding discovery of such loss provided, however,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">that the value of any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">replaced by the ASSURED with the consent of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY and prior to the settlement of any claim for such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall be the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">actual market value at the time of replacement.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In the case of a loss of interim certificates, warrants, rights or other securities, the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">production of which is necessary to the exercise of subscription, conversion,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">redemption or deposit privileges, the value of them shall be the market value of</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such privileges immediately preceding their expiration if said loss is not discovered</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">until after their expiration. If no market price is quoted for such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or for</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such privileges, the value shall be fixed by agreement between the parties.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">OTHER PROPERTY</font></b></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The value of any loss of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, other than as stated above, shall be the actual</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">cash value or the cost of repairing or replacing such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">with </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">like quality and value, whichever is less.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 15 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_17" name="page_17"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities Settlement</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">10</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In the event of a loss of securities covered under this Bond, the COMPANY may,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">at its sole discretion, purchase replacement securities, tender the value of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">securities in money, or issue its indemnity to effect replacement securities.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The indemnity required from the ASSURED under the terms of this Section</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">against all loss, cost or expense arising from the replacement of securities by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY'S indemnity shall be:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for securities having a value less than or equal to the applicable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE AMOUNT - one hundred (100%) percent;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:20px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for securities having a value in excess of the DEDUCTIBLE AMOUNT but</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">within the applicable LIMIT OF LIABILITY - the percentage that the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE AMOUNT bears to the value of the securities;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for securities having a value greater than the applicable LIMIT OF LIABILITY</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the applicable LIMIT OF LIABILITY bears to the value of the securities.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:20px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The value referred to in Section 10.a., b., and c. is the value in accordance with</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 9, Valuation, regardless of the value of such securities at the time the loss</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">under the COMPANY'S indemnity is sustained.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY is not required to issue its indemnity for any portion of a loss of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">securities which is not covered by this Bond; however, the COMPANY may do so</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">as a courtesy to the ASSURED and at its sole discretion.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall pay the proportion of the Company's premium charge for the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company's indemnity as set forth in Section 10.a., b., and c. No portion of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMIT OF LIABILITY shall be used as payment of premium for any indemnity</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">purchased by the ASSURED to obtain replacement securities.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Subrogation - Assignment " </font></i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">11.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In the event of a payment under this Bond, the COMPANY shall be subrogated to</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Recovery</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">all of the ASSURED'S rights of recovery against any person or entity to the extent</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of such payment. On request, the ASSURED shall deliver to the COMPANY an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">assignment of the ASSURED'S rights, title and interest and causes of action</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">against any person or entity to the extent of such payment.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Recoveries, whether effected by the COMPANY or by the ASSURED, shall be</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">applied net of the expense of such recovery in the following order:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">first, to the satisfaction of the ASSURED'S loss which would otherwise have</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">been paid but for the fact that it is in excess of the applicable LIMIT OF</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIABILITY,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">second, to the COMPANY in satisfaction of amounts paid in settlement of</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED'S claim,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMOUNT, and</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 16 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_18" name="page_18"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conditions and</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><b><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limitations</font></i></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Subrogation - Assignment "</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">fourth, to the ASSURED in satisfaction of any loss suffered by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Recovery</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED which was not covered under this Bond.</font></td>
 </tr>
<tr valign="bottom" style="height:17px;">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">recovery under this section.</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Cooperation Of Assured</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">12</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">At the COMPANY'S request and at reasonable times and places designated by</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the COMPANY, the ASSURED shall:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">submit to examination by the COMPANY and subscribe to the same under</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">oath,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">produce for the COMPANY'S examination all pertinent records, and</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">cooperate with the COMPANY in all matters pertaining to the loss.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall execute all papers and render assistance to secure to the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY the rights and causes of action provided for under this Bond. The</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED shall do nothing after loss to prejudice such rights or causes of action.</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Termination</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">13</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the Bond is for a sole ASSURED, it shall not be terminated unless written notice</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall have been given by the acting party to the affected party and to the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities and Exchange Commission, Washington, D.C., not less than sixty (60)</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">days prior to the effective date of such termination.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the Bond is for a joint ASSURED, it shall not be terminated unless written notice</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall have been given by the acting party to the affected party, and by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY to all ASSURED </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Companies </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and to the Securities and</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Exchange Commission, Washington, D.C., not less than sixty (60) days prior to</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the effective date of such termination.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond will terminate as to any one ASSURED, other than an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">immediately on the taking over of such ASSURED by a receiver or other</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">liquidator or by State or Federal officials, or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">immediately on the filing of a petition under any State or Federal statute</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">relative to bankruptcy or reorganization of the ASSURED, or assignment for</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the benefit of creditors of the ASSURED, or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">immediately upon such ASSURED ceasing to exist, whether through merger</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">into another entity, disposition of all of its assets or otherwise.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY shall refund the unearned premium computed at short rates in</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">accordance with the standard short rate cancellation tables if terminated by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED or pro rata if terminated for any other reason.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 17 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_19" name="page_19"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions and</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Termination</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If any partner, director, trustee, or officer or supervisory employee of an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(continued)</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED not acting in collusion with an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">learns of any dishonest act</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">committed by such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">at any time, whether in the employment of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED or otherwise, whether or not such act is of the type covered under this</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond, and whether against the ASSURED or any other person or entity, the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall immediately remove such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">from a position that would enable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to cause the ASSURED to suffer a loss covered by this</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond; and</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">within forty-eight (48) hours of learning that an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">has committed</font></td>
 </tr>
<tr valign="bottom" style="height:17px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any dishonest act, shall notify the COMPANY, of such action and provide full</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">particulars of such dishonest act.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The COMPANY may terminate coverage as respects any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sixty (60)</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">days after written notice is received by each ASSURED </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and the Securities and Exchange Commission, Washington, D.C. of its desire to</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">terminate this Bond as to such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Other Insurance</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">14</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Coverage under this Bond shall apply only as excess over any valid and collectible</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">insurance, indemnity or suretyship obtained by or on behalf of:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED,</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transportation Company</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">another entity on whose premises the loss occurred or which employed the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">person causing the loss or engaged the messenger conveying the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">involved</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conformity</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If any limitation within this Bond is prohibited by any law controlling this Bond's</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">construction, such limitation shall be deemed to be amended so as to equal the</font></td>
 </tr>
<tr valign="bottom">
  <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">minimum period of limitation provided by such law.</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><i><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Change or Modification</font></i></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">16</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond or any instrument amending or affecting this Bond may not be changed</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or modified orally. No change in or modification of this Bond shall be effective</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">except when made by written endorsement to this Bond signed by an authorized</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">representative of the COMPANY.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If this Bond is for a sole ASSURED, no change or modification which would</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">days after written notice has been furnished to the Securities and Exchange</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Commission, Washington, D.C., by the acting party.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 18 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_20" name="page_20"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Conditions And</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><i><font face="arial, helvetica, sans-serif">Limitations</font></i></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">Change or Modification</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">If this Bond is for a joint ASSURED, no charge or modification which would</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><i><font face="arial, helvetica, sans-serif" style="font-size:80%;">(continued)</font></i></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">adversely affect the rights of the ASSURED shall be effective prior to sixty (60)</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">days after written notice has been furnished to all insured </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Investment Companies</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">and to the Securities and Exchange Commission, Washington, D.C., by the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">COMPANY.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">ICAP Bond (5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Form 17-02-1421 (Ed. 5-98)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:70%;">Page 19 of 19</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_21" name="page_21"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective date of</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">FEDERAL INSURANCE COMPANY</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Endorsement/Rider No. 1</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">To be attached to and</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">form a part of Policy No. 81906724</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Issued to: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="2"><font face="arial, helvetica, sans-serif">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></div>

<div><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</font></b></div>
</td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">regulations prohibit the coverage provided by this insurance.</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">conditions of coverage.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Policy shall remain unchanged.</font></div>
</td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">14-02-9228 (2/2010)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

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<a id="page_22" name="page_22"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2" style="text-indent:252.046pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:252.046pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">2</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:252.046pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:146.905pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED ENDORSEMENT</font></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">JOHN HANCOCK FUNDS listed as the Named Assured on the Declarations Page</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Includes the following Trusts:</font></b></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Collateral Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Financial Opportunities Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Bond Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock California Tax-Free Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Capital Series</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Current Interest</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Emerging Markets Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Floating Rate High Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Hedged Equity &amp; Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Income Securities Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Investment Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Investment Trust II</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Investment Trust III</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Investors Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Municipal Securities Trust</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Preferred Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Preferred Income Fund II</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Preferred Income Fund III</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Premium Dividend Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Sovereign Bond Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Strategic Diversified Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Strategic Series</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Tax-Advantaged Dividend Income Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Tax-Advantaged Global Shareholder Yield Fund</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-0949 (Rev. 1-97)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_23" name="page_23"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">JOHN HANCOCK FUNDS II</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">JOHN HANCOCK FUNDS III</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">JOHN HANCOCK VARIABLE INSURANCE TRUST</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Effective July 13, 2015:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">John Hancock Exchange-Traded Fund Trust</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-0949 (Ed. 1-97)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

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<div style="text-align:left;">
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  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:220.49pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:220.49pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">3</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:220.49pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="5" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr style="height:5px;">
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="6"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT</font></b></td>
 </tr>
<tr valign="bottom">
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended as follows:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 13., Termination, the following:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">"Termination By The Company</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bonds In Effect For More Than Sixty (60) Days</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">effective date of termination for at least one of the following reasons:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Nonpayment of premium;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">claim thereunder;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">part of the ASSURED which substantially and materially increases any hazard insured against,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and which occurred subsequent to the inception of the current BOND PERIOD;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">5.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Material change in the risk which increases the risk of loss after insurance coverage has been</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">change, or contemplated the risk when the contract was written;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">6.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Determination by the Commissioner that the continuation of the Bond would jeopardize a</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">state;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">7.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Determination by the Commissioner that continuation of the present premium volume of the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">8.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Such other reasons that are approved by the Commissioner;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">9.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">meet the ASSUREDS needs;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">10.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Substantial breaches of contractual duties, conditions or warranties; or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">11.</font></td>
 <td style="text-align:left;">&nbsp;</td>
 <td colspan="2" style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:0.839pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">inception of the Bond.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-1360 (Rev. 10-99)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_25" name="page_25"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bonds In Effect Sixty (60) Days Or Less</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the effective date of termination.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Notice Of Termination</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DECLARATIONS of this Bond.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">days before the effective date of cancellation. The cancellation notice shall contain information</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">effective date of cancellation.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All notice of cancellation shall state the reason(s) for cancellation.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">information pertaining thereto, or for statements made or evidence submitted at any hearings</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">conducted in connection therewith, if such information was provided in good faith and without malice.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Notice Of Nonrenewal</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED'S agent or broker, if any.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Such notice shall contain all of the following:</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond Number:</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Date of Notice;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Reason for Cancellation;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Expiration Date of the Bond;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective Date and Hour of Cancellation.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">nonrenewal, or the Bond is expressly designated as nonrenewable.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-1360 (Rev. 10-99)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_26" name="page_26"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Return Premium Calculations</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">effective date of cancellation, whichever is later.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Conditional Renewal</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">at the expiring terms and premiums until notice is given or until the effective date of replacement</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">coverage is obtained by the ASSURED, whichever occurs first."</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond.</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-1360 (Rev. 10-99)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 3</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_27" name="page_27"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.: 4</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:194.45pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="8"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="7" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="8"><font face="arial, helvetica, sans-serif">
</font><div><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;</font></b></div>

<div><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">UNAUTHORIZED SIGNATURE ENDORSEMENT</font></b></div>

<div><b><font face="arial, helvetica, sans-serif">&#160;</font></b></div>
</td>
 </tr>
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  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended as follows:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following INSURING CLAUSE:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">12</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Unauthorized Signature</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from the ASSURED having accepted, paid or cashed any check or</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Withdrawal Order </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">made or drawn on or against the account of the ASSURED"S customer</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which bears the signature or endorsement of one other than a person whose name and signature</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is on file with the ASSURED as a signatory on such account.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">on such account.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 1., Definitions, the following:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">r.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a written order to the issuer of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Uncertificated Security </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">requesting that the</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">transfer, pledge or release from pledge of the specified </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Uncertificated Security </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be registered.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">s.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Uncertificated Security </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a share, participation or other interest in property of or an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">enterprise of the issuer or an obligation of the issuer, which is:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">not represented by an instrument and the transfer of which is registered on books</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">maintained for that purpose by or on behalf of the issuer, and</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:16px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of a type commonly dealt in on securities exchanges or markets, and</font></td>
 </tr>
<tr valign="bottom" style="height:15px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">participations, interests or obligations.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-5602 (Ed. 10-03)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_28" name="page_28"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">t.</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Withdrawal Order </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a non-negotiable instrument, other than an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, signed by a</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">customer of the ASSURED authorizing the ASSURED to debit the customer"s account in the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">amount of funds stated therein.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-5602 (Ed. 10-03)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
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 <td align="left" colspan="2" style="text-indent:194.45pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
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 <td align="left" colspan="2" style="text-indent:194.45pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.: 5</font></td>
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 <td align="left" style="text-indent:194.45pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
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  <td align="left" colspan="5" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></td>
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  <td align="center" colspan="6"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT</font></b></td>
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  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">It</font><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;"> is agreed that this Bond is amended as follows:</font></font></td>
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  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following INSURING CLAUSE:</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">13. Automated Telephone System Transaction</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from the ASSURED having transferred funds on the faith of any</font></td>
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 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System (APS) Transaction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, where the request for such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS</font></b></td>
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 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is unauthorized or fraudulent and is made with the intent to deceive. In order for</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all</font></td>
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 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Designated Procedures</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">. A single failure of the ASSURED to maintain and follow a</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">particular </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Designated Procedure </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in a particular </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">will not preclude</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">coverage under this INSURING CLAUSE.</font></td>
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  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 1., Definitions, the following:</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">u. </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Designated Procedures </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means all of the following procedures:</font></td>
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 <td style="border-right:#000000 2px solid;text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">No </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall be executed unless the shareholder or unitholder to whose</font></td>
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 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">account such an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">relates has previously elected to </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transactions</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td style="text-align:left;text-indent:2.76pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(Election in Application)</font></td>
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 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transactions </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall be logged or otherwise recorded and the records shall be</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">retained for at least six (6) months. (Logging)</font></td>
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 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Information contained in the records shall be capable of being retrieved and produced</font></td>
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 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">within a reasonable time after retrieval of specific information is requested, at a success</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">rate of no less than 85 percent.</font></td>
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 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The caller in any request for an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, before executing that </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS</font></b></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">must enter a personal identification number (PIN), social security number</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and account number. (Identity Test)</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">allowed additional attempts during the same telephone call to enter the PIN. The caller</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">may either be instructed to redial a customer service representative or may be</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">immediately connected to such a representative. (Limited attempts to Enter PIN)</font></td>
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<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
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  <td>&nbsp;</td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2345 (Ed. 10-00)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
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</table></div>
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 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(4</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">A written confirmation of any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or change of address shall be mailed to</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the shareholder or unitholder to whose account such transaction relates, at the record</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">address, by the end of the insured's next regular processing cycle, but in no event later</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">than five (5) business days following such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">. (Written Confirmation)</font></td>
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 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(5</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Access to the equipment which permits the entity receiving the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction</font></b></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">request to process and effect the transaction shall be limited in the following manner:</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(Access to APS Equipment)</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">v.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Election </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any election concerning various account features available to the</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shareholder or unitholder which is made through the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by means of</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">information transmitted by an individual caller through use of a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">These features include account statements, auto exchange, auto asset builder, automatic</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">change of address.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">w.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Exchange </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any exchange of shares or units in a registered account of one fund</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">into shares or units in an account with the same tax identification number and same</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ownership-type code of another fund in the same complex pursuant to exchange privileges of</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the two funds, which exchange is requested through the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means of information transmitted by an individual caller through use of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone</font></b></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">x.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Purchase </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any purchase of shares or units issued by an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Company</font></b></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which is requested through an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">y.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Redemption </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any redemption of shares or units issued by an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment</font></b></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Company </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">which it requested through the telephone by means of information transmitted by an</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">individual caller through use of a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">z.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Transaction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means any </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS Purchase, APS Redemption, APS Election </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">APS</font></b></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Exchange</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">aa.</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means an automated system which receives and converts to</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">executable instructions transmissions through the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">through use of</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a touch-tone keypad or other tone system; and always excluding transmissions from a</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">computer system or part thereof.</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clauses Except 1., 4., 5.:</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 4.A Specific Exclusion-Applicable to Insuring Clause 13</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond does not directly or indirectly cover under Insuring Clause 13:</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting from:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the redemption of shares or units, where the proceeds of such redemption are made payable</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to other than:</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the shares or units of record,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a person designated to receive redemption proceeds, or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a bank account designated to receive redemption proceeds, or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the redemption of shares or units, where the proceeds of such redemption are paid by check</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">mailed to any address, unless such address has either been designated the shareholder or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">unitholder by voice through an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Phone System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or in writing, at least thirty (30) days</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">prior to such redemption, or</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2345 (Ed. 10-00)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_31" name="page_31"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the redemption of shares or units, where shareholder or unitholder of the ASSURED</font></td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td><font face="arial, helvetica, sans-serif" style="font-size:10pt;">designated bank account of record.</font></td>
 <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2345 (Ed. 10-00)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 3</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_32" name="page_32"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:167.54pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:167.54pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.: 6</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:167.54pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="5" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">NAME OF ASSURED:</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;text-indent:5.52pt;">
<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">JOHN HANCOCK FUNDS</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 <td style="border-bottom:rgb(0,0,0) 1px solid;text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="7" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT</font></b></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended as follows:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following INSURING CLAUSE:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">14</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile Instruction</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from the ASSURED having transferred, paid or delivered any funds</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or other </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or established any credit, debited any account or given any value on the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">faith of any fraudulent instructions sent by a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, financial institution or another</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">office of the ASSURED by </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">directly to the ASSURED authorizing or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">acknowledging the transfer, payment or delivery of funds or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Property </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">establishment of a credit or the debiting of an account or the giving of value by the</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED where such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instructions:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">bear a valid test key exchanged between the ASSURED and a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">another financial institution with authority to use such test key for </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instructions in the ordinary course of business, but which test key has been</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">wrongfully obtained by a person who was not authorized to initiate, make, validate</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:5.52pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or authenticate a test key arrangement, and</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">fraudulently purport to have been sent by such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or financial institution</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">when such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instructions were transmitted without the knowledge or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">consent of such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or financial institution by a person other than such</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or financial institution and which bear a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of a signature,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">provided that the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instruction was verified by a direct call back to an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">employee of the financial institution, or a person thought by the ASSURED to be</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:5.52pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or an employee of another financial institution.</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By deleting from Section 1., Definitions, the definition of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in its entirety, and substituting</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the following:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means an individual, corporate, partnership, trust customer, shareholder or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">subscriber of an Investment Company which has a written agreement with the ASSURED</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2367 (Rev. 10-03)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_33" name="page_33"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 1., Definitions, the following:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">bb.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a system of transmitting written documents by electronic signals</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">over telephone lines to equipment maintained by the ASSURED for the purpose of</font></td>
 </tr>
<tr valign="bottom" style="height:21px;">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">reproducing a copy of said document. </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">does not mean electronic</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">communication sent by Telex or similar means of communication, or through an</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">electronic communication system or through an automated clearing house.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clause 1. the following:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">j.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting directly or indirectly from </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacsimile </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instructions provided, however, this</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">exclusion shall not apply to this INSURING CLAUSE.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="5" style="text-align:left;"><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2367 (Rev. 10-03)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_34" name="page_34"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:195.41pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:195.41pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">7</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:195.41pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="9"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="9"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="8" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="9"><font face="arial, helvetica, sans-serif">
</font><div><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></b></div>

<div><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></b></div>

<div style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</font></b></div>
</td>
 </tr>
<tr valign="bottom">
  <td colspan="8" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended as follows:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following INSURING CLAUSE:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">"</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Stop Payment Order or Refusal to Pay Check</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from the ASSURED being legally liable to pay compensatory damages</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">complying or failing to comply with notice from any customer of the ASSURED or any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">authorized representative of such customer, to stop payment on any check or draft made or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">drawn upon or against the ASSURED by such customer or by any authorized</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">representative of such customer, or</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">refusing to pay any check or draft made or drawn upon or against the ASSURED by any</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">customer of the ASSURED or by any authorized representative of such customer."</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following Specific Exclusion:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">"Section 4.A. Specific Exclusions " Applicable to INSURING CLAUSE 15</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="5" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond does not directly or indirectly cover:</font></b></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">liability assumed by the ASSURED by agreement under any contract, unless such liability would</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">have attached to the ASSURED even in the absence of such agreement,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss arising out of:</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">malicious prosecution, assault or battery,</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="2" style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of any person, or</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td style="text-align:left;text-indent:9.959pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">discrimination."</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="9" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="9" style="text-align:left;"><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP Bond</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2365 (Ed. 10-00)</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_35" name="page_35"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:169.22pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2" style="text-indent:169.22pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.: 8</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:169.22pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="6" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="7"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">EXTENDED COMPUTER SYSTEMS ENDORSEMENT</font></b></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended as follows:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following INSURING CLAUSE:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">16. Extended Computer Systems</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="text-indent:25.195pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">A.</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media, Electronic Instruction</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Loss resulting directly from:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the fraudulent modification of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">being stored within or being run within any system covered under this</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">INSURING CLAUSE,</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">robbery, burglary, larceny or theft of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instructions</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">,</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the acts of a hacker causing damage or destruction of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">owned by the ASSURED or for which the</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED is legally liable, while stored within a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">covered under</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this INSURING CLAUSE, or</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(4</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the damage or destruction of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">owned by the ASSURED or for which the ASSURED is legally liable</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">while stored within a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">covered under INSURING CLAUSE 8,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">provided such damage or destruction was caused by a computer program or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">similar instruction which was written or altered to intentionally incorporate a hidden</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instruction designed to damage or destroy </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in the </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">in which the computer program</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or instruction so written or so altered is used.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP2 Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2976 (Ed. 1-02)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_36" name="page_36"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">B.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Communication</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss resulting directly from the ASSURED having transferred, paid or delivered any</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">faith of any electronic communications directed to the ASSURED, which were</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">transmitted or appear to have been transmitted through:</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(1)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">an </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Communication System</font></b><font face="arial, helvetica, sans-serif">,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(2)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">an automated clearing house or custodian, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(3)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">a Telex, TWX, or similar means of communication,</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">directly into the ASSURED'S </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Computer System </font></b><font face="arial, helvetica, sans-serif">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Communication Terminal</font></b><font face="arial, helvetica, sans-serif">, and</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">fraudulently purport to have been sent by a customer, automated clearing house,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">custodian, or financial institution, but which communications were either not sent by said</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">customer, automated clearing house, custodian, or financial institution, or were</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">fraudulently modified during physical transit of </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Media </font></b><font face="arial, helvetica, sans-serif">to the ASSURED or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">during electronic transmission to the ASSURED'S </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Computer System </font></b><font face="arial, helvetica, sans-serif">or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Communication Terminal</font></b><font face="arial, helvetica, sans-serif">.</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">C.</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Transmission</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Loss resulting directly from a customer of the ASSURED, any automated clearing house,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">custodian, or financial institution having transferred, paid or delivered any funds or property,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">communications, purporting to have been directed by the ASSURED to such customer,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">automated clearing house, custodian, or financial institution initiating, authorizing, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">acknowledging, the transfer, payment, delivery or receipt of funds or property, which</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">communications were transmitted through:</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(1)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">an </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Communication System</font></b><font face="arial, helvetica, sans-serif">,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(2)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">an automated clearing house or custodian, or</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">(3)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">a Telex, TWX, or similar means of communication,</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">directly into a </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Computer System </font></b><font face="arial, helvetica, sans-serif">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Communication Terminal </font></b><font face="arial, helvetica, sans-serif">of said customer,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">automated clearing house, custodian, or financial institution, and fraudulently purport to</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">have been directed by the ASSURED, but which communications were either not sent by</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">the ASSURED, or were fraudulently modified during physical transit of </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Electronic Media</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif">from the ASSURED or during electronic transmission from the ASSURED'S </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Computer</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">System </font></b><font face="arial, helvetica, sans-serif">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Communication Terminal</font></b><font face="arial, helvetica, sans-serif">, and for which loss the ASSURED is held to be</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:80%;">legally liable.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP2 Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2976 (Ed. 1-02)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 2</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_37" name="page_37"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 1., Definitions, the following:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">cc.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Communication Terminal </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means a teletype, teleprinter or video display terminal, or similar</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">device capable of sending or receiving information electronically. </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Communication Terminal</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">does not mean a telephone.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">dd.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Communication System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means electronic communication operations by Fedwire,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Clearing House Interbank Payment System (CHIPS), Society of Worldwide International</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Financial Telecommunication (SWIFT), similar automated interbank communication systems,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and Internet access facilities.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ee.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means facts or information converted to a form usable in </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Systems </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and which is stored on </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">for use by computer programs.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ff.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means computer programs converted to a form usable in a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">to act upon </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">gg.</font></td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">means the magnetic tape, magnetic disk, optical disk, or any other bulk</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">media on which data is recorded.</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">CLAUSES except 1., 4., and 5.:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond does not directly or indirectly cover:</font></b></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting directly or indirectly from </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forged</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">, altered or fraudulent negotiable instruments,</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">securities, documents or written instruments used as source documentation in the preparation</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data</font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss of negotiable instruments, securities, documents or written instruments except as</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">converted to </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and then only in that converted form;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">c.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">tear, gradual deterioration, electrical disturbance, </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">failure or breakdown or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">any malfunction or error in programming or error or omission in processing;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">d.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting directly or indirectly from the input of </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">at an authorized electronic</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">terminal of an </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Funds Transfer System </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or a </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Customer Communication System</font></b></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">by a person who had authorized access from a customer to that customer's authentication</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">mechanism; or</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">e.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">liability assumed by the ASSURED by agreement under any contract, unless such liability would</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">have attached to the ASSURED even in the absence of such agreement; or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">f.</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">loss resulting directly or indirectly from:</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">written instruction unless covered under this INSURING CLAUSE; or</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2)</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">instruction by voice over the telephone, unless covered under this INSURING CLAUSE.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP2 Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2976 (Ed. 1-02)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 3</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_38" name="page_38"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">By adding to Section 9., Valuation, the following:</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media, Or Electronic Instruction</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In case of loss of, or damage to, </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">used</font></td>
 </tr>
<tr valign="bottom">
  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">actually reproduced form other </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of the</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the actual transcription or copying of data which shall have been furnished by the ASSURED in order to</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">reproduce such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data, Electronic Media </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Instruction </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">subject to the</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">applicable SINGLE LOSS LIMIT OF LIABILITY.</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">However, if such </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">can not be reproduced and said </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Electronic Data </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">represents</font></td>
 </tr>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Securities </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or financial instruments having a value, then the loss will be valued as indicated in the</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">SECURITIES and OTHER PROPERTY paragraphs of this Section.</font></td>
 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<p style="text-align:center;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;"><br>
</font></p>

<p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
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  <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">ICAP2 Bond</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 17-02-2976 (Ed. 1-02)</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 4</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_39" name="page_39"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
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  <td>&nbsp;</td>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Effective date of</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement/Rider No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">9</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">To be attached to and</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">form a part of Bond No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
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  <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">Issued to: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="center" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
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  <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In consideration of the premium charged, it is agreed that General Agreements, Section C., Additional Offices</font></td>
 </tr>
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  <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice to Company, is</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">amended by adding the following:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;&#160; </font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">with, purchase or acquisition of assets or liabilities of, another institution, such funds shall automatically</font></td>
 </tr>
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  <td align="left" colspan="5" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">be covered hereunder from the date of establishment.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If the ASSURED, while this Bond is in force, require an increase in limits to comply with SEC Reg. 17g-1,</font></td>
 </tr>
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  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">due to an increase in assets, such increase shall automatically be covered hereunder from the date of</font></td>
 </tr>
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  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">such increase, but only as excess coverage. Such excess coverage shall not exceed five million dollars</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="6" style="text-indent:25.199pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">($5,000,000) in additional limits and shall be excess of this Bond and of the following excess Bond:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Carrier:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ICI Mutual Insurance Company</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:17px;">
  <td align="left" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond Number</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">87142113B</font></td>
 <td align="left">&nbsp;</td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Limits of Liability:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td align="left" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Bond Period:</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">December 31, 2014 to December 31, 2015</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">and conditions of coverage.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td align="left" colspan="6"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Q07-1972(08/2007)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
</div>

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<div style="text-align:left;">
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  <td>&nbsp;</td>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="right"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective date of</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Endorsement/Rider No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">10</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">To be attached to and</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">form a part of Bond No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">81906724</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Issued to: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr valign="bottom">
  <td align="center" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</font></td>
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<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In consideration of the premium charged, it is agreed that Section 1., Definitions, the term </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">is</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">amended to include the following:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Any natural person while in the service of the ASSURED solely while performing sub-advisory</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2" style="text-indent:50.395pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">services for the ASSURED pursuant to a written contract.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">and conditions of coverage.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Q07-1957 (08/2007)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
</div>

<hr align="center" noshade size="2" style="width:100%;">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_41" name="page_41"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
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  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Effective date of</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left" colspan="2" style="text-indent:38.179pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:38.179pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement/Rider No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">11</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:38.179pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">To be attached to and</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="text-indent:38.179pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">form a part of Bond No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">Issued to: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3" style="text-indent:0.96pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160;</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION</font></div>
</td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENT</font></td>
 </tr>
<tr valign="bottom">
  <td align="right" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the following:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">furnished to all insured </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Investment Companies </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and the Securities and Exchange Commission,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Washington, D.C., by the COMPANY.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="5" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">terms and conditions of coverage.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom" style="height:17px;">
  <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">17-02-2437 (12/2006) rev.</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
</div>

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<a id="page_42" name="page_42"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Effective date of</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left" colspan="2"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement/Rider No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">12</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">To be attached to and</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">form a part of Policy No.</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Issued to: JOHN HANCOCK FUNDS</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="center" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:80%;">AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="4"><font face="arial, helvetica, sans-serif" style="font-size:80%;">In consideration of the premium charged, is agreed that:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">The NAME OF ASSURED, as set forth on the DECLARATIONS of this Bond, shall include any newly</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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 face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">other registered investment company.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:80%;">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" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">conditions of coverage.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="5"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:80%;">All other terms, conditions and limitations of this Policy shall remain unchanged.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Q09-1831 (11/2009)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
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 <td style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENT/RIDER</font></b></td>
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  <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective date of this endorsement/rider: December 31, 2017</font></td>
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  <td align="left" colspan="4">&nbsp;</td>
 <td colspan="2" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">FEDERAL INSURANCE COMPANY</font></b></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Endorsement/Rider No.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">13</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">To be attached to and</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">form a part of Bond No.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">81906724</font></td>
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</font><div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Issued to:</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>
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<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">JOHN HANCOCK FUNDS</font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160; </font></div>

<div style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></div>
</td>
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  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMEND DISCOVERY AND NOTICE ENDORSEMENT</font></td>
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  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In consideration of the premium charged, it is agreed that this Bond is amended as follows:</font></td>
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  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(1</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 6., Discovery, is deleted in its entirety and replaced it with the following:</font></td>
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 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Discovery</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Bond applies only to loss first discovered by the President, General Counsel or Risk Manager of the</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the President, General</font></td>
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 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counsel or Risk Manager of the ASSURED being aware of:</font></td>
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 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">facts which may subsequently result in a loss of a type covered by this Bond, or</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">b.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">regardless of when the act or acts causing or contributing to such loss occurred, even though the</font></td>
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 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="2" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">of loss may not then be known.</font></td>
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  <td style="text-align:right;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">(2</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">)</font></td>
 <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">paragraph a. and replacing it with the following:</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">a.</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">exceed sixty (60) days after discovery of loss by President, General Counsel or Risk Manager of</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">the ASSURED, in an amount that is in excess of fifty percent (50%) of the applicable</font></td>
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  <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td colspan="3" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS</font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></b></td>
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  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms</font></td>
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  <td colspan="4" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and conditions of coverage.</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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  <td colspan="6" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Bond shall remain unchanged.</font></td>
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</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">14-02-14521 (08/2008)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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 <td align="right" colspan="3"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">FEDERAL INSURANCE COMPANY</font></b></td>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Endorsement No.</font></td>
 <td align="left" style="text-indent:0.119pt;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">14</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Bond Number:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:80%;">81906724</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">NAME OF ASSURED: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
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 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td align="center" colspan="7"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">REVISE ITEM 2. ENDORSEMENT</font></b></td>
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  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the following:</font></td>
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  <td align="left" colspan="3" style="text-indent:4.559pt;">&nbsp;</td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
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<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3" style="text-indent:4.559pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ITEM 2. </font></b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE</font></td>
 </tr>
<tr valign="bottom">
  <td colspan="7" style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. </font><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">There</font></b></td>
 </tr>
<tr valign="bottom">
  <td colspan="7" style="text-align:left;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any</font></b></td>
 </tr>
<tr valign="bottom">
  <td colspan="3" style="text-align:left;text-indent:4.559pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:80%;">Investment Company</font></b><font face="arial, helvetica, sans-serif">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">SINGLE LOSS</font></td>
 <td align="left" colspan="2" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">DEDUCTIBLE</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3" style="border-bottom:rgb(0,0,0) 1px solid;text-indent:4.559pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">INSURING CLAUSE</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">LIMIT OF LIABILITY</font></td>
 <td align="left" colspan="2" style="border-bottom:rgb(0,0,0) 1px solid;text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">AMOUNT</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">1</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Employee</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">0</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">2</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">On Premises</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">3</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.798pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">In Transit</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">4</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Forgery or Alteration</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">5</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Extended Forgery</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">6</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Counterfeit Money</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">7</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Threats to Person</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">8</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:1.801pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Computer System</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">9</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:2.045pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Voice Initiated Funds Transfer Instruction</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">10</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:2.645pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Uncollectible Items of Deposit</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">11</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left" style="text-indent:2.645pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Audit Expense</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">0</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">12</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Unauthorized Signature Endt</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">13</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Automated Telephone Transaction Endt</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">14</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Telefacimilie Instruction Fraud Endt</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Stop Payment Order or Refusal To Pay Check Endt</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr valign="bottom">
  <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">16</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Extended Computer Systems Endt</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15,000,000</font></td>
 <td align="left" style="text-indent:27pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">$</font></td>
 <td align="right"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">150,000</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right" colspan="5"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">This Endorsement applies to loss discovered after 12:01 a.m. on December 31, 2017.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="7"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="right" colspan="5"><font><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED</font></font><font face="arial, helvetica, sans-serif" style="font-size:80%;">.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Date: January 5, 2018</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
<hr align="center" noshade size="2" style="width:100%;">
</font></div>

<div style="padding-left:0%;padding-right:0%;"><div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_45" name="page_45"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 <td>&nbsp;</td>
 <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left" style="text-indent:55.199pt;"><b><font face="arial, helvetica, sans-serif" style="font-size:10pt;">ENDORSEMENT/RIDER</font></b></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective date of</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">this endorsement/rider: December 31, 2017</font></td>
 <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">FEDERAL INSURANCE COMPANY</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Endorsement/Rider No.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">15</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">To be attached to and</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">form a part of Policy No.</font></td>
 <td align="left" style="text-indent:2.879pt;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">81906724</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Issued to: JOHN HANCOCK FUNDS</font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>
</td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 <td align="left" style="border-bottom:rgb(0,0,0) 1px solid;"><font face="arial, helvetica, sans-serif">&#160;</font></td>
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  <td align="center" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:80%;">
</font><div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">&#160; </font></div>

<div><font face="arial, helvetica, sans-serif" style="font-size:80%;">ADDRESS CHANGE ENDORSEMENT</font></div>
</td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
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  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Effective October 1, 2016, the address of your insurance company is changing.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">The address of 15 Mountain View Road, Warren, NJ 07059, wherever it appears, is changed to:</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">202B Hall"s Mill Road</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">Whitehouse Station, NJ 08889</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr>
  <td colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="3"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">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 face="arial, helvetica, sans-serif" style="font-size:10pt;">conditions of coverage.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" colspan="2"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">All other terms, conditions and limitations of this Policy shall remain unchanged.</font></td>
 <td align="left"><font face="arial, helvetica, sans-serif">&#160;</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="margin:0pt 0px;text-align:center;"><font face=bold style="font-size:10pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font face=bold style="font-size:10pt;">/s/ Paul N. Morrissette</font></u><font face=bold style="font-size:10pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Authorized Representative </font></p>

<font face=arial style="font-size:10pt;"><br>
</font><p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">10-02-2543 (08/2016)</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Page 1</font></p>
</div>

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<div style="padding-left:0%;padding-right:0%;"><div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_46" name="page_46"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
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  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">POLICYHOLDER</font></b></td>
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  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">DISCLOSURE NOTICE OF</font></b></td>
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  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">TERRORISM INSURANCE COVERAGE</font></b></td>
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<tr valign="bottom">
  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">(for policies with no terrorism exclusion or sublimit)</font></b></td>
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  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Insuring Company: FEDERAL INSURANCE</font></b></td>
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  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">COMPANY</font></b></td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), this</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">policy makes available to you insurance for losses arising out of certain acts of terrorism.</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Terrorism is defined as any act certified by the Secretary of the Treasury of the United</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">States, to be an act of terrorism; to be a violent act or an act that is dangerous to human</font></td>
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<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">life, property or infrastructure; to have resulted in damage within the United States,</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">or outside the United States in the case of an air carrier or vessel or the premises of a</font></td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">United States Mission; and to have been committed by an individual or individuals as part</font></td>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">of an effort to coerce the civilian population of the United States or to influence the policy</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">or affect the conduct of the United States Government by coercion.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">terrorism is partially reimbursed by the United States under the formula set forth in the</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Act. Under this formula, the United States pays 85% of covered terrorism losses that</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">exceed the statutorily established deductible to be paid by the insurance company</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">providing the coverage. Beginning in 2016, the Federal share will be reduced by 1% per</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">year until it reaches 80%, where it will remain.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">However, if aggregate insured losses attributable to terrorist acts certified under the Act</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">exceed $100 billion in a calendar year, the Treasury shall not make any payment for</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">any portion of the amount of such losses that exceeds $100 billion.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">10-02-1281 (Ed. 03/2015)</font></p>
</div>

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<div style="padding-left:0%;padding-right:0%;"><div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_47" name="page_47"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">If aggregate insured losses attributable to terrorist acts certified under the Act exceed</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">$100 billion in a calendar year and we have met our insurer deductible under the Act,</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">we shall not be liable for the payment of any portion of the amount of such losses that</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">exceeds $100 billion, and in such case insured losses up to that amount are subject to</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">pro rata allocation in accordance with procedures established by the Secretary of the</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Treasury.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
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  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">The portion of your policy"s annual premium that is attributable to insurance for such acts</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">of terrorism is: $ </font><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">-0-.</font></b></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">If you have any questions about this notice, please contact your agent or broker.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">10-02-1281 (Ed. 03/2015)</font></p>
</div>

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<div style="padding-left:0%;padding-right:0%;"><div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_48" name="page_48"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="center"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">IMPORTANT NOTICE TO POLICYHOLDERS</font></b></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:35.996pt;"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">States (hereinafter "Chubb") distribute their products through licensed insurance brokers and agents</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">("producers"). Detailed information regarding the types of compensation paid by Chubb to producers on</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">producer.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left" style="text-indent:35.996pt;"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Thank you for choosing Chubb.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">10-02-1295 (ed. 6/2007)</font></p>
</div>

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<div style="padding-left:0%;padding-right:0%;"><div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&#160;</font></div>

<a id="page_49" name="page_49"></a><font face=arial style="font-size:10pt;"><br>


</font><div style="padding-left:0%;padding-right:0%;">
<div style="text-align:left;">
<div align=left><table cellspacing="0" border=0>
 <tr>
  <td>&nbsp;</td>
 </tr>
<tr valign="bottom">
  <td align="center"><b><i><font face="arial, helvetica, sans-serif" style="font-size:12pt;">Important Notice:</font></i></b></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><b><font face="arial, helvetica, sans-serif" style="font-size:12pt;">The SEC Requires Proof of Your Fidelity Insurance Policy</font></b></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">(Chubb"s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">rules adopted by the SEC on June 12, 2006.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">SEC. You can expect to receive this information from your agent/broker shortly.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">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 face="arial, helvetica, sans-serif" style="font-size:12pt;">the electronic copy, constitute the entire agreement between your company and Chubb.</font></td>
 </tr>
<tr>
  <td><font face="arial, helvetica, sans-serif" style="font-size:12pt;">&#160;</font></td>
 </tr>
<tr valign="bottom">
  <td align="left"><font face="arial, helvetica, sans-serif" style="font-size:12pt;">If you have any questions, please contact your agent or broker.</font></td>
 </tr>
</table></div>
</div>

<p style="margin:0px;"><font face="arial, helvetica, sans-serif" style="font-size:10pt;">&#160;</font></p>

<p style="text-align:left;"><font face="arial, helvetica, sans-serif" style="font-size:80%;">Form 14-02-12160 (ed. 7/2006)</font></p><font face=arial style="font-size:10pt;"><br><br>
</font></div>
</div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>



<font face=arial style="font-size:10pt;">&nbsp; <a name="page_1"></a>

</font><div style="padding-left:0%;padding-right:0%;">

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:20pt;line-height:normal;">ICI MUTUAL INSURANCE COMPANY,</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">a Risk Retention Group</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">1401 H St. NW</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Washington DC 20005</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:12pt;line-height:normal;">INVESTMENT COMPANY BLANKET BOND</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:12pt;line-height:normal;">(EXCESS)</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div><font face=arial style="font-size:10pt;">&nbsp;</font></div></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

<font face=arial style="font-size:10pt;">&nbsp; <a name="page_2"></a>

</font><div style="padding-left:0%;padding-right:0%;">

<p align=center style="margin:12pt 0in 0pt;page-break-after:avoid;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">ICI MUTUAL INSURANCE COMPANY,</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">a Risk Retention Group</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">1401 H St. NW</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Washington, DC 20005</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">DECLARATIONS</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">NOTICE</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">This policy is issued by your risk retention group.&nbsp; Your risk retention group may not be subject to all of the insurance laws and regulations of your state.&nbsp; State insurance insolvency guaranty funds are not available for your risk retention group.</font></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;margin-left:0pt;width:100%;">
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Item 1.</font></b></font></p></td>
 <td colspan=2 rowspan=2 valign=top width=63% style="border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Name of Insured (the &#8220;Insured&#8221;)</font></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">John Hancock Funds</font></b></font></p></td>
 <td rowspan=2 valign=top width=32% style="border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Bond Number:</font></font></p>

   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">87142117B</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Principal Office:</font></font></p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">601 Congress Street</font></font></p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Boston, MA 02210</font></font></p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Mailing Address: </font></font></p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">C/O Aon Financial Services Group</font></font></p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">One Federal Street</font></font></p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=23% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 <td valign=top width=40% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Boston, MA 02210</font></font></p></td>
 <td valign=top width=32% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;margin-left:0pt;width:100%;">
 <tr>
  <td valign=top width=5% style="border-bottom:windowtext 1pt solid;border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 3pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Item 2.</font></b></font></p></td>
 <td valign=top width=95% style="border-bottom:windowtext 1pt solid;border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 3pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Bond Period: from 12:01 a.m. on </font></font><font face=arial,sans-serif><u><font style="font-size:10pt;line-height:normal;">December 31, 2017</font></u></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;"> to 12:01 a.m. on </font></font><font face=arial,sans-serif><u><font style="font-size:10pt;line-height:normal;">December 31, 2018</font></u></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">, or the earlier effective date of the termination of this Bond, standard time at the Principal Office as to each of said dates.</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=5% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 3pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Item 3.</font></b></font></p></td>
 <td valign=top width=95% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Limit of Liability&#8212;</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:0.9pt;width:100%;">
 <tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p></td>
 <td valign=top width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
 <td width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">LIMIT OF LIABILITY</font></b></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">DEDUCTIBLE AMOUNT <sup>1</sup></font></b></font></p></td>
 </tr>
<tr style="height:19.35pt;">
  <td valign=bottom width=3% style="height:19.35pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">1.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:19.35pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">EMPLOYEE</font></font></p></td>
 <td valign=bottom width=17% style="height:19.35pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:19.35pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">2.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">ON PREMISES</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">3.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">IN TRANSIT</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">4.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">FORGERY OR ALTERATION</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">5.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">EXTENDED FORGERY</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">6.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">COUNTERFEIT MONEY</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">7.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">THREATS TO PERSON</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">8.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">COMPUTER SYSTEM</font></font></p></td>
 <td valign=bottom width=17% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 <td valign=bottom width=21% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
 </tr>
<tr style="height:16pt;">
  <td valign=bottom width=3% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">9.&nbsp; </font></font></p></td>
 <td valign=bottom width=59% style="height:16pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">VOICE-INITIATED FUNDS TRANSFER INSTRUCTION</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">10. </font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">UNCOLLECTIBLE ITEMS OF DEPOSIT</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">$15,000,000</font></font></p></td>
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   <p style="margin:0in 0in 0pt;"><sup><font face=arial,sans-serif><font style="font-size:8pt;line-height:normal;">1</font></font></sup></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:8pt;line-height:normal;">Plus the applicable deductible of the Primary Bond</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Item 4</font></b></font><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">. </font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">PRIMARY BOND &#8211;</font></font><font face=arial,sans-serif><font style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">Federal Insurance Company Bond No. 81906724</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">Item 5.</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &#8220;Underwriter&#8221;) is subject to the terms of the following Riders attached hereto:</font></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Riders: 1</font></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">and of all Riders applicable to this Bond issued during the Bond Period.</font></font></p></td>
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<p style="margin:0in 0in 0pt 4.5pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

<font face=arial style="font-size:10pt;">&nbsp; <a name="page_3"></a>

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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">By: </font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">/S/ Maggie Sullivan</font></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:right;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">By: &nbsp;&nbsp;&nbsp;</font></font></p></td>
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   <p align=left style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">/S/ John T. Mulligan</font></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Authorized Representative</font></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p align=left style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;line-height:normal;">Authorized Representative</font></font></p></td>
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<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=right style="margin:0in 0in 8pt;text-align:right;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:107%;">Excess Bond (10/15)</font></font></p>

<p style="margin:0in 0in 8pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

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<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

<font face=arial style="font-size:10pt;">&nbsp; <a name="page_4"></a>

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<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">NOTICE</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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.</font></font></p>

<p style="margin:0in 0in 12pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">ICI Mutual Insurance Company, a Risk Retention Group (&#8220;Underwriter&#8221;), 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 </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> but for the fact that the loss exceeds the limit of liability of such Primary Bond.Coverage under this bond shall follow the terms and conditions of the </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond,</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> except with respect to:</font></font></p>

<p style="margin:0in 0in 6pt 0.5in;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">a.&nbsp;&nbsp; Any coverage exceptions specified by riders attached to this bond; </font></font></p>

<p style="margin:0in 0in 6pt 0.5in;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">b.&nbsp;&nbsp; The deductible amounts and limits of liability as stated in ITEM 3. of the Declarations; and</font></font></p>

<p style="margin:0in 0in 24pt 0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">c.&nbsp;&nbsp; The General Agreements, Provisions, Conditions and Limitations set forth herein. </font></font></p>

<p align=center style="margin:0in 0in 12pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">GENERAL AGREEMENTS</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;text-align:justify;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHANGE OR MODIFICATION OF PRIMARY BOND</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">If after the inception date of this bond the </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> 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.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;text-align:justify;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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'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. </font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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. </font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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 any judgment against the Insured in or settlement of any suit or to recover court costs or attorneys' 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 </font></font>


<font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.</font></font></p>

<div><font face=arial style="font-size:10pt;">&nbsp;</font></div></div>

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<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

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<p style="margin:0in 0in 24pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</font></font></p>

<p align=center style="margin:0in 0in 12pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">PROVISIONS, CONDITIONS AND LIMITATIONS</font></b></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 1.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">DEFINITIONS</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deductible Amount</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> means the amount stated in ITEM 3. of the Declarations, applicable to each Single Loss. In no event shall this </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Deductible Amount </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">be reduced for any reason, including but not limited to, the non-existence, invalidity, insufficiency or uncollectibility of any </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Underlying Bond(s)</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, including the insolvency or dissolution of any Insurer providing coverage under any </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Underlying Bond(s)</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Bond </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">means the bond scheduled in ITEM 4. of the Declarations or any bond that may replace or substitute for such bond.</font></font></p>

<p style="margin:0in 0in 6pt 27pt;text-align:justify;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">c.</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Single Loss </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">means:</font></font></p>

<p style="margin:0in 0in 6pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(1)&nbsp; all loss resulting from any one actual or attempted theft committed by one person, or</font></font></p>

<p style="margin:0in 0in 6pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(2)&nbsp; all loss caused by any one act (other than a theft or a dishonest or fraudulent act) committed by one person, or</font></font></p>

<p style="margin:0in 0in 6pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(3)&nbsp; all loss caused by dishonest or fraudulent acts committed by one person, or </font></font></p>

<p style="margin:0in 0in 6pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(4)&nbsp; all expenses incurred with respect to any one audit or examination, or</font></font></p>

<p style="margin:0in 0in 12pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(5)&nbsp; all loss caused by any one occurrence or event other than those specified in subsections (1) through (4) above.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;text-indent:-27pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underlying Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> means the </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> and all other insurance coverage referred to in ITEM&nbsp;4. of the Declarations.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 2.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SINGLE LOSS LIMIT OF LIABILITY</font></b></font></p>

<p style="margin:0in 0in 12pt 0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">The Underwriter&#8217;s liability for each </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Single Loss</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> shall not exceed the Limit of Liability as stated in ITEM 3. of the Declarations.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 3.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">DISCOVERY</font></b></font></p>

<p style="margin:0in 0in 6pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">For all purposes under this bond, a loss is discovered, and discovery of a loss occurs, when the Insured</font></font></p>

<p style="margin:0in 0in 6pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(1)&nbsp; becomes aware of facts, or</font></font></p>

<p style="margin:0in 0in 12pt 45pt;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(2)</font></font><font face="times new roman"><font face=arial lang=EN-US style="font-size:7pt;line-height:normal;">&nbsp;&nbsp; </font></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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 by this bond has been or is likely to be incurred even though the exact amount or details of loss may not be known.</font></font></p>

<p style="margin:0in 0in 12pt 14.9pt;page-break-after:avoid;text-align:justify;text-indent:-14.9pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 4.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">ASSIGNMENT OF RIGHTS</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;page-break-after:avoid;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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'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 </font></font>


<font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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.</font></font></p>

<div><font face=arial style="font-size:10pt;">&nbsp;</font></div></div>

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<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Assignment of any rights or claims under this bond shall not bind the Underwriter without the Underwriter's written consent.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 5.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">COOPERATION OF INSURED</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">At the Underwriter&#8217;s request and at reasonable times and places designated by the Underwriter the Insured shall:</font></font></p>

<p style="margin:0in 0in 12pt 0.75in;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">a.&nbsp;&nbsp; submit to examination by the Underwriter and subscribe to the same under oath, and</font></font></p>

<p style="margin:0in 0in 12pt 0.75in;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">b.&nbsp;&nbsp; produce for the Underwriter&#8217;s examination all pertinent records, and</font></font></p>

<p style="margin:0in 0in 12pt 0.75in;text-indent:-0.25in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">c.&nbsp;&nbsp; cooperate with the Underwriter in all matters pertaining to the loss. </font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 6.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">TERMINATION</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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. </font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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's business by any State or Federal official or agency, or by any receiver or 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.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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'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.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Upon the detection by any Insured that an employee (as defined in the </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">) 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 </font></font>


<font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">such detection, shall notify the Underwriter with full and complete particulars of the detected dishonest or fraudulent act(s) or theft.</font></font></p>

<div><font face=arial style="font-size:10pt;">&nbsp;</font></div></div>

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<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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.</font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">This bond shall terminate as to any employee (as defined in the </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Primary Bond</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">) 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.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 7.&nbsp;CONFORMITY</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">If any limitation within this bond is prohibited by any law controlling this bond&#8217;s construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.</font></font></p>

<p style="margin:0in 0in 12pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 8.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">CHANGE OR MODIFICATION </font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">This bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter'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.</font></font></p>

<p style="margin:0in 0in 12pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">SECTION 9.</font></b></font><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">&nbsp;</font></b></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">DEDUCTIBLE AMOUNT; LIMIT OF LIABILITY</font></b></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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</font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> Primary Bond </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">or from any other bond, suretyship or insurance policy), shall exceed the applicable </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Deductible Amount</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">; 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. </font></font></p>

<p style="margin:0in 0in 12pt 27pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">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 </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Deductible Amount</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> and the other agreements, provisions, conditions and limitations of this bond.</font></font></p>

<p style="margin:0in 0in 12pt;page-break-after:avoid;text-align:justify;"><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">SECTION 10.&nbsp;COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS</font></b></font></p>

<p style="margin:0in 0in 24pt 27pt;page-break-after:avoid;"><font color=black face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.1pt;line-height:normal;">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).</font></font></p></div>

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<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:20pt;line-height:normal;">ICI MUTUAL INSURANCE COMPANY,</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:20pt;line-height:normal;">a Risk Retention Group</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;page-break-after:avoid;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">INVESTMENT COMPANY BLANKET BOND</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(EXCESS BOND)</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">RIDER NO. 1</font></b></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>
<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:7pt;line-height:normal;">INSURED</font></b></font></p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=arial,sans-serif><b><font style="font-size:7pt;line-height:normal;">BOND NUMBER</font></b></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">John Hancock Funds</font></b></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p align=right style="margin:0in 0in 0pt;text-align:right;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">87142117B</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:6pt;line-height:normal;">EFFECTIVE DATE</font></b></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font style="font-size:6pt;line-height:normal;">BOND PERIOD</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:6pt;line-height:normal;">AUTHORIZED REPRESENTATIVE</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">December 31, 2017</font></b></font></p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;">&nbsp;</p></td>
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   <p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">December 31, 2017 to December 31, 2018</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">/S/ Maggie Sullivan</font></b></font></p></td>
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</table></div>




<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#8220;ICI Mutual&#8221;), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the &#8220;Act&#8221;). The Act establishes a federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;insured losses&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> resulting from certified</font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> &#8220;acts of terrorism.&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> (Each of these </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">bolded terms </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">Pursuant to the Act, any future losses to ICI Mutual caused by certified </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;acts of terrorism&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> 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 the Federal Share of Compensation of ICI Mutual&#8217;s </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;insured losses&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">in excess of ICI Mutual&#8217;s </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;insurer deductible&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> until total </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;insured losses&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> of all participating insurers in excess of a statutorily established aggregate deductible reach the Cap on Annual Liability. If total </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;insured losses&#8221; </font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">of all property and casualty insurers in excess of a statutorily established aggregate deductible reach the Cap on Annual Liability 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 policy may be reduced as a result. </font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">This policy has no express exclusion for </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;acts of terrorism.&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp; However, coverage under this policy remains subject to all applicable terms, conditions and limitations of the policy (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the policy for </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&#8220;acts of terrorism&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;"> is one percent (1%).</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">As used herein, &#8220;Federal Share of Compensation&#8221; shall mean:</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85% in calendar year 2015;</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84% in calendar year 2016;</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83% in calendar year 2017;</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82% in calendar year 2018;</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81% in calendar year 2019; and</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80% in calendar year 2020.</font></font></p>




<div><font face=arial style="font-size:10pt;">&nbsp;</font></div></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>
<a name="page_9"></a><div style="padding-left:0%;padding-right:0%;">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">As
used herein, &#8220;Cap on Annual Liability&#8221; shall mean, with respect to total </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#8220;insured
losses&#8221;</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;"> of all participating insurers:</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $100
billion in calendar year 2015;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $120
billion in calendar year 2016;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $140
billion in calendar year 2017;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $160
billion in calendar year 2018;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $180
billion in calendar year 2019; and </font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $200
billion in calendar year 2020.</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>
<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10.0pt;line-height:normal;">RX0053.1-00 (02/15)</font></font></p>
</div>


<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>





<font face=arial style="font-size:10pt;">&nbsp; <a name="page_1"></a>

</font><div style="padding-left:0%;padding-right:0%;">

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-bottom:medium none;border-collapse:collapse;border-left:medium none;border-right:medium none;border-top:medium none;width:100%;">
 <tr>
  <td valign=top width=50% style="border:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Bond Trust</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;border-top:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Investors Trust</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock California Tax-Free Income Fund</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Municipal Securities Trust</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Capital Series </font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Preferred Income Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Collateral Trust</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Preferred Income Fund II</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Current Interest </font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Preferred Income Fund III</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Emerging Markets Income Fund</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Premium Dividend Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Exchange-Traded-Fund Trust</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Sovereign Bond Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Financial Opportunities Fund</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Strategic Diversified Income Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Floating Rate High Income Fund</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Strategic Series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Funds II</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Tax-Advantaged Dividend Income Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Funds III</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;line-height:normal;">John Hancock Tax-Advantaged Global Shareholder Yield Fund</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Hedged Equity &amp; Income Fund</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Variable Insurance Trust </font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Income Securities Trust</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Investment Trust</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:13.65pt;">
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;height:13.65pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Investment Trust II</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;height:13.65pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr style="height:14.85pt;">
  <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;height:14.85pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">John Hancock Investment Trust III</font></b></font></p></td>
 <td valign=top width=50% style="border-bottom:windowtext 1pt solid;border-right:windowtext 1pt solid;height:14.85pt;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
</table></div>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><i><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">(Collectively referred to as the &#8220;Trusts&#8221; and the series are collectively referred to as the &#8220;Funds&#8221;)</font></i></b></font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0pt 0pt 0in;"><font face=arial,sans-serif><i><u><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">2017-2018 Joint Financial Institutions (Fidelity) Bond (the &#8220;Joint Bond&#8221;)</font></u></i></font></p>

<p style="margin:0in 0pt 0pt 0in;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">WHEREAS</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, Rule 17g-1 under the 1940 Act governs the required bonding of the Trusts&#8217; officers and employees under a joint fidelity bond; </font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">WHEREAS</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, the Trustees desire to approve the Joint Bond for a one-year term ending December 31, 2018; and</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:0pt;line-height:normal;">WHEREAS</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:-0.15pt;line-height:normal;">, 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 $98,406 </font></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">it is:</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0pt 0pt 0in;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">RESOLVED</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, that the Joint Bond issued by Federal Insurance Company (Chubb) and ICI Mutual Insurance Company, covering each officer and employee of </font></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;letter-spacing:0pt;line-height:normal;">the Trusts </font></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">against larceny and embezzlement, in the amount of $30 million for a one-year term ending December 31, 2018, 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&#8217; portfolios, be </font></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">and it hereby is, determined to be reasonable in form and amount, and hereby approved; </font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>


<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font face=arial style="font-size:10pt;">FURTHER RESOLVED</font></b><font face=arial style="font-size:10pt;">, 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) the ratable allocation of the premium among all parties named as insureds; and (vi) 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</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">FURTHER RESOLVED</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, 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 </font></font>


<font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">the value of the Trusts&#8217; assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder; </font></font></p></div>

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<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">FURTHER RESOLVED</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, that the Joint Insured Bond Agreement among the Trusts (the &#8220;Joint Bond Agreement&#8221;), 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; </font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font color=black face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">FURTHER RESOLVED</font></b></font><font color=black face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, 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</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0pt 0pt 0in;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">FURTHER RESOLVED</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;line-height:normal;">, 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.</font></font></p>

<p style="margin:0in 0in 10pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

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<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;">Agreement Relating to Joint Insured Bond</font></b></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">WHEREAS, each of the parties hereto is a named insured under a &#8220;joint insured bond,&#8221; as that term is defined in Rule 17g-1 under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;); and</font></font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">WHEREAS, Rule 17g-1(f) under the 1940 Act requires an agreement between all the named insureds under a joint insured bond;</font></font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">NOW, THEREFORE, the parties hereto hereby agree as follows:</font></font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">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.</font></font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">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 September 24, 2015.</font></font></p>

<p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

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<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
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   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK VARIABLE INSURANCE TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its Series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK FUNDS II</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its Series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">John HANCOCK FUNDS III</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK BOND TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK CAPITAL SERIES</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK COLLATERAL TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">On behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK CURRENT INTEREST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK INVESTMENT TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK INVESTMENT TRUST II</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK INVESTMENT TRUST III</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series </font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK MUNICIPAL SERIES TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK SOVEREIGN BOND FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of its of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
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  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK STRATEGIC SERIES</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
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   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK EMERGING MARKETS INCOME FUND</font></b></font></p>

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of its of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK EXCHANGE-TRADED FUND TRUST</font></b></font></p>

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series </font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND</font></b></font></p>

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK FLOATING RATE HIGH INCOME FUND</font></b></font></p>

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">On behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK HEDGED EQUITY &amp; INCOME FUND </font></b></font></p>

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK INCOME SECURITIES TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK INVESTORS TRUST</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK PREFERRED INCOME FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK PREFERRED INCOME FUND II</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK PREFERRED INCOME FUND III</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
</table></div></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

<a name="page_2"></a>

<div style="padding-left:0%;padding-right:0%;">

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td colspan=2 valign=top width=100% style="border:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK PREMIUM DIVIDEND FUND </font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK STRATEGIC DIVERSIFIED INCOME FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each if its series</font></b></font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series</font></b></font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;">&nbsp;</p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:windowtext 1pt solid;border-left:windowtext 1pt solid;border-right:windowtext 1pt solid;padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p align=left style="margin:0in 0in 0pt;text-align:left;"><font face=arial,sans-serif><b><font style="font-size:10pt;">JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</font></b></font></p>

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><b><font style="font-size:10pt;">on behalf of each of its series_______________________________________________</font></b></font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">Executed on behalf of each Trust and its relevant Series referenced above:</font></font></p></td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;">&nbsp;</p></td>
 </tr>
<tr>
  <td valign=top width=8% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">By:</font></font></p></td>
 <td valign=top width=92% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><u><font style="font-size:10pt;">/s/ Betsy Anne Seel</font></u></font></p></td>
 </tr>
<tr>
  <td valign=top width=8% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">Name:</font></font></p></td>
 <td valign=top width=92% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">Betsy Anne Seel</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=8% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">Title:</font></font></p></td>
 <td valign=top width=92% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial,sans-serif><font style="font-size:10pt;">Assistant Secretary</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;text-align:justify;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>




<a name="page_1"></a>

<div style="padding-left:0%;padding-right:0%;">

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">STATEMENT REGARDING SINGLE BOND AMOUNT </font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">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:</font></font></p>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<div align=left>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Bond Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock California Tax-Free Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$600,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Capital Series</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,300,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Collateral Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Current Interest</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$900,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Emerging Markets Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$50,000 </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Exchange-Traded Fund Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,000,000 </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Financial Opportunities Fund </font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,000,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Floating Rate High Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$50,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Funds II</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Funds III</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Hedged Equity &amp; Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$600,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Income Securities Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$750,000 </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Investment Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Investment Trust II</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,700,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Investment Trust III</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$400,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Investors Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$600,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Municipal Securities Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$900,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Preferred Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,000,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Preferred Income Fund II</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$900,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Preferred Income Fund III</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,000,000 </font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Premium Dividend Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,250,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Sovereign Bond Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Strategic Diversified Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$50,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Strategic Series</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Tax-Advantaged Dividend Income Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$1,250,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Tax-Advantaged Global Shareholder Yield Fund</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$450,000</font></font></p></td>
 </tr>
<tr>
  <td valign=top width=81% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">John Hancock Variable Insurance Trust</font></font></p></td>
 <td valign=top width=2% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;">&nbsp;</p></td>
 <td valign=top width=17% style="padding-bottom:0in;padding-left:0in;padding-right:0in;padding-top:0in;">

   <p style="margin:0in 0in 0pt;"><font face=arial,sans-serif><font style="font-size:10pt;">$2,500,000</font></font></p></td>
 </tr>
</table></div>

<p style="margin:0in 0in 0pt;"><font face=arial style="font-size:10pt;">&nbsp;</font></p></div>

<hr align=center noshade size=2 width="100%">

<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

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<div style="padding-left:0%;padding-right:0%;">

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">PREMIUM PERIOD</font></font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p align=center style="margin:0in 0in 0pt;text-align:center;"><font face=arial style="font-size:10pt;">&nbsp;</font></p>

<p style="margin:0in 0in 0pt;text-align:center;"><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">Premiums have been paid for the period </font></font><font face=arial,sans-serif><b><font face=arial lang=EN-US style="font-size:10pt;">December 31, 2017 to December 31, 2018</font></b></font><font face=arial,sans-serif><font face=arial lang=EN-US style="font-size:10pt;">. </font></font></p></div>

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<div style="page-break-before:always;"><font face=arial style="font-size:10pt;">&nbsp;</font></div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
